Meanwhile, all types of amendments to help low and working poor americans get a little help paying the massive gouging and increases in all types of energy bills; from mostly oil companies, was shot down. (60 votes needed to clear later action in later sessions) :roll:
Bush, Again; gets to keep those gravy trains rolling, while regular working stiffs, who we all know are feeling the increased pinch in the wallets JUST to keep afloat when faced with the rising costs of owning and maintaining a home, get next to nothing.
Hey, but Sec. Snow says Americans are allready reaping the benefits from all of these great tax cuts. (Read the link. It's a great quote)
You all DO realize that those (Rich) Families who'd have had to pay the AMT, probably don't pay much if any taxes anyway, don't you? The AMT was set in place, because lots of households (read RICH) were avaioding ANY taxes whatsoever! In 2000 tax year, LESS than 1% of all itenizers had to pay AMT. But what has been happening recently, is those in that top 1-2% have been getting major windfalls from Bush and GOP congress for YEARS now, and the fact that more of THEM are doing much better, makes it necessary for the GOP to make sure THEY don't pay some of it back, as THEY climb the wage and income ladders!CNN & AP wrote:WASHINGTON (AP) -- The Senate passed a $60 billion bill early Friday that would extend expiring tax cuts and prevent roughly 14 million families from paying higher taxes through the alternative minimum tax.
More on AMT -- http://www.cbo.gov/showdoc.cfm?index=5386&sequence=0
It drew a presidential veto threat for raising taxes on oil companies.
Much of the bill, passed 64-33 after midnight, preserves tax cuts approved in previous years that are set to expire unless lawmakers keep them alive. "I call this bill the 'Tax Increase Prevention Act,"' said Sen. Rick Santorum, R-Pennsylvania.
Senate GOP leaders pledged that when the bill returns to the Senate for final approval, it will also extend the life of reduced tax rates for capital gains and dividends, scheduled to end when the calendar flips to 2009.
[Get ready, here's the most fucked quote of the week ---]
"Millions of Americans have benefited from these important tax policies either directly through lower taxes or indirectly through new and better jobs and greater economic security for families," said Treasury Secretary John Snow.
Democrats roundly oppose extending tax cuts for investment income. Senate leaders dropped an extension from their bill because a key moderate Republican balked at its inclusion.
The bill would stop a tax increase on about 14 million families (read: Rich families] in line to pay the alternative minimum tax next year. Originally a levy to prevent the wealthy from avoiding taxation, inflation causes the alternative minimum tax to reach into the pockets of more families every year. Lawmakers regularly enact walls to hold it back. ~ [But, according to Greenspan, Inflation is well within check! Hmmmmmm......]
Senate Republicans beat back Democratic attempts to use the bill to pinch oil and energy companies that have been reporting record profits while consumers pay high gasoline prices, efforts that reflected sensitivity on Capitol Hill to high gasoline prices and fears of skyrocketing home heating costs this winter.
The largest oil companies, nevertheless, would be hit with about $4.3 billion in taxes through a change in accounting methods. That provision drew a veto threat from the White House and upset some Western Republicans, who deemed it an unfair and political attack on the energy industry. ~[AWWWWWWWW --- So what!? They'll just raise their prices again! Who'll stop them?! Not Bush!
The Senate defeated a Democratic effort to impose a TEMPORARY windfall profits tax, 50 percent on the sale of oil over $40 a barrel, on profits not reinvested in increasing domestic oil and gas supplies. The money would have been returned to energy consumers through an income tax rebate. A 64-35 procedural vote defeated the effort.
"The major integrated oil companies have all of the gain. Who has all the pain?" asked Sen. Byron Dorgan, D-North Dakota, who then answered his own question: "All the American people who are trying to pay for the price of a tankful of gas or trying to figure out how they are going to heat their home in the winter."
The Senate also defeated an amendment to impose a windfall profits tax on oil companies and use the money to fund a low-income heating assistance program.
Senators rejected other proposals that would have eliminated a tax incentive for major oil and gas companies that allows them a credit for exploration and development costs. An amendment to ban price-gouging during national energy emergencies declared by the president won the support of 57 senators but fell short of 60 votes needed to overcome a procedural hurdle.
The ladder that you and I know, the REGULAR stiffs AREN'T even putting a foot on!
The Bush campaign on screwing the little guy keeps these people happy once again!
Meanwhile, YOU and I get to see OUR living expenses go sky high. And when our Dem leaders try and get the senate to hold the Oil companies a little more accountable, and help out during these hard energy times, what happens!? Well; you read above what happens.
Hey, and they haven't even gotten to those Mortgage Interest and Property Tax issues that halp so many Millions upon Millions of working poorer Americans make ends meet every spring. (See -- Catch up with mounting unpaid bills from energy and healthcare costs over the cold months)
These are the people you all elect.
Nov. '06 is less than a YEAR away, people. You have the opportunity.
Don't fuck it up. :wink:
