August 23, 2007
Even now the poor decisions continue...
Via Forbes comes word that el Presidente has decided to veto a gas tax increase to repair the crumbling infrastructure in America. Why?
Bush said in a White House press conference that he would prefer that members of Congress better prioritize how current tax revenues are spent before raising taxes. He said currently, members of Congress use revenue for their own personal priorities first, then distribute funds for infrastructure improvements.
Yeah, Ted Stevens 'bridge to nowhere' was a really shitty project. Remind me which party he belongs to, Mr. President?
OK, so you're the President and you're opposed to any tax increases that might actually accomplish something good for the country and boost the economy (seriously, look at the numbers... tax increases used to finance public works have a pretty good record of paying more than they cost in terms of economic activity). What ARE you for?
President Bush said yesterday that he is considering a fresh plan to cut tax rates for U.S. corporations to make them more competitive around the world, an initiative that could further inflame a battle with the Democratic Congress over spending and taxes and help define the remainder of his tenure.
More competitive? They already pay less in taxes here in the US than most of their competitors, not to mention the fact that cutting corporate taxes will exacerbate the hole in the budget that Republicanomics has already created. Corporations already pay less than 7% of the taxes in the US. Now the President wants to unload MORE of their responsibilities onto the middle class?
Think I'm lying? Check out Daimler Benz's operations in Germany. Or Lever's in Britain. They pay WAY more in taxes than US companies and they are WAY more successful. People actually want a Mercedes, meanwhile GM can't make a decent car to save it's life.
The President, again, took Congress to task for spending while not mentioning that more of the discretionary budget under Democrats is going to necessary programs, a dramatic change from all the crap the Republicans spent money on. If only there were someone to offer a counterpoint...
"After six years of reckless spending in Washington, President Bush is the last person who should brag about fiscal responsibility," said House Speaker Nancy Pelosi (D-Calif.). She accused the president of misrepresenting Democratic spending plans, which she said come in lower than his and have received some Republican support. And she said Bush wants "to spend $2,800 each second . . . to keep our troops in the middle of a civil war in Iraq."
Thanks for that, Nancy. It's pretty clear to all of us out here in the real world that Bush knows as much about rational spending and fiscal responsibility as he does about winning a war on terror.
I'll make you a deal, Mr. President... I'm all for cutting corporate taxes by 5% if we can eliminate all loopholes. Oh, and increase the capital gains tax rate to 30% for gains made with less than two years in an investment. It'll bring money into the government, boost corporate profitability because of decreased accounting overhead and provide stability in the markets because traders will be less likely to churn stocks to eke out a few percentage points.
Wait. That'll never happen. It makes too much sense.
Posted by mcblogger at August 23, 2007 11:47 AM
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