On Friday's CBS Early Show, congressional correspondent Nancy Cordes reported on the passage of legislation to extend current tax rates and described it as: "an early holiday gift for every American taxpayer." She pointed out how "The cost of all that led 112 Democrats and 36 Republicans to vote no."
Moments later, she falsely claimed: "The bill also cuts the estate tax rate from 45% in 2009 to 35%, a White House concession to Republicans." While tax did exist in 2009, the 2010 estate tax rate was zero, therefore, having any tax on inheritance in 2011 would be a tax increase. Also, the fact that the estate tax is being reimplemented at all is a concession by Republicans, who would prefer it to remain at zero.
Cordes noted how "Democrats tried but failed to strike [the estate tax] from the bill last night." That was followed by a clip of Nancy Pelosi ranting: "Instead, we're giving a bonanza to 6,600 of the wealthiest people in America, who really don't need the help." The headline on screen throughout the segment read: "Done Deal; Tax Cut Bill Passes Over House Dem Objections."
Following Cordes's report, co-host Harry Smith interviewed Democratic New York Congressman Anthony Weiner, wondering: "You have long been opposed to this and at the end of the day, you just decided to just say no. Why?" Weiner claimed he was simply worried about increasing the deficit: "...you reported on the deficit commission's work, the drowning in read ink that we're all doing. Well, in one vote yesterday, we gobbled up all of the savings, even if we had done all of that deficit reduction. We simply can't afford it."
Smith refused to challenge Weiner by pointing out the Congressman's votes in favor of massive spending in the stimulus bill and ObamaCare. Instead, Smith followed up with this: "How odd does it feel to you to find yourself on the same side as some of the deficit hawks?" Weiner replied: "I've always considered myself a fiscally responsible person."
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