May. 12, 2006 - 20:52 MDT

THIS IS NEWS

In this morning's Rocky Mountain News is an item of non-news that is no surprise to me. An article written by Andrew Taylor of the Associated Press, quoted here in full:

SENATE BACKS TAX CUTS

WASHINGTON -- "The Senate gave final approval Thursday to a $70 billion election-year package of tax cuts that will extend lower rates for investors and save billions for families with above-average incomes."

"Republicans promised that the bill will produce economic gains for the nation -- and hoped it would give a much-needed boost to President Bush and the GOP-controlled Congress as they experience their lowest approval ratings in polls since his election in 2000."

"The bill passed the Senate by a 54-44 vote, and Bush is expected to sign it next week."

"Bush said in a statement that the bill "prevents an enormous tax hike that the American people do not want and would not welcome."

"The legislation provides a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008."

"It also will extend for one year recent changes to the alternative minimum tax to prevent it from hitting more upper middle income families. The AMT was designed to hit the very wealthy, but it is now common for taxpayers to pay it on incomes of $100,000 and more."

"The debate followed partisan lines, with Republicans crediting the tax cuts, first enacted in 2003, with a surging economy, millions of new jobs and booming tax revenues. Democrats overwhelmingly opposed the bill, say its tax cuts on capital gians and dividends will flow mostly to the wealthy."

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Huh, what's wrong with this picture ? Middle income families - - - $100,000 or more is now middle income ?

$70 billion of tax cuts and "the Republicans promise the bill will produce economic gains for the nation." Yeah right . . . . . for the richest and most well to do and corporations and companies . . . . . sure !

Tell it often enough and eventually most people will fall for it -- its been done in Europe before.

And Mr. Bush says that the bill "prevents an enormous tax hike that the Americans people do not want and would not welcome."

So, let's see, a big tax cut reduces tax flow to our government - - - how long will it be before that due to the lack of tax income our government will be too broke to run the country ? Are the Republicans going to dump everything onto the states to run ?

Seems to be the same old story, time after time on this tax reduction that benefits the well to do -- how many of us have an income of $100,000 a year ?

Must be a dearth of news for someone to say THIS IS NEWS . . . . . . . . . . . .

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