Ravenwood - 07/26/04 06:30 AM
If you're disappointed with the economic recovery, blame your local politicians, not President Bush. Local tax hikes are often times erasing the federal tax savings from the Bush's three rounds of tax cuts.
But after three tax cuts in three years, the part-owner of Loudoun County's Old Dominion Brewing Co. is not exactly celebrating his gains. Sure, his federal tax bill was trimmed, by a healthy $5,600, according to a rough calculation by Clint Stretch, director of tax policy at the accounting firm Deloitte & Touche LLP.Most tellingly, 71% of Americans think they didn't receive any tax cut at all.But other factors having nothing to do with federal taxes have clouded Bailey's situation. This year, the property tax bill on his Bethesda home will reach $6,725, a $950 increase over his payment four years ago. The annual cost of his 56-mile-a-day commute has jumped more than $300 since 2001, and the long, slow decline of business profits these past four years has left Bailey far behind, no matter what his federal tax payment may be.
Notice, too, how other lifestyle decisions made by the owner (a 56 mile commute) and rising business costs are Bush's fault, too.
Posted by: Brian J. at July 26, 2004 10:34 AM(c) Ravenwood and Associates, 1990 - 2014