Bush's tax plan may aid owners, not earners

Sunday, November 7, 2004

Bush's tax plan may aid owners, not earners

Aim is promoting 'ownership' society; critics say it may shift burden off wealthy.

By MARILYN GEEWAX
Cox News Service

WASHINGTON – President George W. Bush says a dramatic overhaul of the tax code is a top priority of his second- term agenda. Though its details are hazy, the plan already is raising questions about fairness and affordability.

(snip)

The main options will range from the radical - such as creating a national sales tax that would shift the tax burden from income to consumption - to the more moderate – like shifting toward a "flatter" tax that would squeeze tax rates into a lower, narrower range while eliminating many deductions. Bush's first-term agenda, which featured a tax cut in each of the four years, provides some clues as to where he's heading. While his emphasis has been on permanently lowering rates for everyone who pays income tax, his "ownership" agenda has led to favorable treatment of income from capital gains and stock dividends.

(snip)

Critics fear Bush's efforts will only shift taxes from the upper to the middle and lower classes, making life more comfortable for those who live off investments while increasing the burden on wage earners and consumers... Other critics fear that while wealthier Americans will know how to manage their savings, poorer ones will not be able to invest money as wisely, leaving them further behind. Resistance also may come from people worried about having Wall Street firms oversee their retirement safety nets. Financial scandals at Enron Corp., WorldCom Inc. and other companies in recent years have left some Americans skeptical about owning stocks and other financial assets.

But the biggest obstacle for Bush may be none of these criticisms, but the grim reality of the annual federal budget deficit, which now stands at $413 billion. Some economists say that no matter how Bush reshapes the tax code and Social Security, he will have to throw in some tax hikes to help pay for the war in Iraq and his domestic priorities.

More..

http://www.ocregister.com/ocr/2004/11/07/sections/business/your_money/article_302357.php

sheesh... :eyes:

you're not a member of society.

It's tough love: demand that the workers pay for everything, so they'll get off their lazy asses, work harder, and become owners too.

God loves them, so they can do as they please.

I thought he was going to do a 180 and start helping the rest of us....NOT!

:eyes:

<sarcasm on>

This is pretty much a re-hash of this NYTImes article

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=965757