Dubya is once again promising More Money in Yer Pocket!
TM with a whole bunch of tax cuts, including the
capital gains and dividends tax cut, which was set to expire in 2008 but will now run through 2010. Here's Scooter McClellan ("Still here!") explaining how they hope this money will help with your gas woes:
"Particularly at a time when Americans are paying more at the pump, the president believes the last thing they need is for Washington to take more of their hard-earned dollars out of their pockets."
Now, some of you working stiffs out there might be thinking, "That's funny, I don't remember paying anything called capital gains and dividends tax." That's because you probably didn't. See the big blue bar in the graph below? That's not you.
(More charts and numbers at CBPP for the wonks.)
Do you have any stock in a taxable account? (Your 401-K doesn't count.) Most regular joes don't. That's why millionaires will get an average of $32,111, while families making less than 50K per year will get somewhere in the neighborhood of... $11.
Sound good? This tax bonanza for Wealthy America will cost the treasury over $50 billion ($50,000,000,000) over the next ten years, at a time when Bush has the country running a $400 billion deficit.
In case any of you are asking yourselves, "Hmmm.... what the fuck?" here is basically what the fuck:
With little progress on the energy front, Bush summoned Republican leaders and tax writers to the Oval Office yesterday to force an agreement on a tax bill that has languished since late last year. The president is scheduled to speak today on the economy and taxes, and he implored lawmakers to deliver an agreement he could tout.
George has a speech scheduled for today, you see, and he could really use something to tout. Well tout away George! Maybe you can fool hard-working Americans one more time with your tax cut bribe. Feel free to give 'em
this old line:
"American families all across this country have benefited from the tax cuts on dividends and capital gains. Half of American households -- that's more than 50 million households -- now have some investment in the stock market."
...because no one's gonna call you out on the fact that a massive chunk of that investment is in untaxed 401-K's, on which your tax cut will have zippy impact! No one ever calls you out! It's your crowd! Palm. of. your. hand. Know what I'm sayin?
But in case everyone does start catching on, you might want to have some leaflets ready: "Things You Can Do With Eleven Dollars."
#1: See a movie and buy some popc--er, SHARE popcorn with a friend!
#2: Buy three gallons of gas and a pack of cigarr--er, a Big Gulp? Uh... pack of Certs?
...
(cross-posted at Musement Park)