bush taxing teenagers

GOP is now taxing teenagers - Bush violates his anti-tax promise

Well kids, forget about saving for college because the GOP needs to help those least in need.

Forget about the Dick Cheney's of the world, the GOP is taxing the teenagers of America to pick up some of the slack in the latest round of reckless tax breaks for those at the top of the food chain. I know that the GOP likes to think that only Democrats raise taxes (except in Ohio) but isn't this a tax increase? Where's the veto George? Notice how the WH quietly altered their story about tax savings for everyone who pays taxes? The world needs ditch-diggers too according to the GOP. What a proud moment this must be for everyone who voted to tax Americas youth.

Under the new law, teenagers age 14 to 17 with investment income will now be taxed at the same rate as their parents, not at their own rates. Long-term capital gains and dividends that had been taxed at 5 percent will now be taxed at 15 percent. Interest that had been taxed at 10 percent will now be taxed at as much as 35 percent.

The increases, which are retroactive to the first day of the year, are expected to generate nearly $2.2 billion over 10 years, according to the Congressional Joint Committee on Taxation, which issues the official estimates.

And Bush's promise not to raise taxes? Hmmm, it sounds like he lied and violated his promise and we know how much he values honesty.

"If elected president, I will oppose and veto any increase in individual or corporate marginal income tax rates or individual or corporate income tax hikes," he wrote in June 1999 to Grover Norquist, president of the Americans for Tax Reform.

(Americablog)