Why Racing and No Politics?
Congress passed sensible tax legislation this week. There's not much to rant about when you are smiling at the victory, but give me a couple days and there will be plenty. Actually after reading some of the ideas of the opposition, there is already plenty.
"If you have a combined income of $56,000, you're going to save $1,200 this year. If you have two kids, you can add another $800 on top of that. That's $2,000 of savings for a married couple that has combined taxable income of $56,000. That is significant tax relief for families," said Sen. Don Nickles, Oklahoma Republican.
The Dims' view:
"Thanks to years of disastrous Republican economic policies, every American will be saddled with roughly $3,500 worth of debt," said Sen. Jon Corzine, New Jersey Democrat and chairman of the Democratic Senatorial Campaign Committee. "After four straight surpluses under Democratic leadership and more than 20 million jobs created, we have finally seen what Republicans are capable of when they have full control of Congress and the White House ? skyrocketing deficits and unemployment as far as the eye can see."
Many of the new tax breaks, such as reducing the marriage penalty and the dividend and capital-gains rate cuts, expire in several years, which prompted Democrats to call them "yo-yo" tax cuts.
"Phase-ins and sunsets are used to shoehorn large tax cuts into a small budget window," said Sen. Max Baucus, Montana Democrat. "This tax cut is one big yo-yo. Now you see it. Now you don't."
Corzine is politically shrewd, but intellectually, he is smart enough to know that he is a lying bastard. You have business cycles and we have just gone through one of the wildest cycles in this country's history. Thank Heaven Republicans control Congress and the White House because they can control the landing at the bottom a lot more effectively than the Dims would have. It is still astonishing that the Dims are able to ignore the facts of the last boom cycle - Much of it was created by the supply-side economics of the Reagan Administrtation. They also ignore the smart strategies and the effective results of their own "supply-sider," JFK.
The sunsets will be the most brilliant part. They diminish the benefits of optimism in the future, but they force politicians to make the choice that we need to waste more money in DC, by forcing those politicians to vote for "tax increases." If one presumes that they resist that choice for an increase inthe future, Bush actually got more than he wanted.
The Dims have been defeated on the tax cut issue. If they are really so concerned with deficits, it is past time to work on wasteful spending. That is their next test.
Democrats said this week they tried to derail the bill, and Republicans gave credit to Mr. Bush for winning in spite of their efforts.
"This is the finest presidential leadership that I have ever seen with reference to an important piece of legislation," said Sen. Pete V. Domenici, New Mexico Republican, who has served more than 30 years in the Senate. "He has handled this absolutely perfectly."
Maybe it's the type of assessment in the last paragraph that is giving me comfort and preventing the ranting mood.