RANT!!
So here is the scene: A handful of Republican leaders from the House and Senate were holed up in a conference one weekend trying to hammer out the final details of the tax cut, but they've got a problem. They'd like to give more money to millionaires, but were bound by a pledge to cap the tax cuts at $350 billion.
Then suddenly, "Eureka! We can just amend it so that the poorest families don't get the new $400-per-child tax credit available to richer families. That will leave billions for deeper cuts in dividend and capital gains taxes." So, after a last-minute wording change the bill was quickly passed by both houses and signed by the President last week. What a disgrace. In the end, people earning over $1 million will bring home an average of $93,000 extra this year while a single mother of 2 struggling to make ends meet on $18,000/year will get no help.
I do not understand why families earning between $10,000 and $26,000 per year would be excluded from receiving the $400-per-child tax refund that wealthier families will receive this summer just so millionaires can get bigger tax cuts.
/RANT
Quote "To me it is a little difficult to give tax relief to people who do not pay income tax. To me it is a spending program," said House Majority Leader Tom Delay, R-Texas."
Congress just voted to cut taxes $350 billion. During the last days of negotiations they agreed to amend the bill so that the poorest families don't get the new $400-per-child tax credit available to richer families. That left billions of dollars that were used for deeper cuts in dividend and capital gains taxes.
Does this bother no one else but myself??