Quote:
Originally posted by Lenny2
That's fine when you're talking about "income tax" rates. And at the time the last tax cut was passed the gov't was running a surplus, I can't think of a better time to pass a tax cut than that.
However, the current tax cut that Dubya is trying to push through, the elimination of the dividend tax, will benefit the wealthy almost exclusively.
A lot of americans own stocks, true, BUT, the vast majority of the bottom 98% have their stocks and mutual funds in IRA's and 401(K) accounts, so they aren't paying taxes on the dividends anyways.
The elimination of the dividend tax is most definitely a handout to the wealthy, and the fact that its being proposed at a time when we're running a record breaking deficit AND have no idea how many billions we're about to spend on the war in Iraq and the subsequent rebuilding of Iraq is ridiculous.
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A good post and I agree, but for one thing. There was never a surplus. The surplus existed only on paper as a projected surplus over a ten year period. The projected surplus has been totally wiped out and as you pointed out Bush has taken us back into deficit spending and it will be deficit spending for his entire term and beyond.