Thursday, December 08, 2005

House Passes 3 Tax Cuts, Plans a 4th

House Passes 3 Tax Cuts, Plans a 4th: "The House passed three separate tax cuts yesterday and plans to approve a fourth today, trimming the federal revenue by $94.5 billion over five years -- nearly double the budget savings that Republicans muscled through the House last month.

GOP leaders portray the tax bills -- for the hurricane-ravaged Gulf Coast, affluent investors, U.S. troops serving in Iraq and taxpayers who otherwise would be hit by the alternative minimum tax -- as vital to keeping the economy rolling.

'Our economic policies have done the trick,' said Rep. Deborah Pryce (R-Ohio). 'We are in the middle of one of the strongest economies this country has ever seen.'"

Later in the article, the post tries to explain how tax cuts harm fiscal dicipline...

Now if we could keep these tax cuts, and abanon the program to give the nation TiVo, and ditch the farm subsidies, we'd be great.

2 comments:

Dyspraxic Fundamentalist said...

In Finland, people lose about half their income in tax.

Palm boy said...

Yeah, same in the US, at least if you make in the "rich" category.
Rush Limbaugh has a really good breakdown of it at http://www.rushlimbaugh.com/home/menu/cy2003.guest.html

" The Top 50% pay 96.54% of All Income Taxes "

Thats insane.