When the GOP’s senate leader, Bill Frist, recently proposed that Uncle Sam send $100 to every American family as a way to assuage public anger over skyrocketing gasoline prices, he was hooted down by his fellow Republicans, who labeled the giveaway “a bribe,” “an insult”… and “stupid.”
But then, only days later, Frist and the Republicans rammed yet another tax-cut boondoggle through congress, which will result in Uncle Sam giving an average of $42,700 to each and every American millionaire. So far, there have been no reports of millionaires feeling insulted.
Enjoying Hightower's work? Join us over at our new home on Substack:
Indeed, Speaker Denny Hastert called this bill “a day of celebration for the American people,” and George W called the vote “an important step to continue to help hard-working Americans.” Well, yeah, if you’re one of the one-tenth of one-percent of Americans who are millionaires, finding an extra 42K in your pocket can be of some help… and is certainly a cause for celebration. You could buy 42 bottles of Dom Perignon’s best champagne, for example – and have a heck of a celebration.
But as for you “hard-working” folks – forget it. Let’s say you make under $30,000 a year, which is the income level of nearly half of the American people. What’s your cut from the GOP’s big tax bonanza? It will average a whopping – get ready to be excited – five bucks. It’s hard to celebrate large on that.
The GOP’s giveaway is a blatant bribe being paid to its core political base of rich families. Meanwhile, it will take $70 billion out of our public treasury during the next two years. That’s money that’ll go to champagne parties rather than to health care, education, parks, and other programs that America’s hard-working folks really need.
This is Jim Hightower saying… When Bush, Frist, and Hastert talk about “the American people,” they mean millionaires like themselves – not you.
Sources:
“The Senate Approves 2-year Extension of Bush Tax Cuts,” The New York Times, May 12, 2006.
“Tax Benefits To the Rich and Patient,” The New York Times, May 11, 2006.
“House Votes to Extend Investor Tax Cuts for 2 Years,” The New York Times, May 11, 2006.
Special rate for original Lowdown readers