Posted on 05/22/2003 4:17:44 PM PDT by Ernest_at_the_Beach
Edited on 04/13/2004 2:42:37 AM PDT by Jim Robinson. [history]
Nevada's tourist industry, airplane sightseeing companies in Hawaii, high speed Internet providers and soldiers in the war on terror lost out when lawmakers stripped all special interest provisions from the tax bill.
Tax measures often are filled with provisions to benefit specific groups and businesses, and the Senate version started out that way -- with members even hailing their success in news releases.
(Excerpt) Read more at sfgate.com ...
I just love the way these socialists write. According to them, everything belongs to the government. Anyone who wants to keep what is rightfully theirs is a "special interest" who "loses out" when the government takes their property.
When aerial advertisers are arbitrarily prevented from flying over the areas where they earn their income, then the media portray that tyranny as a great victory for "the people".
It's true, they have some style. But their style range is limited by their ignorance. Conservatives could write inspirational stuff, too, if they wanted, and a handful have done so on their own. News reporting is still dominated by the utopians, whom conservatives naturally distrust.
Chicken Poo is pretty nasty stuff, might be a good energy source. Once it dries and "ages" a bit, it make a great garden fertilizer. Although eating the resultant tomatoes always gave my wife hives. She loves tomatoes, and says they were the best, but kinda acidic. Works for peppers and other common veggies too. Best to work it into the soil the fall before.
Notice too how they lump "soldiers in the war on terror" in with commercial interests as if there were any comparison.
Highlights of $350 billion in tax cuts and new spending that lawmakers plan to pass before Memorial Day. President Bush said Thursday he will sign the legislation.
Overall: Would cut taxes by $330 billion through 2013. Also provides $20 billion to state and local governments to be paid over the next two years, half for Medicaid and half for other programs.
Corporate dividends, capital gains: $148 billion. Would lower the top rate to 15 percent on taxes paid by stockholders on corporate dividends and the taxes on capital gains. Lower income earners would pay a 5 percent rate on both. The new rates would run through 2007; in 2008, the lower rate would drop to zero. In 2009, taxes on dividends return to rates paid on ordinary income, taxes on capital gains return to a top rate of 20 percent.
Personal income taxes: $171 billion. Would accelerate several tax reductions that had been scheduled to occur later this decade. Highest income tax brackets would be reduced, reaching back to Jan. 1, from 38.6 percent to 35 percent, from 35 percent to 33 percent, from 30 percent to 28 percent and from 27 percent to 25 percent. The lowest, 10 percent bracket would be expanded in 2003 and 2004. The child credit would be increased to $1,000 per child from the current $600, in 2003 and 2004. For married people filing joint returns, the 15 percent bracket would be expanded and the standard deduction increased in 2004 and 2005. Would prevent more taxpayers from paying alternative minimum tax in 2003 and 2004.
Business taxes: $10 billion. Would increase from $25,000 to $100,000 the equipment investment that small businesses can write off through 2005. Companies could depreciate 50 percent of newly purchased assets this year.
Phaseouts: Many of the personal tax reductions would expire in 2005, others in later years. Many lawmakers believe Congress would be likely to extend those cuts in the future, increasing the bill's ultimate price tag.
How much does Kalifornia get?
I should have pinged you on another thread!
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