The Senate voted 51-48 to slash Bush's tax cut to $350 billion from $722 billion. This is from www.reuters.com. I hope it holds up. This is good news, imo.
I don't have time right now to really give my reasons, but I would like my kids to not be burdened with the enormous debt that the original cut would add to the enormous debt we already had and were beginning to pay off. And the elimination of the capitol gains tax would have been of much greater benefit to the middle class. I wish this had been the tax cut, if there was going to be one at all.
Wall Street sold off sharply on the news. No surprise really. The only people who think this is a good idea are the ones attempting to impose their social agenda on America. There is no sound economic reason to not cut taxes at this point in the business cycle. None.
Nope. All I know is what was at Reuters. Trader, that is your opinion. Not everyone agrees with you. What is your opinion on eliminating the capitol gains tax, just out of curiosity?
I support this. How on earth was Bush planning to cover it in the budget? The consequences of running a deficit for so long are worse than high taxes, in my opinion.
Wall Street didn't change much on the news. How do you expect to pay for the war and cut taxes. The $75billion is just and initial figure.
I would love to see some figures to know who is getting the worst part of this, or if it is equally distributed among different tax brackets. Although I'm glad that the administration is not totally ignoring the effect that a huge deficit will have on the economy, this hardly allays all my fears.
The budget cut is a good and bad thing... The Good...Not as large of a burden on future taxpayers... The Bad...Those cuts would in effect given the economy a much needed boost...The assumption is people will spend; activating factories, creating jobs, thus increase the tax base to pay it all off...
