As I wrote yesterday, while I wasn’t thrilled with a prospective deal on extending the Bush tax cuts, I could live with the idea. But there’s an extra little bit of nastiness in the compromise that really disgusts me: The lowest estate tax rate in history. 

The estate tax cut will benefit only the top 3/10 of 1 percent. There’s no way to pretend that this has anything to do with jobs or the economy. It is, pure and simple, a step towards a permanent aristocracy in our country. The enormously wealthy will be allowed to pass down millions of dollars to their heirs, who will never have to work a day in their lives, without taxation.

We’re told time and time again that America values work. We’re told that if you work hard in America, you can achieve success. We’re told that the rich are rich because they’re hard-working, and we’re told the poor are poor because they’re lazy. That’s why, Republicans claim, we shouldn’t give any money to workers down on their luck. But in truth, our own tax laws penalize work and reward indolence and inheritance.

We allow the enormously wealthy to pass down millions to their heirs tax-free. Even after $10 million tax-free, taxes on aristocrats’ inheritances would be lower than their typical income tax. With millions in the bank, heirs can live a life of luxury purely off of dividends and interest. And guess what? We tax their capital gains at a far lower rate than actual work.

I think we’re becoming a country that used to value work. Now we value inherited wealth. If you have it, you’re rewarded. If you don’t, you’re punished.