Lift The Rich Higher

Socialism is when man exploits man. Capitalism is the reverse.

-Cerealkiller69: June 7, 2001

President-Select George W. Bush signed the biggest tax cut in two decades today, not that the average American will see a dime...

The Boston Globe, quoting Jon Bakija, assistant professor of economics at Williams College said, "Most poor people get little or nothing from this. Everybody else gets something. The highest income people are getting by far the largest dollar amounts in tax cuts."

According to that same report, "The plan will also mean the already complex Internal Revenue Service Code will get even more complicated. The 186-page bill required 258 pages of explanation from the congressional conference committee that hammered out the compromise."

Just what we needed, a more complicated tax structure.

The so-called ''quick rebates'' the Bush Administration has publicized as being so grand are as follows: a maximum rebate for single taxpayers is $300;  $500 for heads of households; and $600 for married couples.

However, Citizens for Tax Justice, a nonpartisan organization that supports more equitable taxes for middle and low-income citizens, says that nearly 34 million taxpayers will get absolutely nothing. And if you are one of the 17 million lucky one to actually get a check, it will only be a partial rebate. If you make under $44,000 a year, you get nothing, even though you need it the most. But if you make more that that amount, you get a full rebate.

This is apparently a return to the old Republican "trickle-down" nonsense. Yeah, that worked the last time guys....

Bill Maher of Politically Incorrect said, "The difference between Republicans and Democrats is this. The Republicans are basically saying the rich are going to piss on the poor. That's what the 'trickle-down' theory is! They're actually telling you, 'We're going to piss on you!' Then they try to sell you on the idea that if you vote for them, you will be one of the pissers, rather than the pissed upon.... The Democrats on the other hand will tell you, 'They're gonna piss on you,' and hand you an umbrella."

According to the Boston Globe, "Meanwhile, the estate tax exemption will gradually increase from the current $675,000 to $3.5 million in 2009 and the top estate tax rate will drop from the current 55 percent to 45 percent by 2007. So-called stepped-up basis that allows heirs to minimize capital gains taxes on the sale of inherited assets will be limited. In 2010, the basis of inherited assets could be stepped up only to a maximum of $1.3 million, plus an extra $3 million in the case of transfer to a surviving spouse." Yeah, I was really concerned with whether those wealthy heirs would have access their capital....

And let us not forget to consider what Bush obviously hasn't. The effect of this reduced revenue on the operation of government. While Clinton's efforts finally secured us a budget surplus for the first time in as long as anyone without a heart condition can remember, we are still supporting a massive 3 trillion dollar national debt. That's 18 zeros between friends! The mind wobbles.

This country looks more like Brazil every day, with the wealthiest 5% owning 95% of everything, and the poorest 95% owning the remaining 5%.

Personally, I think that if Bush wanted to really "put money back in the pockets of working families", he should have taken the $14,000 in tax savings that will go to those making $300,000 a year or more and give that money to the family of four trying to survive on $30-35,000 a year (even with both parents working). That money would make a REAL difference in those people's lives, and by floating their boats a little higher, we're ALL lifted up. Not just the rich at the top.

But then since Bush has never even encountered an actual working family in his entire silver-spoon fed life, how the heck can we expect him to know what one looks like? In his circle of friends, if you're not worth seven figures, you might as well be on food stamps.

If there is a just God in Heaven, I pray he gives Mr. Bush a hard-core reality check soon.