May 12, 2006

Tax cuts approved

From Today NYT:

The Senate voted 54 to 44 on Thursday to pass almost $70 billion in tax cuts, mostly for the nation's wealthiest taxpayers. The action ensures that virtually all of President Bush's tax cuts will be locked in place until after the next presidential election.

The measure, which the House passed Wednesday, would extend Mr. Bush's tax cuts on stock dividends and capital gains by two years, until 2010, and shield about 15 million taxpayers for one year from an increase in the alternative minimum tax.
The vote, largely along party lines, was a significant victory for Mr. Bush and beleaguered Republican leaders, who had viewed the tax cuts on stock market profits as a defining party issue and had credited them with jump-starting economic growth and reducing unemployment over the last three years.


Hayes' comment: The rich get richer and the poor gets screwed once again. I wonder what the senate's approval rating will be soon?

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