Tax Picture

Forecasters Predict Drop in Deficit
By THE ASSOCIATED PRESS
Published: August 15, 2005
http://www.nytimes.com/aponline/national/AP-Budget-Deficit.html

The CBO said Monday the Deficit has dropped from $412 billion Y2004 to $331 billion Y2005, and will be $314 billion in Y2006. The article omits to mention this will be over a trillion dollar loss over three years. The CBO omits to mention that with current passed legislation going into effect, the loss before Bush leaves office will be a $2 trillion loss.

Death Tax? Double Tax? For Most, It's No Tax
By EDMUND L. ANDREWS
Published: August 14, 2005
http://www.nytimes.com/2005/08/14/business/yourmoney/14view.html

This articles explains how the Republicans plan to shave another $70 billion/per year off the Tax revenues taken in, not computed by the CBO in the analysis on Monday. This Author would advise All to read this article, as it outlined how few Households remain impacted by the Estate Tax.

The worst aspect on the current proposed Tax reduction consists in the Tax consortium which the Republicans organized to get all their Tax legislation since Bush's first Tax Cut. Small Business, small Farmers, Professionals, and high-paid Labor were all enticed with the promise of Tax breaks. Everyone was to get a Tax break, and they were to support Everyone else getting a Tax break. None of the small Taxpayers have yet to receive remission of even One month's income, but the High-Rollers have received many times the small Taxpayer's average yearly Income. It is a sick Joke. lgl