Republican senator McConnell today on “Meet The Press” delivered a rehearsed speech about President Bush’s tax cut package. Leaving out his folksy description of a truck driver and his wife, he said that a couple earning about $40,000 currently paid about $1,200 in taxes, and that under this new tax cut package, they would pay NONE.
OK. First of all, I make just slightly more than that, and I pay more than SIX thousand in taxes… not including the hefty self-employment taxes I have to pay on the small amounts of freelance work I do. So, I defy anyone making $40K to pay only $1,200 in taxes, and if they do, I’d like to meet their tax accountant.
Secondly, if the President’s tax package eliminates completely the taxes on people making $40,000 a year, I wonder how much the people making minimum wage will be paying to make up for it?