<body><script type="text/javascript"> function setAttributeOnload(object, attribute, val) { if(window.addEventListener) { window.addEventListener('load', function(){ object[attribute] = val; }, false); } else { window.attachEvent('onload', function(){ object[attribute] = val; }); } } </script> <div id="navbar-iframe-container"></div> <script type="text/javascript" src="https://apis.google.com/js/plusone.js"></script> <script type="text/javascript"> gapi.load("gapi.iframes:gapi.iframes.style.bubble", function() { if (gapi.iframes && gapi.iframes.getContext) { gapi.iframes.getContext().openChild({ url: 'https://www.blogger.com/navbar.g?targetBlogID\x3d8902050\x26blogName\x3dDaily+Dissent\x26publishMode\x3dPUBLISH_MODE_BLOGSPOT\x26navbarType\x3dBLUE\x26layoutType\x3dCLASSIC\x26searchRoot\x3dhttp://dissent.blogspot.com/search\x26blogLocale\x3den_US\x26v\x3d2\x26homepageUrl\x3dhttp://dissent.blogspot.com/\x26vt\x3d828381949394443668', where: document.getElementById("navbar-iframe-container"), id: "navbar-iframe" }); } }); </script>

"To announce that there must be no criticism of the president, or that we are to stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." Theodore Roosevelt

Questions, comments, tips? Send me an Email.

Windows Media Player for Mac Users

Thursday, December 08, 2005

More Tax Cuts for the Wealthy


The House is expected to consider the Ways and Means Committee tax-cut reconciliation bill this week. The bill would cost $56 billion over five years and provide a two-year extension of the capital gains and dividend tax cuts, starting in 2009. But three additional tax-cut proposals have also been added to this week's House schedule: a one-year extension of relief from the Alternative Minimum Tax, costing $31 billion; tax incentives for Gulf Coast states affected by Hurricane Katrina, expected to cost about $7 billion; and a package of five small tax provisions that were not included in the reconciliation tax bill.

Together, these four tax-cut bills would likely cost a total of at least $90 billion over the next five years. Because the capital gains and dividend tax cuts continue to lose revenues outside the five-year window covered by reconciliation, the cost of these tax-cut measures would likely exceed $115 billion over ten years.

These tax cuts would significantly benefit upper-income households. More than three-quarters of the overall tax-cut benefits from these different measures -- some $70 billion over five years -- would go to households with incomes above $100,000, a group that makes up 14 percent of all U.S. households. And households with incomes over $1 million would receive an average tax cut of $32,000 in 2009 from the capital gains and dividend tax cut alone.

Expect reports of cutbacks on education, healthcare, and first-responders to follow...

Return to the main page.

Take what you want, leave what you don't.

© 2005 Daily Dissent

Powered by Blogger