Middle-class tax cuts clear Congress

WASHINGTON (AP) -- Congress on Thursday approved a $145.9 billion package of tax relief to extend three popular middle-class tax cuts, giving President Bush his fourth major tax victory since taking office.

The Senate approved the measure 92-3 Thursday night less than an hour after it cleared the House by a similarly lopsided 339-65.

Democrats in both chambers joined in support of the politically popular measure even though they criticized the Republican-led Congress' refusal to pay for the new tax relief at a time of soaring budget deficits.

www.cnn.com...

I have a problem with this bill. It's not that I don't like tax cuts but this bill will only benefit the rich, not the middle class. Plus, tax cuts are not a good idea right now if our national debt is in the trillion right now. Plus, we have a major budget deficeit. Both of these I agree need to be paid off.

Now why do I say this bill only benefits the rich? The reality is that the new law or bill is more of the same: tax cuts that benefit the rich and, in many cases, exclude the neediest families.

1. An analysis from the Urban Institute-Brookings Tax Policy Center shows that the middle 20 percent of earners "will receive an average tax cut of $162 in 2005 from this legislation."2 The top fifth of earners, however, "will get an average tax cut of $1,317."3 As a result, the top fifth will receive two-thirds of all benefits.4
www.cbpp.org...

Now for the middle class, $162.00 is nothing. How does that help the middle class?

2. The bill excluded a provision that would have extended the child tax credit to four million low-income families who currently don't qualify.5 Extending eligibility to these families would have cost $4 billion.6 Meanwhile, conservatives included $12 billion in tax cuts for corporations.7
www.latimes.com...

So in conclusion I don't think this bill will help the middle class.

The Senate approved the measure 92-3 Thursday night

This is a little off-topic but did Kerry vote on this? If he did vote, what was his vote? If he did not vote, what's his excuse?

Jemison

Originally posted by Jemison

The Senate approved the measure 92-3 Thursday night

This is a little off-topic but did Kerry vote on this? Jemison

I don't believe so. Not to my knowledge. Bush has always been the one who wants the tax breaks.

Originally posted by mrmulder

Originally posted by Jemison

The Senate approved the measure 92-3 Thursday night

This is a little off-topic but did Kerry vote on this? Jemison

I don't believe so. Not to my knowledge. Bush has always been the one who wants the tax breaks.

I actually beat you guys to the punch last night.
www.abovetopsecret.com...
The vote was pretty overwhelming. Kerry and Edwards failed to vote.




[edit on 24-9-2004 by FredT]

How about someone bringing up the constant raises that congress always seem to vote for themselves... considering that they're "Public " servants, shouldn't it be up to the public if these A**holes get richer and richer every year when the general population is getting poorer and poorer...