Friday, June 10, 2005

The Budget

John Irons has an excellent posting and article:

John estimates the current Congress intends to cut current Spending programs by $247 billion within the next five years. Congress follows this with the intention to reduce Tax revenues by $100 billion, leaving a Budget deficit of $168 billion. They want to top their effort with something best expressed by a cropped Quote from John's article:

Estate tax: The House of Representatives voted to repeal the estate tax-a tax that impacts the heirs of multi-millionaires. Currently, $3 million can be passed from a married couple to their heirs tax-free. And only about 1 percent of decedents pay any tax at all. . . The total cost over the first decade of repeal would total nearly $1 trillion.

John Irons estimates a Fix for the Alternate Minimum Tax will lead to $300 billion deficits for the foreseeable future. He has more faith in the Corporate-dominated Republican Congress than this Author, who knows there will be no Fix during the span of this President, or even succeeding Presidents if Republican and Corporate--in that order, with Corporate far more dear to the heart. lgl

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