Anyone who knows Washington knows the outrage that greets talk of a
congressional pay raise. Even the annual process of
giving lawmakers a cost-of-living adjustment is met with cries of self-enrichment,
and the House and Senate floors become
stages for indignation and self-flagellation. So why isn't anyone talking
about how President Bush would save between $5
million and $11 million under his proposal to repeal the estate tax?
And President Bush isn't the only one who's going to hit the jackpot.
Vice President Cheney does even better. According to his
financial disclosure forms, the vice president is worth between $18
million and $75 million, so his estate would save between
$10 million and $41 million if the estate tax were repealed.
Defense Secretary Donald Rumsfeld and Treasury Secretary Paul O'Neill
would benefit the most: a combined $61 million to
$168 million.
In fact, on average the members of the Bush Cabinet would save $5 million
to $19 million each in estate taxes. That's the
equivalent of 30 to 120 times each Cabinet member's annual government
salary.
But they're not alone. Many members of the House of Representatives
and Senate would also benefit from an estate-tax repeal.
In fact, the 50 wealthiest members of Congress would see a combined
gain of more than $1 billion. The estate of the richest
congressman stands to gain more than $300 million.
There are legitimate areas for disagreement on the estate-tax issue,
and I'm not suggesting that any public official is supporting
repeal solely for personal benefit. But President Bush has taken an
extreme position. He insists on repeal even for the very
wealthiest, not just for family farms and small businesses.
It's hard to imagine that Washington has ever seen a more breathtaking
act of self-enrichment. The cost of the tax break will be
borne by charities, middle-class taxpayers who will have to make up
the lost revenue and important public policies, such as
prescription drug coverage for seniors and education. Yet, as Bob Dole
used to say, "Where's the outrage?"
Imagine, for a moment, if Bill Clinton had advocated a policy that enriched
him and Mrs. Clinton to the tune of millions of
dollars, while also rewarding his Cabinet and campaign supporters with
billions of dollars in benefits. The uproar would be
deafening.
Many in Washington would be in crisis mode: Republicans would be attacking
Mr. Clinton's motives on the Sunday news
programs (perhaps even calling for his impeachment); the editorial
pages would be demanding an investigation; and talk radio
would abound with conspiracy theories.
When compared to the Bush estate-tax repeal, many of the Clintons' real
or imagined transgressions seem trivial. The Clintons
received gifts of free furniture and it touched off a firestorm of
press scrutiny. The Clintons arguably lost money on the
Whitewater land deal, and it led to years of investigation by Congress
and Ken Starr.
In contrast, President Bush's proposal would provide more than $100
million in tax benefits for himself and his Cabinet. It's a
benefit cloaked in stealth -- and so far it's working.
The writer is a Democratic representative from California.