On the same day that Britney was shaving her head, a guy I know who works in the office of Senator Bernie Sanders sent me an email. He was trying very hard to get news organizations interested in some research his office had done about George Bush's proposed 2008 budget, which was unveiled two weeks ago and received relatively little press, mainly because of the controversy over the Iraq war resolution. All the same, the Bush budget is an amazing document. It would be hard to imagine a document that more clearly articulates the priorities of our current political elite.
Not only does it make many of Bush's tax cuts permanent, but it envisions a complete repeal of the Estate Tax, which mainly affects only those who are in the top two-tenths of the top one percent of the richest people in this country. The proposed savings from the cuts over the next decade are about $442 billion, or just slightly less than the amount of the annual defense budget (minus Iraq war expenses). But what's interesting about these cuts are how Bush plans to pay for them.
Sanders's office came up with some interesting numbers here. If the Estate Tax were to be repealed completely, the estimated savings to just one family -- the Walton family, the heirs to the Wal-Mart fortune -- would be about $32.7 billion dollars over the next ten years.
The proposed reductions to Medicaid over the same time frame? $28 billion.
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