Word: taxed
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When Congress passed President Bush's tax bill last week, it had all the major elements he wanted: an immediate general income-tax-rate cut, a big tax break for dividends (plus another for capital gains he didn't request), and new deductions for small businesses. The total cost over 10 years, $350 billion, is less than half the $726 billion Bush asked for, but much of the gap is accounting tricks. The President need not worry that this bill won't cost enough...
Bush's victory is intellectual as well as political. This bill reflects an extraordinary, even radical shift of the tax burden from the rich to the middle class. And in the weeks leading up to the bill's passage, Bush made a remarkably detailed and sophisticated case for it, most notably in Albuquerque, N.M., on May 12. Detailed, sophisticated and wrong--which makes his victory all the more impressive...
...Yorkers have a short memory, and right now they?re confronting not terrorists but higher taxes, higher subway fares and higher unemployment. Both New York City and State have billion dollar budget deficits. And it's not just New York that's in trouble. Virtually every state and city is facing budget gaps that they will have to raise taxes or cut services (or both) to cover. For many Americans, the federal tax cut will be offset by state and local governments raising rates to cover deficits and pay for growing costs like standardized testing of school kids and Homeland...
...beating a President with 70% approval ratings they need to accomplish two major goals: Prove they will be just as strong on overseas threats and stronger on domestic issues. But they can?t just whine about Bush?s handling of the economy and the dubious merits of his tax cuts; they need a plan of their own. Most Americans don?t think the President can do much to change the economy?s direction, but the Democrats can argue there is one arena where the federal government can take bold action: Bailing out the states...
...When the president campaigned for his latest, $736 billion tax cut, he derided a compromise that weighed in at only $350 billion as "itty bitty". He has now embraced a bill of just that size, but what was once a morsel is now described as - presto! - a "very robust package." Bush's next press secretary will have to be prepared for more Orwellian wordplay. Once a tax cut becomes law, all the sunny guarantees that were made about its elixir-like effect on the economy will be put to the test as reporters demand to know when the promised boost...