Friday, January 10, 2003Jobless, and Stunned. The economic plan proposed by President Bush on Tuesday centres around elimination of taxes on stock dividends, a giveaway to the rich while other Americans struggle to survive. By Bob Herbert. [New York Times: Opinion]
11:44:54 PM 
After The Storm. Here's a prediction: In the end, 9/11 will have a much bigger impact on the Arab and Muslim worlds than it does on America. By Thomas L. Friedman. [New York Times: Opinion]
11:44:16 PM
Who could have imagined... Plan Gives Most Benefits to Wealthy and Families. The rich would make out the best, but President Bush's mammoth tax plan would give something to almost everybody. By Edmund L. Andrews. [New York Times: Politics]
The rich would make out the best, but President Bush's mammoth tax plan would give something to almost everybody.
An analysis of Mr. Bush's plan by Deloitte & Touche shows that the income tax reductions are smallest for low-income workers, especially single people without children, and are potentially huge for people at the very top.
The analysis, along with those from other tax experts today, shows that almost all workers would receive at least some income tax reduction. But the pattern of benefits are unabashedly skewed in two directions: toward the wealthy and two-parent households with lots of children.
11:39:22 PM
I'm sure we'll be hearing more about this:
States Fear Double Whammy From Tax Plan. A centerpiece of the president's economic plan is raising alarm among state and local officials who say it could add to the growing budget pressures on states and cities. By Michael Janofsky. [New York Times: Politics]
...And here's a choice quote:
The states fear they will lose in two ways. Because state income tax laws are tied to the federal law, the states will also stop taxing dividends. In addition, the removal of taxes on dividends makes stocks a more attractive investment vehicle than the traditionally tax-free municipal bonds.
Over all, the officials said the potential losses far exceed the $10 billion in state aid included in Mr. Bush's 10-year plan, much of which is earmarked to help the unemployed.
11:34:48 PM
