by SJBrian, Wed May 31, 2006 at 04:33:22 PM EDT
On May 13th , I wrote about the most recent round of irresponsible tax cuts signed into law by President Bush. Despite President Bush's talk about the Average Joe's benefits under these cuts, America's financial elites are the real winners. For example, while the average taxpayer's tax savings (about $30) won't even be enough to pay for a full tank of gas at skyrocketing prices, those at the top of the financial food chain who make $1,000,000 or more a year will receive on average $42,000--enough to buy a gas-guzzling luxury SUV. Average Joe indeed.
As 2006 shapes up as an increasingly poisonous electoral atmosphere for Republicans, this measure aims to shore up support from a key element of the Republican base--CEOs, board members, and the country's financial elite. We've seen this before in round after round (Al Gore warned us of it in the presidential debates of 2000); the average taxpayer receives small benefits, while the true boon goes to the extremely wealthy. However flawed the "Average Joe Tax Cut" myth is, there's another absurd mythology perpetrated by the financial elite to delude America into thinking these kinds of cuts are sound fiscal policy--the notion that tax cuts "pay for themselves." As it turns out, they don't
Yesterday, the Philadelphia Inquirer featured this editorial. It's a sharp rebuke to the irresponsible fiscal policy of President Bush. Here are some of the highlights; let the financial elitist myth debunking commence:
by Terry Stulce, Mon May 15, 2006 at 11:17:22 AM EDT
Congress is extending tax cuts to the wealthiest Americans again, but at a great cost to the rest of us. Sure, our representatives tell us they help all Americans, but that's not true - unless you think all Americans are helped by giving workers who make under $40,000 a year a refund of LESS than $17, while those who make over $1 million a year will get about $43,000.
Why are we giving $43,000 to people who already have more money than most of us will ever earn in a lifetime?
by SJBrian, Sun May 14, 2006 at 10:58:15 AM EDT
President Bush and the GOP, plagued by abysmal approval ratings, massive corruption and mismanagement, and an almost total lack of vision, are truly struggling, six months out from the crucial 2006 midterm elections. The Republican Party, realizing that they're facing a losing war on many political fronts, have turned to that "golden child" of GOP issues--the tax cut.
The Republican Party believes that by cutting taxes before the election, they'll gain approval enough with voters to cruise to re-election, a tactic they've used before. The GOPers typically spin these cuts as primarily benefiting Joe Public--that honest, hard-working, middle-class American who just needs a break to help make ends meet. But exactly how much of the tax cut will the average, hard-working taxpayer take home?
by Gary Boatwright, Sat Apr 29, 2006 at 05:27:23 AM EDT
I'm Calling Bullshit On Homelessness. I have never lost a flame war yet, and I'm not about to start with this one. In two recent diaries over at MyDD, Tax Welfare For Billionaires and Tax Welfare For Billionaires II, I pointed out that tax cuts for billionaires were nothing more than thinly disguised welfare programs for the ultra rich. Since homeless Americans and working Americans have a greater need for economic assistance in these perilous economic times, I decided to take over Birch Park just south of downtown Santa Ana (page 829 in your Thomas Guide at E3) as a statement of my discontent with the current economic conventional wisdom that providing welfare to billionaires will eventually trickle down to the rest of us.
by Gary Boatwright, Mon Apr 24, 2006 at 04:11:57 AM EDT
Tax cuts for the very wealthy are draining America's budget more than the Iraq War
I spent the morning of Tax Day reviewing studies on who pays what in federal taxes. If every taxpayer saw the same data, there would be a revolution.
Those are the opening lines of an article in The Atlantic Monthly by Jack Beatty, Tax Evasion (subscription may be required). Bush and the GOP have already openly declared war on working Americans with his tax cuts and Iraq war. The middle class and working oor are paying far more than their fair share of taxes, because Bush and the GOP are allowing wealthy corporations and wealthy individual Americans to evade their fair share of taxes.
A very interesting question is why Democrats are not making an issue of tax equity. I submit its because they don't give a damn about middle class Americans or the working poor.