Sunday, February 15, 2009

More Tax Cuts for the Rich: Alternative Minimum Tax

As discussed in the post on 2/14/09 "Rahm Emanuel: Son of Hamlet," one of the things Emanuel bragged about in the stimulus bill was $70 Billion for the "alternative minimum tax issue." What issue?

Alternative minimum tax is just a provision in the law that says if rich people have enough tax scams that they can basically avoid paying any taxes, then there is an "alternative minimum tax" they will be forced to pay, regardless of their tax con games. The Republicans hate this tax because their wealthy supporters don't pay taxes. The Republicans insisted that alternative minimum tax "relief" be included in the stimulis bill. Who knew that Rahm Emanuel would be working along with the Republicans to get this provision in the stimulis bill.

So instead of helping working people who have lost everything, instead of creating jobs, this provision devotes more than 10% of the entire bill to more tax cuts for the richest people in this country -- the top 20% of earners in this country. And in order to give them even more money, money that would have gone to schools for all our children had to be eliminated. Way to go Rahm.

Oh yeah: the Republicans insisted more tax cuts for the rich be included in this bill. How many Republicans in the Senate voted for this bill: 3. Three Republicans get $70 Billion. No wonder the Democrats are poor -- they're too stupid with money to ever know what's going on.

Or are they? Because remember, the Democrats favor the rich too. Rich people pay them bribes just like they pay the Republicans. So the real losers here are the majority of people in the U.S. who continue to see their government-for-sale to the rich.

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