Monday, May 08, 2006

Spending what political capital they have on helping the rich

The liberal blogosphere needs to focus on this issue. It is absurd. Bloomberg News:
May 8 (Bloomberg) -- Republican lawmakers, facing the prospect that their power to cut taxes may soon be curbed, plan to extend breaks that mostly benefit the wealthy and Wall Street at the expense of reductions for middle-income households.

Six months before elections that may return a Democratic majority in at least one house of Congress, Senate Majority Leader Bill Frist of Tennessee and House Speaker Dennis Hastert of Illinois are focusing on extending the 15 percent rate on investments and repealing the estate tax. They won't push extensions of lower rates for all taxpayers and expanded breaks for married couples and families with children, which expire after 2010.

``In politics, timing is everything; you do what you can when you can, and this is what's queued up right now,'' says Arizona Senator Jon Kyl, the No. 4 Republican in the Senate. Given the federal budget deficit, it would ``be hard to generate public support overnight'' for making permanent the other tax cuts, he says.

Democrats say the Republicans are favoring tax breaks that do little for middle-income Americans; 50 percent of all U.S. households earn between $26,859 and $120,100, according to the Tax Policy Center, a nonpartisan research institution in Washington.

``Even in an election year where they are losing popularity nationwide, they've chosen to pander to their base of rich donors and leave the middle class behind,'' says Representative Charles Rangel of New York, the senior Democrat on the tax-writing House Ways and Means Committee.


Blogger Ezzie said...

Then I guess today's news came just in time. :) [check my blog]

3:18 AM  
Anonymous Anonymous said...

"Democrats say the Republicans are favoring tax breaks that do little for middle-income Americans."

But on the other hand, if it were a Dem in the WH, they'd raise taxes across the board.

Which way would you want it?

1:11 PM  

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