Saturday, April 15, 2006

Bush Writes it Off

Good to know that the Bush White House, as usual, is standing up for the little guy. That is if that little guy happens to have an investment portfolio as thick as a telephone book.

Bush used his radio address this Tax Day to urge congress to extend his tax cuts that benefit mostly the richest fraction of the taxpayers. In particular he wants to keep the maximum capital gains tax at 15%. It would go to 20 if his cuts were not extended.

So, as we all know, Bush continues to pour money into Iraq and refuses to ask his wealthy base of supporters to foot the bill. Not surprising since this kind of thing has been going on for five years. Unfortunately, it's not hard to envision a scenario where Democratic members of congress cave on the issue so that their opponents this November can't pelt them with the "he voted against tax cuts" schtick.

Beyond the obvious, there are more reasons why rich people don't need tax cuts. First of all, they buy more stuff, than the rest of us, and as it turns out, a lot of that stuff is tax-deductible, especially if they own their own businesses or work for themselves. Use the Mercedes to get to and from work? Write it off! Mortgage payments on the Hamptons house? Deduction city!

And how do they find all these breaks? Because they can afford the best accountants and tax lawyers. Guys who devote their entire existence to deciphering the tax code for the benefit of their clients and then go home to their own mansions and luxury cars.

Where would these miserable downtrodden souls be if it weren't for the administration doing everything in its power to spare them from the oppressive evil of taxation? Well, rest assured, we may never have to find out.

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