Vetterworld

Logic, reason and deep psychological problems displayed for your amusement

Saturday, October 23, 2004

The Oregonian Tackles Taxes

In a shocking development, our local papier (I'm practicing my French in case le Kerry wins) takes on the new tax reforms Bush signed on Friday and actually gets it primarily correct!

WASHINGTON -- With no fanfare, President Bush on Friday signed into law the most sweeping corporate tax law in nearly two decades and the fifth major tax cut since he took office less than four years ago.
His signature means that Bush and the Republican Congress have fundamentally changed the U.S. tax code in ways large and small, for struggling individuals and corporate giants, bow-and-arrow makers and billionaires. Tax experts and academics remain deeply divided about the wisdom and effectiveness of these tax changes, but few disagree on their importance...Since 2001, Bush has signed tax cuts of $1.35 trillion, $42 billion, $350 billion, $146 billion and $143 billion over 10 years. He has lowered income tax rates at every income level and carved out a new 10 percent bracket from the 15 percent bracket that had been the lowest. The child tax credit was expanded from $500 to $1,000. Married couples, especially those in the middle-income range, received a significant tax break.

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