Comment The State of the Union is looking pretty bleak. (Score 1) 1497
"The tax relief is for everyone who pays income taxes -- and it will help our economy immediately: 92 million Americans will keep, this year, an average of almost $1,000 more of their own money...To boost investor confidence, and to help the nearly 10 million senior who receive dividend income, I ask you to end the unfair double taxation of dividends." (Bush, State of the Union)
The Center on Budget and Policy Priorities estimates that under Bush's plan "nearly 40 percent of the benefits of the tax cut that would accrue to elderly individuals would flow to the 2.5 percent of elderly people with incomes exceeding $200,000. Nearly three-quarters of the benefits that would go to the elderly would flow to the 19 percent of elderly with incomes above $75,000."
Not only do old, rich people get the most out of this tax cuts, they also get to avoid paying for it later on. Even *without* Bush's tax cuts or the war against Iraq, the federal deficit at the end of this fiscal year will hit $199 billion. So, what does it look like with these new tax cuts? Private economists are saying it may hit $300 billion dollars. And its our generation who gets stuck footing the bill.
$400 billion dollars to Medicare, $1.2 billion dollars to develop hydrogen-powered automobiles, $450 million for mentors for underprivledged children, $15 billion ($5 billion of which is already being committed) for the fight against AIDS in Africa and the Caribbean, $6 billion for the development of new vaccines and treatments for anthrax, botulinum toxin, Ebola, and plague, AND a war. Now, while these are noble goals for the President, my question is, where is this money coming from? You cannot increase the amount of government spending while decreasing the amount of money the government is taking in. "Reaganomics" is just bad math, plain and simple.
The Center on Budget and Policy Priorities estimates that under Bush's plan "nearly 40 percent of the benefits of the tax cut that would accrue to elderly individuals would flow to the 2.5 percent of elderly people with incomes exceeding $200,000. Nearly three-quarters of the benefits that would go to the elderly would flow to the 19 percent of elderly with incomes above $75,000."
Not only do old, rich people get the most out of this tax cuts, they also get to avoid paying for it later on. Even *without* Bush's tax cuts or the war against Iraq, the federal deficit at the end of this fiscal year will hit $199 billion. So, what does it look like with these new tax cuts? Private economists are saying it may hit $300 billion dollars. And its our generation who gets stuck footing the bill.
$400 billion dollars to Medicare, $1.2 billion dollars to develop hydrogen-powered automobiles, $450 million for mentors for underprivledged children, $15 billion ($5 billion of which is already being committed) for the fight against AIDS in Africa and the Caribbean, $6 billion for the development of new vaccines and treatments for anthrax, botulinum toxin, Ebola, and plague, AND a war. Now, while these are noble goals for the President, my question is, where is this money coming from? You cannot increase the amount of government spending while decreasing the amount of money the government is taking in. "Reaganomics" is just bad math, plain and simple.
