Tax Bill was partisan. Will it help or hurt us in November?

win_in_06

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Sun May-21-06 02:32 PM
Original message

Tax Bill was partisan. Will it help or hurt us in November?

We had better be prepared for this one because we will hear about it over and over. What is our answer?

<snip>

WASHINGTON - President Bush signed a $70 billion tax-cut package Wednesday that Republicans hope will ingratiate them with voters as they head into midterm elections with worries about holding control of Congress.

<snip>

The GOP says the tax cuts, which were first enacted in 2003, have created millions of new jobs and bolstered tax revenue. Democrats overwhelmingly opposed the bill, saying the tax cuts on capital gains and dividends will flow mostly to rich Americans.

http://www.msnbc.msn.com/id/12837490/

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Canuckistanian

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Sun May-21-06 02:36 PM
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1. The last sentence says it nicely

Couple that with the slashes to social programs, cuts to medicare, student loans, veteran's benefits and environmental protections and you can paint a pretty clear picture of who the present GOP REALLY works for.

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sandnsea

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Sun May-21-06 02:41 PM
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2. $653 Billion Added to Debt Ceiling

$2.8 Trillion budget monstrosity, tax give-aways to the 2% with cuts to everybody else. Increase in Medicare premiums. Increase in VA co-pays and enrollment fees. 10% increase in subsidies to drill on our national lands, National Park budget still underfunded.

Easy to trash Republicans on this bill, if we stop repeating their tax cutting garbage and start repeating bloated budget truths.

http://www.lightupthedarkness.org/blog/

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Canuckistanian

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Sun May-21-06 02:42 PM
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3. Just found this

Edited on Sun May-21-06 02:43 PM by Canuckistanian

http://www.nytimes.com/2006/05/21/washington/21tax.html?_r=1&oref=slogin

Despite Pledge, Taxes Increase for Teenagers

By DAVID CAY JOHNSTON
Published: May 21, 2006
The $69 billion tax cut bill that President Bush signed this week tripled tax rates for teenagers with college savings funds, despite Mr. Bush's 1999 pledge to veto any tax increase.

Under the new law, teenagers age 14 to 17 with investment income will now be taxed at the same rate as their parents, not at their own rates. Long-term capital gains and dividends that had been taxed at 5 percent will now be taxed at 15 percent. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent.

The increases, which are retroactive to the first day of the year, are expected to generate nearly $2.2 billion over 10 years, according to the Congressional Joint Committee on Taxation, which issues the official estimates.

I think a mention of this will absolutely dispel the "tax breaks for everyone" myth.

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win_in_06

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Sun May-21-06 02:43 PM
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4. I agree that this bill will be used as a club, but which party will pick

it up first and use it on the other?

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Warpy

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Sun May-21-06 02:48 PM
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5. That last sentence will help, if they emphasize it over and over

again, that Stupid's tax cuts for the middle class are temporary. His tax giveaways to the richest are to be permanent.

That's the part most folks just don't know because the lying major news media have simply not told them.

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napi21

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Sun May-21-06 02:52 PM
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6. Actually, there's a section of THIS one that could HELP US!

I don't have a copy of the bill, but there's an article in Newsweek, tomorrow I think, that oints out that part of THIS bill INCREASES taxes on children 14 to 17 years old!

Aparently, children that age only had to pay 5% on their divident and interest income, but will NOW be taxed at their parents tax rate of 15%.

Every report I've heard on this emphasized that Shrub said "unlike his father, HE would NEVER raise your taxes", but now he's done just that!

Now, before you complain to me that this is a good thing because wealthy people used to hide a lot of their income in their child's name, think first. Think about who he's going to pi** off with this move!

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Telly Savalas

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Sun May-21-06 05:43 PM
Response to Reply #6

7. 14-17 year olds get dividend income?

Damn. When I was that age working fast-food and washing dishes, we didn't get equity-based compensation. Have times really changed?

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napi21

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Sun May-21-06 06:32 PM
Response to Reply #7

8. It's mostly from wealthy parents transferring to the kids...

TO SAVE THE TAXES!

Like I said, I don't disagree with this change at all, but the wealthypUbs will!

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