With polls showing Americans finally getting wise to the foul ways of the Bush government, the Republicans are facing up to the possibility that November’s elections could see them losing Congressional dominance. And with the chance they’ll no longer have carte blanche, Republican heavies are trying to lodge their tongues firmly in the asses of their masters one last time by way of tax break extensions to the wealthy. Both House Speaker Dennis Hastert and Senate Majority Leader Bill Frist are putting their teaming brains to the task of extending dividend and capital gains tax rates by two years.

Passed in 2003 and slated to expire in 2008, the current law allows those profiting on their investments or dividends to pay a modest 15 per cent on that income. Republicans insist this benefits everybody. However, facts show that the majority of low- to middle-income families have few, if any, investment assets to profit from. Almost half of those who’ve benefited from lower tax rates to date have been among the $1-million-and-up earners, or 0.3 per cent of the tax-paying population.

» Scott Saxon