Monday, May 15, 2006

Robert Reich reveals "Irresponsible and Obscene"

Robert B. Reich (Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley who formerly served in three national administrations, most recently as secretary of labor under President Bill Clinton.) uses Common Dreams to post "The $70 Billion Tax Cut: Irresponsible and Obscene" revealing his usual clear knowledge and writing on how Bu$hCo and the Rubber Stamp Congress works. Here are the gems

The tax cut would be politically irresponsible, but not obscene, if it were going to middle-income workers now facing sky-high fuel prices and soaring health-insurance costs, and variable-rate mortgage payments heading through the roof.

But this tax cut is not going to the middle class. Like the Bush Administration’s previous tax cuts, most of this one is going to people who are already very comfortable. Hence, it’s both irresponsible and obscene.

The non-partisan Urban Institute - Brookings Institution Tax Policy Center examined its provisions, including a two-year extension of capital gains and dividend tax cuts, and a one-year extension of relief from the Alternative Minimum Tax. It turns out a whopping 87 percent of the benefits of this tax cut will go to the 14 percent of American households earning above $100,000 a year. Twenty-two percent of the benefits will go to the richest two-tenths of one percent of American households earning more than a million dollars a year.

I miss this guy! It seems years ago that we had competent and smart folks in charge. Peace ... or War!

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