Bush to cut taxes on large corporations

Taxes are usually a winning political issue for Republicans because many Americans still buy into the trickle-down hype.  But after years of Republican leadership, the public is finally beginning to realize that the subsidization of corporate America by the Administration lacks fiscal discipline and is a recipe that hurts the middle class.

Even now, with more skepticism towards Bush's tax policies that have benefited the rich more so than working Americans, the White House is unveiling a tax policy that would cut taxes for corporations even more:

President Bush said yesterday that he is considering a fresh plan to cut tax rates forU.S. corporations to make them more competitive around the world, aninitiative that could further inflame a battle with the DemocraticCongress over spending and taxes and help define the remainder of histenure.

Advisers presented Bush with a series of ideas to restructurecorporate taxes, possibly eliminating narrowly targeted breaks to payfor a broader, across-the-board rate cut. In an interview with a smallgroup of journalists afterward, Bush said he was "inclined" to send acorporate tax package to Congress, although he expressed uncertaintyabout its political viability.

This is Reaganomics on steroids.  What another creative excuse to further increase the disparity between the CEO class and the forgotten middle class.

Already, the middle class has to deal with a tax code that is weighted against them.  Sales taxes are regressive.  The payroll tax is regressive.  Also, millionaires are less likely to pay the alternative minimum tax than middle class families.

Furthermore, if we cut taxes for large corporations, how would we make up for all the lost revenue?  Would we let ourselves sink further into debt?  If Bush is so concerned with international competition, as he should be, then first fix our currency woes.  One of the main causes of a devalued currency is debt.  When you have an uncontrollable number of 'I owe you' letters on the international market, plus all the added interest that grows in time, your currency is worth less.  The European Union, for good reason, has a balanced budget amendment in their constitution.  Maybe start there if you want to compete, instead of investing even more US treasury in a trickle-down theory that fails to increase the purchasing power of the American middle class.

Comments

[granny]

You know the fact that the "news" is all a jitter today about Bush having been treated for Lyme Disease, leaves me with very little interest beyond wondering if the tick survived.