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:: 5.29.2003 ::
From This Modern World's Bob Harris: Taxing Credulity
Three quick points about the Bush tax "reform" signed yesterday:
The NY Times reports the $400-per-child credit will not apply to families with incomes under $26,625.
The day before the bill was signed with such pomp and fanfare, Bush very quietly signed another piece of paper raising the national debt ceiling by a record near-trillion dollars. How quiet is quiet? The White House statement on this subject was only a single sentence.
Finally, the Financial Times reports that a Treasury Department report forecasting a future deficit of 44 trillion dollars was shelved by the White House, which omitted the findings from the annual budget report in the interest of selling tax cuts.
Since that crippling number is hard to fathom in real terms, read the following -- information the Bush White House knows but doesn't want to tell us -- and just try not to quiver in fear:
"The study asserts that sharp tax increases, massive spending cuts or a painful mix of both are unavoidable if the US is to meet benefit promises to future generations. It estimates that closing the gap would require the equivalent of an immediate and permanent 66 percent across-the-board income tax increase."
The Bush White House: screw the poor now, screw the rest of us later.
:: Deb 11:50 AM :: permalink ::
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