Driving the government toward bankruptcy

June 13th, 2003 – 8:39 pm
Tagged as: Uncategorized

As you may (or may not) have heard, when the appalling $350 billion dollar tax cut signed into law recently came out of Congress, Republican leaders had slipped in a last-minute change that meant that working families who barely make the minimum wage wouldn’t get the increase in the child tax credit that many other families will be enjoying.

In case that wasn’t bad enough, when legislation was proposed to fix this blunder, the Republicans saw an opportunity to give still more tax cuts to people who don’t really need them. First, the Senate passed a bill which fixed the child tax credit situation for the 6.5 million families who had been left out the first time, but at the same time they made it possible for more wealthy families who hadn’t been eligible to now get the credit too. The result was a $10 billion dollar tax cut to fix a $3.5 billion dollar problem.

But the Republicans in the House weren’t satisfied with that. They piled on still more tax cuts, raising the cost of their bill (passed today) to a staggering $82 billion.

Fortunately, it seems that the House version has almost no chance of getting by the Senate when it comes times for the necessary compromise, but the bill that ends up on Bush’s desk will still increase the already huge amount of tax cuts more than was needed to fix a problem that shouldn’t have arisen in the first place. All of this is yet another fine demonstration of just what the Republicans’ priorities are, namely running the government out of money while at the same time lining the pockets of America’s wealthiest (with a few crumbs thrown in for the rest of us).

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