April 14, 2008 02:56 PM | Permalink |
April 15 will mark the eighth “tax day” during the administration of President George W. Bush. How has tax day changed? The answer for most Americans is: very little. Despite claims made by the President and his supporters, the tax breaks enacted after 2000 provide little benefit for the middle-class. However, for the richest one percent of American families, tax day is considerably easier. Once the President’s tax cuts are fully phased in, the majority of the benefits will flow to this small group of lucky families.
What has changed for most Americans is the very real threat posed by the increased national debt resulting from these tax cuts. The national debt must eventually be paid off with tax increases or cuts in public services that Americans — particularly the middle-class — rely on.