House Speaker Nancy Pelosi explained in a press release:
“In the Caucus today, House Democrats supported a resolution to reject the Senate Republican tax provisions as currently written. We will continue discussions with the President and our Democratic and Republican colleagues in the days ahead to improve the proposal before it comes to the House floor for a vote."
The worst part of the so-called compromise is the estate tax provision. The estate tax is levied on less than one percent of America's wealthiest estates. It reduces extreme dynastic transfers of wealth and the accompanying concentration of power, which undermines our democracy.
Under the deal in question, the estate tax would be reduced to its weakest form since 1931. Any deal with such a gutted version of the estate tax is unacceptable. UFE has spent over a decade fighting to preserve and strengthen the estate tax as a means to reduce the persistent and growing disease of inequality that ails our nation. We applaud Speaker Pelosi and the House Democrats for standing up against this giveaway to the wealthy.