American Entropy: GOP Tax Plan

10 May 2006

GOP Tax Plan

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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