- Reduced tax rates, including a new 10 percent tax bracket, for every American who pays income taxes
Of course more money will be retained by those who pay the most taxes on any across-the-board tax cut. If you want to call this "targeted to the rich," fine. I call it leaving money in the hands of those who earned it.
- Increased the child tax credit to $1,000 by 2010
I guess only rich people have kids.
- Reduced the marriage penalty beginning in 2005
I guess only rich people are married.
- Phased out the death tax
Only rich people have property to leave their kids.
- Increased education tax benefits
Only rich people send their kids to school. Or do you really think a millionaire needs a tax break to educate his kids?
- Provided 30-percent bonus depreciation for business investment in new equipment
This is very good for businesses of all sizes.
- Provided emergency tax relief to New York and other areas affected by the terrorist attacks of September 11, 2001
Not really relevant to America as a whole
- Accelerated income tax rate reductions effective January 1, 2003
- Expanded the 10 percent bracket effective January 1, 2003
- Increased the child credit to $1,000 effective January 1, 2003
- Reduced the marriage penalty effective January 1, 2003
Basically, all of these are making the other cuts retroactive. Doesn't affect who they are target towards.
- Quadrupled small business expensing from $25,000 to $100,000
I guess only millionaires have small businesses.
- Increased bonus depreciation for businesses to 50 percent through 2004
Again, good for business at all levels.
- Reduced the top tax rate on dividends and capital gains to 15 percen
Okay, I will concede that wealthy people would get more from the last one, unless you are selling a house or own stock. Oh, wait. A lot of people own stock.
I think you are barking up the wrong tree entirely. You don't buy off multimillionaires with income tax breaks. What the really big wheels (and mostly corporations) do is lobby for targeted tax goodies. Breaks on specific products. Breaks on certain businesses and not others. The tax code is full of this crap, and if you wanted to clear it all out I'd be right with you.
And for the record, it's mostly congressmen, not presidents, that hand these out (usually in return for contributions), and it doesn't make the headlines.
Sometimes I think people say Bush is all for the rich because they can't say anything else about Republicans. It's a reflex statement, and doesn't stand up very well under close examination.
Republicans know the lay of the land just as well as Democrats: a rich man doesn't have any more votes than a poor one, and the poor one is a lot cheaper to buy off.
Current Events » in reply to The Answers Are Obvious
re: Let me give it a shot.
The whole thread (20 posts)
- "If you look at the appropriations bills that were passed under my watch, in the last year of President Clinton, discretionary spending was up 15 percent, and ours have steadily declined." Bush
