Friday, May 12, 2006

When Is a Tax Cut Not a Tax Cut

When it's a loss leader for millionaires, dummy.

Yesterday the Senate passed a tax bill which gives people earning less than $82,000 a year (that's most of us) a tax cut of $30 or less. Filled up your tank lately? That's the cost of less than a tank of gas.

However, the average millionaire will get a $42,000 tax cut. That's not a tank of gas, or 10 tanks of gas, or 20 tanks of gas, or 100 tanks of gas.

That's a car. In some rural areas, that's a house.

Vote Democratic; throw these bums out in November.

LATimes: IRAs Become Focus of Tax Bill
In a $70-billion package passed by Congress, a provision that would widen access to Roth accounts draws fire as a giveaway to the rich

"The average millionaire will receive an additional $42,000 tax cut," Sen. Hillary Rodham Clinton (D-N.Y.) said of the bill Thursday, "while middle-income Americans will see an average of $20."

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