More Tax Cuts For the Rich
Congress passed a $70 billion give-away of your money to the rich this week. Why is this your money? Because of the deficit. Guess who gets to pay off the bill, plus interest? You. To finance this reckless policy the Bush Administration will sell Treasury Bonds (and guess who buys those and gets that interest?) to finance the deficit this law exacerbates. Your tax dollars pay the interest and principle on these bonds.
Why do the rich overly benefit from this tax cut? It extends cuts on dividends and capital gains taxes. The rich and super rich are the people most affected by these cuts. Really, how much of your 1040 return was comprised of stock dividends? Did you earn huge amounts of money from stock and/or real estate appreciation? These are how most people get their capital gains. Those taxes basically tax the rich. They are the taxes cut this week by extending previous cuts. These were scheduled to expire at th eend of 2008.
By the way Congress also extended the nation's debt ceiling. It's now approaching $10 billion. To put this in perspective our total debt prior to 1980 (when massive GOP tax cuts began being passed under Reagan) was about $2 billion. Two hundred years of government amounted to two billion. This included the cost of fighting World War II and the Cold War. Since then we've added another $8 billion to our debt under Republican leadership.
According to the Tax Policy Institute 88.4% of the people who will benefit from this tax cut earn over $1 million per year. Only 9,9% of those earning under $40,000 will receive any benefit. Which category are you in? If you're in the $40,000 section you'll also help pay the interest those in the $1 million + get when theytake this money and invest it into the T bonds Bush will sell to finance the deficit it created. Double whammy. Your tax dollars will go there instead of financing programs like emergency preparedness. Or food safety. Or planning for a bird flu pandemic.
This is class war and the middle class is losing. It's losing because these people vote against their own financial interests. They do this because Republicans tell them their marriages are at risk because two women might also want to get married. Or that their religeon is under attack. Or that we have to fight an "invisible enemy" and you can't trust the Democrats to protect your rights. All this why they strip you of all your rights in the name of anti-terrorism.
Tuesday is election day. This time vote for your rights and your interests.
Why do the rich overly benefit from this tax cut? It extends cuts on dividends and capital gains taxes. The rich and super rich are the people most affected by these cuts. Really, how much of your 1040 return was comprised of stock dividends? Did you earn huge amounts of money from stock and/or real estate appreciation? These are how most people get their capital gains. Those taxes basically tax the rich. They are the taxes cut this week by extending previous cuts. These were scheduled to expire at th eend of 2008.
By the way Congress also extended the nation's debt ceiling. It's now approaching $10 billion. To put this in perspective our total debt prior to 1980 (when massive GOP tax cuts began being passed under Reagan) was about $2 billion. Two hundred years of government amounted to two billion. This included the cost of fighting World War II and the Cold War. Since then we've added another $8 billion to our debt under Republican leadership.
According to the Tax Policy Institute 88.4% of the people who will benefit from this tax cut earn over $1 million per year. Only 9,9% of those earning under $40,000 will receive any benefit. Which category are you in? If you're in the $40,000 section you'll also help pay the interest those in the $1 million + get when theytake this money and invest it into the T bonds Bush will sell to finance the deficit it created. Double whammy. Your tax dollars will go there instead of financing programs like emergency preparedness. Or food safety. Or planning for a bird flu pandemic.
This is class war and the middle class is losing. It's losing because these people vote against their own financial interests. They do this because Republicans tell them their marriages are at risk because two women might also want to get married. Or that their religeon is under attack. Or that we have to fight an "invisible enemy" and you can't trust the Democrats to protect your rights. All this why they strip you of all your rights in the name of anti-terrorism.
Tuesday is election day. This time vote for your rights and your interests.
posted by PA progressive @ Friday, May 12, 2006
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