Xoff was kind enough to advise us that Mark Green actually missed a vote for veterans earlier this week because of a big fundraiser. How strange that he made sure that he was present and accounted for, when it came time to further enrich the uber wealthy.
Yesterday Mark Green voted to give even more tax cuts to the investor class. It looks like the tab for this one will cost us approximately $70 billion. Hey, it's Christmas in May for the Rich! Does anyone remember back in November when these same House Republicans were talking about "defecit reduction"? Remember their solution? It was to cut between $40-50 billion from programs that largely benefit the poor and working classes. If you were a reader of this blog back then you would also remember that I told you that they were going to pass this $70 billion gift for the rich. Could someone now explain just how they have reduced the defecit looking at those numbers?
Now I'm sure that Mark Green and the other class warriors will pretend that these cuts will in some way benefit you. The New York Times published a story last month that analyzed this very type of tax cut to determine who benefited most from it.
Let's take a look at what the analysis said about the benefit to the rich:
The first data to document the effect of President Bush's tax cuts for investment income show that they have significantly lowered the tax burden on the richest Americans, reducing taxes on incomes of more than $10 million by an average of about $500,000.And what about the those that work for a living?
An analysis of Internal Revenue Service data by The New York Times found that the benefit of the lower taxes on investments was far more concentrated on the very wealthiest Americans than the benefits of Mr. Bush's two previous tax cuts: on wages and other noninvestment income.
Mark Green will be running around the state for the rest of this year giving alot of speeches and airing alot of commercials. He will try to pretend that he is and advocate for the "everyman." Don't be fooled by his spin, keep a close eye on his actions. When he shows you who he is BELEIVE HIM!
By contrast, few taxpayers with modest incomes benefited because most of them who own stocks held them in retirement accounts, which are not eligible for the investment income tax cuts. Money in these accounts is not taxed until withdrawal, when the higher rates on wages apply.
Those making less than $50,000 saved an average of $10 more because of the investment tax cuts, for a total of $435 in total income tax cuts, according to the computer model.