ConNiPtioNs

Tax cuts for the wealthy     

I was watching Dubya's rah-rah sessions in Ohio this morning where he was telling factory workers that they were be being cheated because dividend income is taxed twice. I have heard this argument many times and it makes sense at first glance: the company pays taxes when it earns the money and then the shareholders (owners of the company) pay taxes on that money when it is distributed to them as dividends.

Here's my real problem with his speech this morning: He is standing in front of people who are lucky to have jobs (in the defense industry) in this economy, who don't depend on dividend income to finance their lifestyle, who receive most of their dividend income in tax-free or tax deferred accounts accounts (401K, IRA, etc.). Guess who depends on dividend income. The wealthy. Bush's political supporters, his parents, their friends, retired CEOs, and the Cheneys.

The Vice President and his wife reported $490,999 in dividend income in 2002. I had about $60. And my retirement fund lost money...again.

And why are we cutting taxes for the wealthy when we can't pay for Bush's war? Wouldn't it makes sense to cut spending and leave tax rates steady? Okay, I'm no economist. Maybe one of my compassionate conservative friends can explain why we want to reduce taxes for rich people and cut fedearal funding for education and healthcare. I am sure that there is a good reason.