Wednesday, December 19, 2007

Republicans continue to be fiscally IRresponsible

CNBC reports that Congress Gives AMT Relief For 20 Million Taxpayers because the AMT (alternative minimum tax) was designed for the super, super rich ( less than 1% of all taxpayers), but wasn't indexed to cost of living and thus about to hit middle class taxpayers this year.

Of course, that tax relief doesn't come free. The estimated cost is $50 billion dollars. We could cut spending (like, I don't know...getting out of Iraq!) and Democrats did cut the number and value of earmarks from previous Republican Congresses. However, that hasn't been enough to cover the shortfall. So what did President Bush and Congressional Republicans do?

The legislation now goes to President Bush, who says he will sign it because, bowing to White House and GOP demands, it does not include tax increases or other new sources of revenue to pay for the $50 billion cost of the tax relief.

That's right. They pushed the payments down to the next generation. [sarcasm]Very responsible.[/sarcasm]