Bush signs 70 billion dollar tax cut bill

[Myg0t]

WASHINGTON - President George W. Bush on Wednesday signed legislation extending 70 billion dollars in tax cuts he says are needed to stimulate the US economy, but which critics say will help only the wealthy while adding to an already enormous federal debt.

"This is a good day for American workers and families and businesses," Bush said at a White House signing ceremony, surrounded by Republican members of Congress, whom he praised for passing the legislation.

"You have passed a bill that will keep our taxes low and keep our economy growing, and I'm really pleased to be able to sign this vital piece of legislation," the US president said.

The measure extends dividend and capital gains cuts through 2010 and spares millions of middle-class Americans from a creeping "alternative minimum" tax for one year.

"Our pro-growth economic policies are working for all Americans," Bush said.

The legislation was approved in separate votes last week by both houses of Congress and the White House hopes the tax cuts will bolster declining poll ratings for the president and his Republican party.

Opposition Democrats criticized the tax cut as irresponsible given the vast US budget deficit and as a gift to the wealthy with paltry benefits for middle income households.

Agence France-Presse


So what do you guys think about this? What kind of short term and long term effects will this create?

[Jay]

I honestly don't know, but it's a Bush decision so I just assume I'm gonna get fucked either way.

[Phlegm]

This tax cut has been in effect for a while. Bush just extended it.

[Eziekial]

I'm all for tax cuts. But the reality is if this Administration does not cut spending (which it or any other major party will never do) then in the long run, it's a meaningless cut.

[Arlos]

And this tax cut is, if I'm thinking of the right one, mostly applies to dividend income and similar areas. Translation: it's cuts in taxes that 90% of americans won't ever see. Continuing to cut taxes while expenses are skyrocketing due to his incredibly ill-advised war is absolutely asinine.

-Arlos