More $ for Those With Most of the $

Bush continues to steamroll over the poor and middle classes with his latest tax cut proposal for the wealthy Americans. William Saletan explains in Slate that, although this latest tax cut would eliminate taxes on corporate dividends (thus helping elderly people who rely on stock dividends to supplement their retirement income, as touted by Bush et al), what the Republicans fail to point out (of course) is that "Nearly three-quarters of the benefits that would go to the elderly would flow to the 19 percent of elderly with incomes above $75,000". Also, the top 20% income group (average income of $103,000 and above) will receive 77.3% of the tax savings from this tax plan. Although David Mayer blindly feels that the rich are all so deserving of any tax cuts, I do agree with his proposal of replacing income tax with consumption tax (as long as we don't tax essentials: food, shelter, education, etc.).