New tax cuts will hurt teenagers that value hard work

My generation, more than any other American generation prior, has a serious problem on our hands when it comes to the amount of National Debt that has piled up.  Each day that legislators vote on bills, teenagers and 20-something college students around my age listen to their ipods without the faintest idea of how much more money is being leveled onto our shoulders.

Even with all that said about the National Debt, President Bush wants to shoulder yet another burden onto our generation -- this time when it comes to savings.  Sunday's New York Times explains how teenagers between 14 and 17 years of age that try to save money are going to get scammed under this recent round of tax cuts:

The $69 billion tax cut bill that President Bush signed this weektripled tax rates for teenagers with college savings funds, despite Mr.Bush's 1999 pledge to veto any tax increase.

   

Under thenew law, teenagers age 14 to 17 with investment income will now betaxed at the same rate as their parents, not at their own rates.Long-term capital gains and dividends that had been taxed at 5 percentwill now be taxed at 15 percent. Interest that had been taxed at 10percent will now be taxed at as much as 35 percent.

Theincreases, which are retroactive to the first day of the year, areexpected to generate nearly $2.2 billion over 10 years, according tothe Congressional Joint Committee on Taxation, which issues theofficial estimates.

Over all, the tax bill that Mr. Bush signed Wednesday reduces taxes by $69 billion.

Mr. Bush pledged in 1999 to veto any bill that raised taxes. Inresponse to a question about the tax increase on teenagers in the newlegislation, the White House issued a statement Friday that made noreference to the tax increase, but recounted the tax cuts theadministration has sponsored and stated that President Bush had"reduced taxes on all people who pay income taxes."

Challengedon that point, the White House modified its statement 21 minutes laterto say that Mr. Bush had "reduced taxes on virtually all people who payincome taxes."

It is devious to steal from teenagers who give up their entire summer to work a full-time job.  What kind of message does it send when the government penalizes hard work from young Americans?