Word: repeals
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More serious relief from a repeal of the estate tax, an expansion of IRAs and 401(k)s and the removal of the marriage penalty (the extra tax some couples owe simply because they are married) would come much later. And the Alternative Minimum Tax, or AMT, which would go away initially for many taxpayers, would resurface...
...most relief. But that's hardly a populist cry. Under the Senate proposal, after the taxes are fully phased in by 2011, the top 1% of earners--those now making $373,000 or more a year--would get an average tax cut of $37,300 (including the projected repeal of the estate tax), according to the Center on Budget and Policy Priorities. That's less than the $46,700 they would have got under the original Bush plan but a long way from the average tax cut of $562 that the middle-of-the-pack taxpayer would receive...
...Bush and Cheney won't even consider price caps in California; they'd prefer not to repeal the 18-percent gas tax because it probably wouldn't work (meaning, the 18 percent would go back into Big Oil's pockets). And most importantly, they'll never lift a finger to stop deregulation, which when it's done right has the benefit of producing the amount - and the kind - of power that people actually want...
...ideas: Repeal the 18.4 cent-per-gallon federal gasoline tax; increase imports of refined petroleum from Canada, Mexico and Venezuela by removing environmental requirements for reformulated gasoline; reduce the EPA's categories of "boutique" fuels to three regional blends; waiving the "oxygenate mandate" in fuels; increasing the legal per-mile deduction for business or charitable gasoline use; and asking states temporarily to waive tolls on major roads during peak travel...
...There won't be any investigation of Big Oil - Cheney told the AP Monday that "there's no reason to believe there's price gouging" - and there won't be any federal imposition of price caps in California or anywhere else. But other possibilities, like a temporary repeal of that 18.4 percent gas tax or even a temporary suspension of some highway tolls, got batted around at GOP lawmakers' weekly lunch with Cheney on Tuesday, and with vulnerable GOPers like Susan Collins of Maine fielding a lot of angry calls from the folks at home, we may see Bush...