Category Archives: tax cuts for the rich
It is total and complete bullshit. You have the audacity to give tax breaks to some folks high up on the income ladder, yet..actually cut services to those at the bottom rung of said ladder. Lets not forget the budget DOES NOT include the costs for the Iraq War…the biggest expendature BushCo has.
What balls you have. From the Center on Budget and Policy Priorities we get a nice summation of the smoke and mirrors BushCo is trying to use on his thankfully LAST budget:
The President’s budget would provide more tax cuts heavily skewed to the most well-off while cutting vital services for low- and moderate-income Americans, generating large deficits, and increasing the strain on states already confronting budget problems as a result of the economic downturn. The budget reflects misguided priorities that would leave the American people more vulnerable in a number of ways.
Those fine folks at CBPP have a knack for putting it all into layman’s terms so that we can understand exactly how BushCo is trying to screw the masses. Take this for instance:
Budget Lacks Fiscal Discipline Because of Costly Tax Cuts
Despite substantial cuts in areas ranging from health care, disease control, and environmental protection to emergency responders, low-income heating assistance, and other important domestic needs, the budget would enlarge deficits by a total of $547 billion in fiscal years 2008-2013, or $397 billion not counting the economic stimulus package. This is because the budget proposes extending virtually all of the tax cuts enacted in 2001 and 2003 and adding other tax cuts on top.
Program Cuts Would Affect Millions of Ordinary Families
For 2009, the Administration’s budget would cut funding for domestic discretionary programs outside of homeland security — the part of the budget that funds everything from education to environmental protection to veterans’ health care and Head Start — by $2.4 billion in nominal terms (i.e., before adjusting for inflation) — and by about $15 billion or 4 percent after adjusting for inflation. These cuts would hit nearly every area of the domestic budget.
The Administration claims that its funding for these programs is up by 0.3 percent for 2009 in nominal terms. But this claim is misleading, as it is based on a 2008 funding level that omits $3.7 billion provided for veterans’ medical care this year. (The $3.7 billion was designated as emergency funding but was provided to meet ongoing needs in veterans’ health care; these needs will not somehow vanish in 2009 and succeeding years.) When that $3.7 billion is included in the 2008 base, the amount proposed by the President for domestic discretionary programs for 2009 is $2.4 below the amount enacted in 2008, in nominal terms, and even further below when inflation is accounted for.
Most Well-Off Americans Would Receive Large Tax Windfalls
Alongside its sizeable, widespread reductions in most parts of the domestic budget, the Administration proposes $2.4 trillion in tax cuts over the next ten years, including the extension of the 2001 and 2003 tax cuts. This figure, moreover, excludes the cost of AMT relief. Continuing AMT relief would reduce revenues by an additional $1.3 trillion over the next decade, according to Congressional Budget Office estimates.
The tax cuts would provide windfalls for the most affluent Americans, even as many vulnerable Americans living on modest budgets would face the loss of needed benefits and services.
Repealing Estate Tax Would Use Up Budget Savings From Medicare Cuts
As noted, the budget’s Medicare proposals would cut projected Medicare expenditures by $556 billion over ten years. Its proposal to make estate-tax repeal permanent would cost $522 billion, or almost as much.
So there you have it.. the smoke and mirrors that BushCo is using to screw the general population but enhance the earnings of the top 1 or 2 % of the population. To see the specific information of how all this bullshit pans out..check out the link at the top of the post. CBPP spells it all out for you.
The only question remaining is this..will Congress buy this bullshit?