More tax cuts, bigger deficits, rich get richer, poor get poorer

It's no surprise, but the GOP Congressional leaders and Bush have come up with another tax cut plan to screw our grandchildren (and almost everyone else except the very rich) even more:

President Bush and congressional Republicans agreed yesterday on a $70 billion package of tax-cut extensions that they hope will help halt the deterioration of their political fortunes.

The package would extend the 2003 cuts to the tax rates on dividends and capital gains, continue tax breaks for small-business investment and the overseas operations of financial service companies, and slow the expansion of the alternative minimum tax, a parallel income tax system that was enacted to target the rich but is increasingly snaring the middle class.

The only thing that may be good in this is the provision to slow the growth in the alternative minimum tax (AMT), and even that is probably too little too late.