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Monday, June 05, 2006

Senator Bayh on the Fence About Estate Tax Repeal

The Wall Street Journal's lead editorial today excoriates the Joint Committee on Taxation's (JCT) for its fiscal analysis of the death tax repeal bill up for a vote in the Senate this week.

The Wall Street Journal called the JCT's numbers "dubious" and "phony" and said the analysis is "clearly frightening some Senators." The WSJ continued:
Democrat Evan Bayh of Indiana, for one, says he favors repeal in principle, but is nervous about potential revenue losses.

There's just one problem with the JCT's calculations: They aren't anywhere close to reality. And the JCT's own number prove it. Mr. Bayh and his Senate colleagues deserve to know this full story before they cast their votes.
The WSJ went to say that the JCT numbers might provide cover to what it termed "fence-sitting Democrats."

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