Quote of the Day: DeMint on the Estate Tax

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Sen. Jim DeMint is opposed to Obama’s tax deal. No surprise there. But what is this all about?

“It raises taxes, it raises the death tax. I don’t think we needed to negotiate that aspect of this thing away.”

Huh? It raises the death tax? DeMint is talking here about the estate tax, which, admittedly, is zero at the moment thanks to bizarre tax law writing from Republicans. But in three weeks it automatically reverts to an exemption of $1 million and a rate of 55% on everything above that level. That’s pretty high. Or maybe the proper point of comparison is the 2009 level: a $3.5 million exemption and a 45% rate.

Well, compare away. The Obama deal sets the exemption at $5 million and the rate at 35%. That’s lower than the most recent rate and much lower than the rate that will shortly go into effect if there’s no tax deal. So what is DeMint’s problem?

I dunno. Does he honestly think that maybe Dems will eventually negotiate a rate of zero if he just holds out long enough? Hell, they’re in open revolt over the current deal, let alone one that repeals the estate tax completely. What are they smoking down in South Carolina these days?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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