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    10 May 2006

    GOP Tax Plan

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    This from the WaPo could use some discussion
    Critics maintain that those tax cuts have overwhelmingly benefited the wealthy, while budget cuts target programs for the poor to close a deficit created largely by tax cuts totaling nearly $2 trillion since Bush took office.

    Middle-income households would receive an average tax cut of $20 from the agreement, according to the joint Urban Institute-Brookings Institution Tax Policy Center, while 0.02 percent of households with incomes over $1 million would receive average tax cuts of $42,000.

    The tax agreement would cut revenue to the Treasury by $90 billion over the next five years, but other measures would raise about $21 billion -- for a net loss to the Treasury of about $69 billion. By keeping the total five-year cost below $70 billion, negotiators satisfied arcane Senate budget rules, thus protecting the package from a filibuster and ensuring passage with a simple majority.

    I just don't understand this. How is this acceptable by any standard; how can America collectively accept this? Is it the trickle down theory?

    Yeah, trickle right out of the country.

    Posted by Geoff

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