REPEALING THE 20th CENTURY

When your employer decides that it can no longer afford to provide you and your family with health insurance, you can be thankful that the Bush administration shielded your baby's capital gains from taxation.

From the Washington Post:

Instead the administration plans to push major amendments that would shield interest, dividends and capital gains from taxation, expand tax breaks for business investment and take other steps intended to simplify the system and encourage economic growth, according to several people who are advising the White House or are familiar with the deliberations.

The changes are meant to be revenue-neutral. To pay for them, the administration is considering eliminating the deduction of state and local taxes on federal income tax returns and scrapping the business tax deduction for employer-provided health insurance, the advisers said.

Somehow, I don't think that our Red State brothers and sisters planned on exchanging their health insurance for tax-free dividends when they went into the voting booth.