Monday, May 22, 2006

Pro-child? So Why Are You Raising Their Taxes?

Despite Pledge, Taxes Increase for Teenagers

Published: May 21, 2006

The $69 billion tax cut bill that President Bush signed this week tripled tax rates for teenagers with college savings funds, despite Mr. Bush's 1999 pledge to veto any tax increase.

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.

Because only rich people's kids should go to college, right?
I sent this article out to the two-or three people I know who are Republicans. It reminds then that really they WILL pay higher taxes, or at least their kids will.

Why does the GOP hate children?


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