Tax cuts selling future of US

Dale McFeatters writes:

A $70 billion exercise in fiscal cynicism is about to hit President Bush's desk that he will happily sign as one of the signal achievements of his presidency. Whoever is in the White House and Congress in 2010 to pick up the pieces and pay the bills may not think so.

This bill extends the president's 2003 tax cuts - principally a 15 percent maximum tax on capital gains and dividend income - and it passed along party lines under The Republican bill is very heavily weighted toward upper-income taxpayers. The Tax Policy Center estimates that the average tax savings for someone earning $50,000 to $75,000 at $112 and for a person earning over $1 million at $42,766. The average tax cut is $453, hardly enough to result in the robust economic growth that bill supporters predict.

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