I shit you not:

The Senate budget debate began this week against a backdrop of war and recession, rising unemployment and surging foreclosures, runaway health care costs and diminishing insurance coverage — to name just a few of the nation’s big problems. But for Senator Blanche Lincoln, Democrat of Arkansas, and Senator Jon Kyl, Republican of Arizona, the most pressing issue is clear: America’s wealthiest families need help. Now.

The two senators plan to propose an amendment to deeply cut estate taxes for the fraction of the top 1 percent of the population still subject to those levies.

The proverbial millionaires next door — the plumbers, contractors and accountants who amass substantial wealth through hard work and modest living — are not the intended beneficiaries of the proposed cut. The Obama budget already takes care of them, because it retains today’s law, which imposes the estate tax only on couples with property worth more than $7 million, or individuals with property worth more than $3.5 million. That means 99.8 percent of estates will never — ever — pay a penny of estate tax. The heirs of the remaining 0.2 percent of estates are who Ms. Lincoln and Mr. Kyl are so worried about. Their amendment would increase to $10 million the level at which the estate tax kicks in. It would also lower the top estate-tax rate to 35 percent from 45 percent.

With all the serious work before Congress, it is a colossal waste of time to have to rebut the false claims and warped premises of ardent estate-tax cutters. Ms. Lincoln’s and Mr. Kyl’s colleagues in the Senate should make short work of it and move on to urgent matters.

Update: The Center for Budget and Policy Priorities has a pretty devastating assessment of the bill:

• The proposal would benefit only a tiny number of estates but carry a very large cost.
• Claims that the proposal would have a low cost are well off the mark.
• The notion that the proposal’s costs would be offset is equally implausible.
• The proposal would provide virtually no benefit to small farms or businesses, nearly all of which already are exempt from the tax under the 2009 parameters.
• The proposal would discourage charitable giving.