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The Bush Tax Cut, Part II: The Free Ride for Stockholders
by The Angry Liberal
Anybody remember former Texas Senator Phil Gramm? In case you don't, this little toad of a man used to trash the unemployed by uttering with a charming redneck accent the following phrase:
"It's time for those who've been getting a ride to get out of the wagon and start pulling it."
Thanks to George W. Bush and the republicans, those of us pulling the wagon just witnessed the United States Senate help the most capable wagon-pullers out of their yokes and onto the wagon for a three-year free ride.
Folks, if there ever were any doubt that republicans are the party of the Rich, let it die forever with the Senate passage of the most blatantly anti-growth, pro-wealthy, anti-middle class, pro-deficit, anti-work, pro-fane, tax cut in history. And with the 2001 tax cut still leaving a bitter aftertaste in the mouths of unborn future generations, that's a bold statement, indeed.
On Thursday, the U.S. Senate voted to suspend collecting taxes from the idle rich for three years. That's right. While you and I continue paying taxes on our income, those who live exclusively off of the labor of their fellow Americans will dodge the tax man completely from 2004-2006, if the Senate republicans have their way.
For justification, these conservative creeps spewed a lot of crap about the unfairness of "double-taxation" of the poor, mistreated, top one percent. Hey, do you know what group of taxpayers is actually over-taxed? How about Social Security taxpayers? Those folks who originally enrolled in a self-funding program are now taxed not only to finance current retirees as the program intended, but are also taxed a second time under the guise of helping to pay for their own retirements. Of course, this second Social Security tax goes straight into the general fund, which George W. Bush will then use to offset the tax cuts for his billionaire buddies. If that's not bad enough, many Social Security recipients who have extra income during their retirement years are triple-taxed, having a third round of taxes deducted from their Social Security checks every month. Despite the fact that the federal government owes the Social Security taxpayers over $1.4 trillion in over-collected revenue, Bush has decided to ignore this long-suffering group and cut taxes for his rich friends instead. And for those who live exclusively on stock dividends paid from the sweat of hard-working Americans, the Senate is refusing to collect taxes from you at all for the next three years.
Remember something called the "American Work Ethic?" Remember when hard work was a virtue? When there was dignity and honor and self-satisfaction in a job well done? Well, with the vote in the Senate, it turns out that the possession of such virtues is unnecessary for those with a fat trust fund. While the American worker will pay a larger percentage of the tax bill during the next three years, according to the Senate plan, those who make money without working will pay nothing. Nada. Zip. By taxing those who work and giving those who don't work a free ride, the United States government is officially penalizing work. If you work for a living, you pay taxes. If you live off of dividend income from stock, you don't. This tax cut is so repugnant, two of its potentially biggest beneficiaries, billionaires Warren Buffet and George Soros, have attacked it. Soros recently said this to CNBC:
And Buffet blew this kiss to Bush:
So, slip into your harnesses, Mr. and Ms. American Worker. Now, take your place in front of the wagon and bend over. The republicans are driving now.
Write The Angry Liberal at: thebigcheese@theangryliberal.com. © 2002, The Angry Liberal
