Tag: Taxes

Card-Carrying Conservatism.

While the Democratic party as a whole continues to seem as divided and stymied by the Dubya dip as they do Weaponsgate, several of the candidates lash out on their own, including John Edwards, who calls the Dubya tax cuts the “most radical and dangerous economic theory to hit our shores since Socialism.” I’d think Eugene Debs is probably turning over in his grave at the comparison.

Tiers and Taxes.

William Saletan goes ga-ga for John Kerry (which would hold more water with me if he hadn’t slavered over Gore back in the day), while Dean snipes at Graham, calling him a “lower-tier candidate.” True enough, but Dean has to be careful – he’s already garnered something of a reputation as Mean Dr. Dean, and coming out for the death penalty won’t help. Rounding out the top tier (I can say it, even if Dean can’t), John Edwards calls for middle-class tax cuts, to be paid for by raising taxes on the wealthy. A smart move, in keeping with the populist track Edwards has staked out, even if I think a payroll tax cut makes much more sense.

Exterminated.

As expected, the DeLay House has attempted to kill the child credit by passing a swollen $82 billion tax cut that has little hope of passing the Senate. Apparently the House bill pays a whopping “96 percent of its benefits to middle- and upper-income taxpayers.” Said Charlie Rangel of the bill, “it was ‘one of the most cynical and hypocritical moves’ he had ever seen,” and you have to think that at this point Rangel’s seen a lot. For shame. Yet another reason why we should be embarrassed as a nation to have a guy like Tom DeLay calling the shots in Congress.

When the Sun Never Sets.

“The Rove-Bush goal is to return government to its size before the New Deal, leaving the individual more exposed to corporate power than at any other time since the 1920s.” Jack Beatty of The Atlantic Monthly examines Rove’s long-term strategy for the Dubya tax cut, and how it’s cleverly designed to help the GOP in 2004 and 2008. Grim stuff. In a related story, Michael Kinsley offers his take on the dividend debacle: “The recently enacted tax bill is such a shocking and brazen gift for the wealthy that it is hard to describe in anything short of…cartoon-Marxist terms.”

Credit Denied.

Despite growing GOP support in the Senate, Tom De Lay refuses to consider an increased low-income child tax credit in the House unless it includes more schwag for the filthy rich, such as an estate tax repeal. Speaking of which, new analyses of the Dubya debacle suggest that the middle class will end up footing the bill while the wealthy frolic. So much for “trickle-down.”

No Child Left Behind?

Surprise, surprise. Dubya and the GOP’s new tax cut leaves out an increased child tax credit for the nation’s poorest Americans. After all, gotta keep the priorities straight…Some families out there might want a second SUV.

Cash Advance.

As it turns out, Dubya’s profligate ways have forced Congress to increase the federal debt limit (so as to avoid a government default) in the very week they mull over his (now Voinovich-friendly) tax giveaway for the rich. Coincidence? I think not.

Capital Gains, National Losses.

The House and Senate GOP agree on a compromise bill that cuts the tax rates on dividends to 15%. (Don’t worry, Mr. Burns – the wealthy also get their fix in the form of a capital gains rate cut to 15%.) But, problems for the dividend debacle remain…particularly in that the $383 billion package goes over the $350 billion cap established by GOP moderate George Voinovich. Can the Dems mount a last stand?

Deficit, Schmeficit.

Cheney breaks the tie as the Senate GOP pass the third-largest tax cut in history, one that includes a three-year moratorium on dividend taxes. Dems Zell Miller and Ben Nelson (and eventually Evan Bayh) joined the Republicans in passing the cut. (Republicans McCain, Chafee, and Snowe were opposed.) Of course, this tax giveaway for the rich does nothing to address the largest budget deficit in history…but that’s a problem for Dubya’s successors, isn’t it? And children don’t vote anyway.