While the Bush administration likes to say that their fiscal policies are good for the economy and therefore good for all Americans, the facts reveal otherwise. This week’s EPI Snapshot focuses our attention on the racial income gap. While African-American median income had been growing as proportion of white income since 1995, the latest data indicate that there has been a reversal of that trend. Compared to the full-employment job market of the latter 1990s, the weaker post-2000 labor market has reversed significant progress in racial income gaps.

Floyd Norris writes an excellent Op-Ed in today’s New York Times. His piece is one of the better introduction’s to the most recent incarnation of estate tax repeal. He walks us through some of the more technical aspects of the bill and how they will impact charitable giving. Norris also explains how some provisions might actually increase estate tax liabilities for some individuals living in states with estate tax, prompting those states to lower their taxes to avoid an exodus of wealth.

As President Bush calls on the Senate to pass its version of line-item veto legislation as a means of controlling government spending, it’s important to keep in mind just how much pork barrel spending is in relation to other important budget data points. According to Citizens Against Government Waste, the government spent $23.7 billion on "pork-barrel" spending. No small sum, for sure. But, $23.7 billion is but a fraction (7.5%) of the $317 billion FY2005 federal budget deficit. At less than one percent (0.96%) of the $2.5 trillion the government spent in 2005, it’s barely recognizable.

BNA confirms an earlier rumor that Senate Majority Leader Bill Frist (R-TN) won’t bring estate tax repeal reduction to a floor vote. The Republican leadership in the Senate couldn’t garner enough votes to end debate on decimating the estate tax - Frist needs 60 votes to bring a vote to the floor. Referring to his intention to raise the issue again Frist said in a statement, "the Senate will vote on a permanent reduction to this tax--a tax that destroys small businesses and family farms."