Bush's Brilliant Idea To Raise Money - Tax Teenagers Too Young To Vote

As part of his tax cut bill, Bush slipped a secret little provision that would shift more tax burden from the rich to not only the poor but to those too young to vote. A win-win for the GOP!

Contrary to what he pledged in 1999, he has managed to find a way to weasel money from teenagers who might have savings or investments in college savings funds. According to a story in the New York Times:

"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."

Good to know that Bush still finds ways to stick it to a portion of the American public that can't fight back at the ballot box. So much for higher education, Exxon and Halliburton need that money more than they do.