The Insanity Of The Bush Tax Cuts

This little rant was written by Andi Matheny, and originally posted on Hoffmania. It pretty accurately covers my thoughts on the subject. So why reinvent the wheel? Just check out how she put it.

Please pay attention to what happened in Congress today while you were working and raising your families.

In an election year, in order to appease the electorate, and because no one in government has the guts to face reality, Congress once again passed tax cuts. Here's how it breaks down:

If you earn 50,000 or less per year
You will save $2 - 46

If you earn 50,000 - 100,000 per year
You will save $110 - 403

If you earn 100,000 - 1 million per year
You will save $1388 - 5562

If you earn 1 million or more
You will save $41,977 (average)

Here's what was deleted from the tax cuts package:

Deductions for state and local taxes
College tuition fees
School supplies for teachers who pay for them out of their pockets Businesses hiring welfare to work - (bringing people out of welfare)

The war in Iraq has already cost us approximately $260 Billion dollars - we are spending around a billion a week for this war. This is the first time in history a war has been fought with tax cuts. Remember, we couldn't "afford" body armor for a number of our troops.

By the end of the Bush presidency, our national debt will be $10 TRILLION dollars. If that was due today, it would cost each of us $28,000.

25% of our debt is carried by foreign countries. Japan is holding notes worth $673 Billion, and China comes in second at $265 Billion. If they decide another country is a better investment, we are in trouble.

This has been one of the most fiscally irresponsible administrations and Congresses in history. They are not doing what is right for our country - they are doing what they think YOU want them to do so they can get re-elected. They have no faith in the American people, nor have they asked Americans to make one sacrifice, besides the military and their families for this war in Iraq. In the meantime, Homeland Security is little better than it was 5 years ago, deep cuts have been made in school programs, and huge hikes in state colleges and student loans have put college out of reach for lower income kids. And the only people who are benefiting from these tax cuts? The top 2% tax bracket. And by the way, most economists agree, raising taxes on the top 2% will not have an adverse effect on the economy - but even if it did, which way do you want to gamble?

If this information has stirred you to take any action, please write to your representatives and tell them to have the guts to govern responsibly. If you have a blog, you have my permission to reprint this. Most people I know know the sacrifice my family has made for this war, and have asked me what they can do. Do this.