Why?
"After spirited debate, the House voted 234 to 197 to approve the bill, the fourth tax cut passed by the body in two days. The four tax cuts combined would slash federal revenue by $94.5 billion over five years, an amount nearly double the budget savings in a spending-reduction bill that Republicans pushed through the House last month.
The approval came after the House defeated a Democratic alternative that would have eliminated the extensions of the rate reductions for capital gains and dividend income. The alternative bill would have cost about $43 billion, which would have been offset by taking back a portion of recent tax cuts from people with annual incomes over $1 million for joint returns or $500,000 for other returns."
"80 percent of the capital gains tax cut goes to those with incomes more than $200,000, and more than 50 percent goes to those with incomes more than $1 million." --Rep. Steny Hoyer (D-Md.)
http://www.washingtonpost.com/wp-dyn/content/article/2005/12/08/AR2005120801350.html
Why doesn't this sort of thing get more coverage? Why do people even consider this? Can Congressman even balance their own checkbook?
In our Union's current state of affairs, this is tantamount to treason.
The approval came after the House defeated a Democratic alternative that would have eliminated the extensions of the rate reductions for capital gains and dividend income. The alternative bill would have cost about $43 billion, which would have been offset by taking back a portion of recent tax cuts from people with annual incomes over $1 million for joint returns or $500,000 for other returns."
"80 percent of the capital gains tax cut goes to those with incomes more than $200,000, and more than 50 percent goes to those with incomes more than $1 million." --Rep. Steny Hoyer (D-Md.)
http://www.washingtonpost.com/wp-dyn/content/article/2005/12/08/AR2005120801350.html
Why doesn't this sort of thing get more coverage? Why do people even consider this? Can Congressman even balance their own checkbook?
In our Union's current state of affairs, this is tantamount to treason.