Skip to main content

View Diary: The Value - and Devaluation - of the Work Ethic (192 comments)

Comment Preferences

  •  But it is going the other direction (none)
    The two competing proposals in the Congress are to spend a big chunk of the $70 billion authorized in the Budget Reconciliation Bill for tax relief or a fix for the alternative minimum tax, which would otherwise hit persons making $50,000 or up next year, or extend the 15% rate on dividends and capital gains, that does not even expire until 2009.  The benefits of the lower rates on investment income go disproportionately to the very rich, because the top 1% of households gets 57.7% of the investment income, and the bottom 80% gets only 12.6% of the investment income, a drop of almost half since 1989, according to the Center on Budget Policies and Priorities.

    If the dividend and capital gains rate cuts are extended, it sill cost the treasury over $20 billion a year.  If Congress enacts BOTH cuts, we will see huge deficits into the next decade.

    The coming fight over tax cuts is critically important.  If they are not defeated, even if we do retake Congress, there will literally be no money for any of the programs we all champion.

    In the grand scheme of thisgs, the tax battle is as important as the fight overand spending constraints for the next several years.  

    "False language, evil in itself, infects the soul with evil." ----Socrates

    by Mimikatz on Sat Feb 04, 2006 at 01:41:23 PM PST

    [ Parent ]

    •  Should have said (none)
      As important as the fight over Sam Alito, because it will set budget limitations and spending constraints for the next several years.  

      "False language, evil in itself, infects the soul with evil." ----Socrates

      by Mimikatz on Sat Feb 04, 2006 at 01:44:29 PM PST

      [ Parent ]

    •  this is exactly (none)
      why taking back congress is so imperative this cycle.  the memory of katrina is still with many people, as are the updated stories about how aid is not getting through.  especially on top of the deficits and the costs of war, etc.

      http://www.dailykos.com/...  

      if people were ever sympathetic to a tax hike, the time is NOW.

      weather forecast

      The palaces of kings are built upon the ruins of the bowers of paradise. - Paine

      by Cedwyn on Sat Feb 04, 2006 at 04:22:17 PM PST

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site