Wednesday, May 17, 2006

Musings 144--More tax cuts for the rich!

While the Bushies are taking cover over immigration and the NSA data mining of telephone records, another round of tax cuts are making their way through the congress.

The tax cuts of about $70 billion are no longer even falsely directed at all of us. It is a vulgar redistribution of wealth to the richest among us. The top 1% get the lion's share of said tax cut. (See Link)

A joint study by Brookings Institution and Urban Institute estimates that familes with $50,000 in income would come out with about $25 in savings. On the other hand, those with $1 million in income would save about $40,000. So basically, the rich save enough to buy a middle class family--salary wise--for their trophy room.

To make matters worse, minimum wage workers would save about $3 per year on taxes. Thus, the Bushies have quit trying to convince us that tax cuts are good for us. They are only good for the wealthy--the facts don't lie. In the Bushies mind, these top 1% will trickle down benefits to those of us in need. Wow!

Looking at it from a middle class point of view, the $25 savings I'd get won't even buy me a tank of premium gasoline. And, from a minimum wage point of view, I might be able to eat one meal from the $1 menu.

Senator Chuck Schumer, D, NY, summed it up best in a Business Week article: "Sometimes you get handed an issue that is so crystal clear that you want to make sure everybody knows about it. This bill shows the true colors of the Republican Party, far more interested in helping the very wealthy--God bless them--than hardworking Americans."

There are also defects in both parties over these tax cuts. Three republicans and one democrat are leaning in the opposite direction of their parties. Olympia Snow of Maine, Lincoln Chafee of Rhode Island and George Voinovich of Ohio are all republicans that will probably vote against the cuts. Bill Nelson of Flordia is a democrat who will probably vote for them. Everyone else will probably follow party lines.

Well, enough of this. I'm going to go make plans to spend my $25. Hey, it is something to look forward to.


At 2:52 PM, Blogger puritanslive said... can blog with me any day....come to chat.....don't be so negative about the rich...bill gates and oprah.....ain't bad.....I think people are poor because they work...too cheap...they give away their labor....time and effort....minimum wage people just got to...stand up and say i ain't gonna take it any more...i m mad as hell.......and do the things that make people pay them more....Threathen,,,,learn how to threat......


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