Squeezing the People in the Middle. One-third of President Bush’s tax cuts go to people in the top 1% of incomes. That word from the nonpartisan Congressional Budget Office. One-third of the tax cuts to people making an average $1.2 million a year. They averaged a tax cut of $78,460 a year. Folks in the middle 20% income range – around $57,000 a year – only got about $1,090 a year in tax cuts. The effect has been to shift the tax burden to the middle class. Sure, the rich pay more in taxes. But this comes to a 7% tax cut for people averaging $1.2 million a year, and only 2% to those of us in the middle.
Now, How About a REALLY Targeted Tax Break? Four Democratic lawmakers want an investigation of an EPA hazardous waste rule that could benefit the family of one of President Bush’s biggest financial contributors. It would loosen restrictions on laundering shop towels – allowing more oil, grease, and gasoline to leak into the water supply. That would particularly benefit Cintas Corp, an industrial laundry. Richard T. Farmer owns the company. He and his wife have given $3.1 million to Bush campaigns and other Republican causes and candidates in the last 15 years – nearly a million of that since 1996. (WashPost)
Fueling Inflation. Think of higher oil prices as a "hidden tax." Airlines alone expect to spend $4 billion more this year than last on fuel. They’ll pass that on to passengers. Higher oil prices have already driven up the cost of other things you buy. Take beef. It costs more for the farmer to haul feed to his farm, run his tractor, and drive his truckload of beef to market. Again, you get to pay for it. (MSNBC)
Read his Lips, No New Taxes. President Bush is backing off his "interest" in a national sales tax. Polls apparently show it’s not too popular. His campaign has been putting distance between the President and the idea ever since his remarks earlier this week. (FOX News)
Don’t do the Crime, if You Can’t Pay for the Time. Cash strapped local governments are making prisoners pay for their stay’s in jail. Macomb County, Michigan has raked in $1.5 million a year to offset costs to law-abiding taxpayers. (NYT)
All "Where," No "When." An unnamed White House official tells USA Today, there was no evidence of an imminent attack when the Homeland Security Department raised the terror alert for New York, Newark, and Washington, DC at the first of the month. The alert was based on three-year-old information and the official says no one’s found any evidence that an attack is pending. (USA Today)
The Terrorists have Your Pension Money. A new report says $73 billion in public pension funds are invested in countries that support terrorism. Places like North Korea, Libya, and Sudan make the Center for Security Policy’s list in the report. (FOX News)
If It Weren't for Bad Luck, I'd Have No Luck At All. It’s Friday the 13th, and a solid black cat has been named "Cat of the Year." So, ya feelin’ lucky? The cat’s name is Colin Powell and his namesake is making an appearance with the cat in the State Department’s Treaty Room. Let’s see, the Secretary of State is appearing with a black cat on Friday the thirteenth, but he’s not appearing at the Republican National Convention where his boss will be re-nominated. Not to be catty, but what's up with that?
