Congress Does The Wrong Thing…Consistently
Many are starting to wonder just what Congress was elected to do…because so far they seem to be doing very little right. Here’s the latest from the Baltimore Sun:
Last night the Senate passed a bill to fix the Alternative Minimum Tax, which keeps vacuuming in non-rich households and hitting them with high taxes, an outcome Congress never intended. But it failed to replace the lost revenue and refused to tax venture-capital and hedge-fund partners at the rates everybody else pays. In other words, it made sure regular folks don’t have to pay fat-cat rates. But it refused to make sure fat cats pay regular-folks rates. Charles Rangel, chairman of the House Ways & Means Committee, reportedly said he won’t oppose removing a tax increase on venture- and hedge-fund managers in a bill that the House passed.
Essentially congress is ensuring that the wealthy continue to receive tax breaks while those that make far less pay more. Seems rather illogical given the current state of affairs for the US economy. Affording to live is becoming more expensive every day, and inflation is hurting many consumers (though making some loans like home equity line of credit loans more affordable).
Comments
Leave a Reply
You must be logged in to post a comment.