Don't Mess With Taxes

"Being reflexively and absolutely anti-Bush has made many otherwise sophisticated minds (particularly along the nation's coasts) as dogmatic and simplistic as, well, George Bush."

--Portfolio Magazine April 2008 (I bought this magazine then and I'm only starting to read it now... )

I am not a fan of Bush and I don't agree with his war in Iraq. But I absolutely agree with the above.

I'm not rich, and I'm not even remotely close to being rich. I can't afford to buy my own home even at this so-called depressed housing market. But I do hope that there will be an extension on Bush's tax cut on capital gain and dividend income. People like me are 100% invested in the 401 K, which is mostly invested in stocks. Extending Bush's tax cut on capital gain and dividend income is not just good for the wealthy people, but it's also good for people like me who has nothing but a small 401K invested in stocks. I can't afford to have the government take away more from the already little dividend income I am having. Since I don't own a home, I am counting on cashing my stocks for my future down payment. Any capital gain that my stocks generate will significantly shrink if only Bush's tax cut is not extended......

Instead of debating a "tax cut for all or a tax cut no more", I think they should extend this tax cut for people whose annual gross income is under a certain ceiling. That way, the wealthy people cannot benefit from Bush's tax cut, while the struggling working class like myself are able to have a lower tax on our dividend income and capital gain. Why can't the Congress do that ?