House to Vote on $70B Investor Tax Cuts

[Judi Lynn]

House to Vote on $70B Investor Tax Cuts
By ANDREW TAYLOR, Associated Press Writer

Wednesday, May 10, 2006
(05-10) 08:07 PDT WASHINGTON, (AP) --

House Republican leaders are ready to move forward on tax breaks worth $70 billion over five years to investors and some middle-income families now that they've sorted out a disagreement among themselves.

The breakthrough Tuesday set up a vote in the House late Wednesday.

The Senate is expected to clear the bill Thursday, which would let President Bush achieve one of his top tax priorities and give his GOP allies on Capitol Hill a victory in times of sagging poll numbers.

The bill offers a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.

And it would keep 15 million families from being hit this year with the alternative minimum tax, which was designed to make sure the wealthy paid taxes but is ensnaring more middle-income families because it was not indexed for inflation.
(snip/...)

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2006/05/10/national/w080723D19.DTL

[One_Life_To_Give]

1. With the DOW approaching records this 1000pt drop

at the end of 2008 shouldn't be a problem. And putting those funds back into riskier ventures should be good long term strategy. Hence the tax cuts should go.

Now the AMT is a horse of a different color.

[Robbien]

2. House GOP Expects Tax-Cut Victory

(CBS/AP) Congressional Republican leaders on Wednesday anticipated victory in their drawn-out efforts to preserve President Bush's tax cuts worth $70 billion to investors and to keep 15 million taxpayers from being hit by the alternative minimum tax.

House GOP leaders slated a late Wednesday afternoon vote on the bill, which would let Mr. Bush achieve one of his top tax priorities and give his GOP allies on Capitol Hill a victory in times of sagging poll numbers. The Senate is expected to clear the bill Thursday.

The bill devotes $21 billion to a two-year extension of the reduced 15 percent tax rate for capital gains and dividends, currently set to expire at the end of 2008.

And it would keep 15 million families from being hit this year with the alternative minimum tax, which was designed to make sure the wealthy paid taxes but is ensnaring more upper middle-income families because it was not indexed for inflation. The cost of this one year AMT "patch" is $34 billion.

"What we do today protects jobs, protects the incomes of our people, strengthens America's economy and protects our future," Rep. Nancy Johnson, R-Conn., said Wednesday.

http://www.cbsnews.com/stories/2006/05/10/politics/main1606879.shtml

Call your representative today, the vote is tonight. 1-800-459-1887

Remember, people making a mill a year get $42,000, the middle class gets enough money to buy a couple of starbucks.

[MichiganVote]

3. The Corporate Republican Congress screws us all

[stepnw1f]

4. Greedy People DOn't Want to Pay their Fair Share

Welllllll.... how speshullllllll.

[brentspeak]

5. No, Nancy Johnson, this capital gains tax cut does NOT protect jobs

if anything, it will lead to fewer American jobs. You think wealthy investors are investing in American companies that have their manufacturing base here in the U.S.? Chinese and European companies are getting the bulk of wealthy American investment dollars.