Matthew 10:34Think not that I am come to send peace on earth: I came not to send peace, but a sword.
Maybe we would be better off passing a constiutional amendment that says if the budget is not balanced in a given year, the President, Vice President, and members of Congress can take no pay or benefits, or campaign contriubtions for the next year and expenditure must be cut by the amount of the deficit from the previous year. We need to discipline the right party.
The study, by the nonpartisan Congressional Budget Office, also shows that tax rates for middle-income earners edged up in 2004, the most recent year for which data was available, while rates for people at the very top continued to decline."
Economists and tax analysts have long known that the biggest dollar value of Mr. Bush’s tax cuts goes to people at the very top income levels. One reason is that two of his signature measures, tax cuts on investment income and a steady reduction of estate taxes, overwhelmingly benefit the wealthiest households.
But the Congressional study offers additional insight because it incorporates information about what people paid in 2004, the first year in which taxpayers could take full advantage of the cuts on stock dividends and capital gains.
The study estimates that the effective federal income tax rate, which excludes payroll taxes for Social Security and Medicare, declined modestly for people in the middle- and lower-income categories.
Families in the middle fifth of annual earnings, who had average incomes of $56,200 in 2004, saw their average effective tax rate edge down to 2.9 percent in 2004 from 5 percent in 2000. That translated to an average tax cut of $1,180 per household, but the tax rate actually increased slightly from 2003.
Tax cuts were much deeper, and affected far more money, for families in the highest income categories. Households in the top 1 percent of earnings, which had an average income of $1.25 million, saw their effective individual tax rates drop to 19.6 percent in 2004 from 24.2 percent in 2000. The rate cut was twice as deep as for middle-income families, and it translated to an average tax cut of almost $58,000."
Tax Cuts Offer Most for Very Rich, Study Says - New York Times
Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
From the Democrat side, we have sweeping generalizations, and we have...
NO deal that doesn't raise taxes
NO short term deal to keep the country running
NO deal that cuts in any way his massive new entitlement
NO deal that touches rail initiatives... (and on and on)
If you don't care for big business try to order your computer or a car from the little shop on the corner, but it might be wise to first ask how much it might cost you.