Sunday, October 17, 2004

I'm Rich!

David Broder writes in the Post regarding the admin's tax policies - " Tax cuts they can do. With bipartisan majorities, they passed a $143 billion bonanza for corporations of every sort, shortly after extending what the lawmakers were pleased to call a "middle-class" tax cut of $146 billion. You might be surprised to learn, as I was, where that "middle class" tax relief actually goes.

According to the Center on Budget and Policy Priorities and the Urban Institute-Brookings Institution Tax Policy Center, households in the middle 20 percent of the income scale -- the "middle class" -- receive only 9 percent of the benefits. Their average saving will be $162. Those in households with incomes from $200,000 to $500,00 will be $2,390 better off. "

Geez George, my problems are completely solved now that I have $162! That will pay 20% of my health insurance premium for 1 month!

Broder goes to to quote: "The Concord Coalition, whose leadership includes prominent Republicans, says that with realistic assumptions but no change in policy, the federal debt will swell by a staggering $5 trillion in the next 10 years. The liberal Economic Policy Institute says that a "budget train wreck" lies ahead. The nonpartisan Congressional Budget Office warns that it looks as if "substantial reductions in the projected growth of spending or a sizable increase in taxes -- or both -- will probably be necessary" to avoid fiscal disaster."

You can read the entire article here

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