Wendy Sherman: “this budget-busting, Social Security- risking tax bill would cause the sheriff of Nottingham to cringe in embarrassment…”

“this budget-busting, Social Security- risking tax bill would cause the sheriff of Nottingham to cringe in embarrassment because it is the most regressive tax bill in recent history. Three-quarters of the benefits go to the top 1 percent, a group of people with an average income of $900,000. Its estate tax provisions are even more regressive. We are denounced for class warfare rhetoric, but this bill is a sneak attack against working Americans. Mr. Speaker, in the spirit of today's game shows, this bill does not ask who wants to be a millionaire, nor does it ask who wants to marry a multimillionaire. It asks who wants to give huge tax breaks to multi- multimillionaires. And I emphasize ``million heirs,'' because the breaks go chiefly not to those who are rich because of their efforts but those who become rich because of their clever selection of parents. Ninety-five percent of Americans get 13 bucks out of this bill. There are some pennies for average Americans. But the top 1 percent get $6,000 of tax relief, or as we say in L.A., dinner at Spagos. This bill is so obnoxious, so regressive, that it is being packaged in the rhetoric of talking about the average beauty shop owner. But to get the benefits, you need an estate of $4 million and more. That is a lot of beauty shops. And then they take this deceptively packaged tax bill and they feel they cannot conceal it enough, so they wrap it in an increase in the minimum wage.…”