Tax cut for the Rich
The New York Times reports that, "Nothing is more important in the face of a war than cutting taxes," the House majority leader, Tom DeLay, blithely told CongressDaily.What utter bullshit. Lets recap this tax cut. This tax cut is based on eliminating the dividend tax. The Bush Administration claims that this is a "double tax" - because corporations are taxed on income and then the dividend given to the shareholder is taxed.
OK, lets spell this out very simply:
- In America we have an income tax.
- Any income is taxed.
- Ask yourself, are corporations making money?
- Is that money income?
- When shareholders buy shares in a company, are they buying those shares to make money?
- When dividends are paid out, is this money that shareholders already possessed, or is it income?
The facts are there are two different entities, corporations and shareholders. Each are receiving income, each should be taxed on that income. Plain and simple.
Ask yourself why is the President sending a US$600 billion tax cut at a time of war - a war that they created? This is neither the time, nor the place to be cutting taxes. This is pure political payback to the uber-riche, and will hurt America in the long run.
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This is the permanent home of Tax cut for the Rich. I wrote this post at 15:29 on April 5, 2003. This post is part of grubbykid.com, a weblog. If you liked this entry, why don't you read some other posts such as New hosted Sisters Blog or Perspectives of reporting? Or you could go to the site archives or return home. All are good choices.
