Thursday, January 17, 2008
Area 43
Don't you love Bush Derangement Syndrome?
So what are the Bushies up to here? My hunch is that, now that they've pushed the economy into a ditch with their laissez faire attitude toward predatory mortgage lending, the GOP is using the mess to justify permanent extension of the massive tax cuts it enacted in 2001 and 2003. For the country-club wing, you see, tax cuts are the ballgame. Now don't get me wrong. I'm as worried as the next wage-slaving, 401(k) schlepper about what might happen to the economy, and to my stocks, if the tax cuts were to snap back to prepassage levels. And that's exactly what'll happen under the "sunset" provisions that Democrats wisely insisted upon. That sweet 15 percent rate on dividends and capital gains, passed in 2003, is due to expire at the end of the 2008 tax year. Lower tax rates up and down the IRS bracket schedule would snap back to 2001 levels as of Jan. 1, 2011. And the estate tax, well, that's due to phase out entirely for 2010, only to snap back in 2011 to those bad, old 2001 levels -- 55 percent of your taxable estate above the $1 million exemption. No doubt the extreme snap-back of the estate tax -- to 55 percent from zero -- was engineered by the GOP to make a snap-back unthinkable.
So let me get this straight - the Bushies pushed the economy into the ditch by not regulating mortgage lending so they could push through their tax cuts and get rid of the sunset provision the Democrats wisely insisted upon, except it was the republican's who created the estate tax 'snap back".
ok.
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5 Comments:
By 
, at
Fri Jan 18, 12:51:00 AM:
CONSERVATIVES ARE FROM MARS.AL GORE IS FROM AREA 51
By , at
Fri Jan 18, 01:20:00 PM:
Taxes fund government corruption.
By 
joated, at
Fri Jan 18, 04:25:00 PM:
BDS is 110% illogical and irrational. Trying to make sense out of it will just set your head spinning like Linda Plair's in the Exorcist.
By joated, at
Fri Jan 18, 04:26:00 PM:
By JPMcT, at
Sun Jan 20, 12:48:00 PM:
Bush is responsible because low interest rates lured not-so-smart home buyers to bite off more than they could chew?? I bought my first house during the presidency of the great Jimmy Carter....and we were thrilled to get 12.5% 30 year. Now, Carter is a media darling. Now, as I'm almost ready to retire, I watch in horror as the Democrat Eco-Idiots line up to raise taxes and destroy my pension. I should go back to Ireland!!
