U.S. House tax cut almost purely for show

The nearly $1 trillion tax cut approved by the U.S. House this week was purely for show.

Even the most ardent backers of President Bush’s tax trimming ideas know that the cuts will be radically changed in the Senate and in the conference committee.

So this adds up to little more than a declaration of intent, and not a particularly well-thought-out declaration at that.

As evidence of the lack of seriousness, consider this: The $958 billion in income tax cuts were approved long before the new federal budget has even begun to be seriously considered.

The implication is that somehow, $1 trillion worth of spending cuts, or unneeded surplus dollars, will somehow show up to compensate for the cut.

The surplus doesn’t exist; it is merely a projection and one that has come increasingly under challenge. The spending cuts will not happen, and every member of Congress knows that.

As the country pays down its debt, steadies Social Security and Medicare and meets its social obligations, there may be room for a tax cut as well.

But what we saw out of the U.S. House this week is not the tax cut we are going to get.

[back to top]