Congress passes $70 billion tax cut

(The choices made by Republicans) will be used all the way up to November of 2006 when the American people will change the leadership in Congress - Chuck Schumer

Will this continue the boom the economy has been having over the past few years? Many would say no, but these same people don't think the economy is doing well - go figure.

According to Reuters:

Sen. Charles Schumer, a New York Democrat, also noted that negotiators dropped a tax increase for big oil companies that was in the original Senate bill. He said that $5.1 billion tax increase would have paid for education credits and other popular tax breaks such as the research and development tax credit that were dropped.

A tax increase to big oil companies? Big bad oil? It would have created a $5.1 billion tax increase; which one would have been passed onto the consumer by Big bad oil and increased tax revenue for the federal government, also on the consumer due to the further increase tax increase on Big bad oil, thereby resulting in more tax dollars per gallon.

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