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11/19/2004

More Tax Benefits for the Rich?

According to yesterday's Washington Post, George W Bush has apparently decided against a Federal sales tax, however, "Instead the administration plans to push major amendments that would shield interest, dividends and capitals gains from taxation, expand tax breaks for business investment and take other steps intended to simplify the system and encourage economic growth, according to several people who are advising the White House or are familiar with the deliberations" What are those "steps to simplify the system" you ask? In part it involves, "scrapping the business tax deduction for employer-provided health insurance"

So if I am following this logic, it was important to give people who make over $200,000 a year a big tax break because a lot of those people are small business owners and if we give them a tax break, they will be able to provide health care for their employees. Now we are going to shield their capital gains from tax and to pay for that we are going to stop allowing those same small business owners to deduct health insurance related costs on their taxes. Seems that they will get a tax break again and are now being encouraged to NOT provide health care for their employees.

Unbelievable.

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