Archive for May 11th, 2006

The Republican Agenda for 2006: Tax Cuts for a Favored Few - New York Times

Published by Yuletide on May 11, 2006 in News, Policy and Politics. 0 Comments

And more…

The Republican Agenda for 2006: Tax Cuts for a Favored Few - New York Times:

The bill, which was passed yesterday by the House and is expected to clear the Senate as early as today, has two main provisions. The first, and dearest to the hearts of President Bush and his allies in Congress, is an extension of the temporary low tax rates on investment income. The top 10 percent of income earners will get almost all of the benefits, and everyone else will get crumbs. To justify the giveaway, President Bush and Congressional Republicans insist that tax cuts for investors benefit everyone %u2014 and pay for themselves %u2014 by stimulating economic growth. That assertion is seriously delusional. Economic theory suggests that a fraction of the tax cuts’ cost could, perhaps, be offset by higher growth, all other things being equal. But when a nation must borrow to pay for tax breaks, as is the case in the United States today, any ability of tax cuts for investors to spur growth is severely diminished.

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The Republican Agenda for 2006: Tax Increases for Everyone Else - New York Times

Published by Yuletide on May 11, 2006 in News, Policy and Politics. 0 Comments

Hoooorayyy

The Republican Agenda for 2006: Tax Increases for Everyone Else - New York Times:

One way or the other, tax increases are coming. The nation’s budget deficits are too big to outgrow, and the latest tax cuts %u2014 which Congress is likely to sign off on today %u2014 will dig the hole deeper. Neither Congress nor the public has the stomach to slash government programs anywhere near enough to bring spending in line with revenues. The only real question, then is this: Whose taxes will be raised in the future to pay for today’s tax giveaways?

Here’s a hint: If Congressional Republicans get their way, the people who benefit the most from today’s tax cuts %u2014 mainly wealthy Americans with lots of investment income %u2014 will get special protection from future tax increases.

(Via .)