Wednesday, May 10, 2006
Something For The Faithful
On the off chance that some Americans might lose sight of the monomaniacal and overarching purpose of the modern GOP, the goodly Republican lawmakers took the time to remind us all:
Truth be told, the aspects of the bill that relieve some of the impact of the downward creeping alternative minimum tax are a good thing, but leave it to the GOP to stuff a remedial tax bill with loads of giveaways to the Paris Hilton set. It's hard out here for an heiress.
House Republican leaders are ready to move forward on tax breaks worth $70 billion over five years to investors and some middle-income families now that they've sorted out a disagreement among themselves.You know, looking around at the state of affairs in this country, and abroad, with social services slipping, baby-boomer retirements approaching, Iraq and Afghanistan hemorrhaging trillions and deficits shooting the moon, I would say the solution is pretty obvious: yet one more round of tax cuts benefiting the wealthiest Americans. Brilliant! Because, you know, they've had it so tough during the previous five years of Bush-onomics. They sure do need a break. Besides, how else are you going to hold on to that precious 31%?
The bill offers a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.
Critics, including many Democrats, have attacked the tax rate reductions on dividends and capital gains as being largely tilted to the wealthy. They say provisions should not be extended at a time of large budget deficits and massive spending for the war in Iraq.
Truth be told, the aspects of the bill that relieve some of the impact of the downward creeping alternative minimum tax are a good thing, but leave it to the GOP to stuff a remedial tax bill with loads of giveaways to the Paris Hilton set. It's hard out here for an heiress.
