Why, yes I can. The top federal income tax rate was slashed 11.6%, in addition to huge cuts in the capital gains (25%) and estate tax rates (increased the exclusion while lowering the rate each year--then scrapping it altogether in 2010.). Pretty nice deal for the already rich, especially when you consider that it was paid for by borrowing from our next generation.

By the way, Reagan, I notice you didn't respond to my principle point (as usual), which was that the Republicans themselves put the sunset provision into the tax cut bill so that it would disguise its true cost. And so to call the Democrats' plan to let the bill expire as written "soaking the rich" is as dishonest as the Republican's original tax cut bill.

Some news out.

Even though the FEDGOV has been manipulating economic data, the numbers are still pretty bad.........

Prices boost inflation rate to 17-year high
By MARTIN CRUTSINGER
The Associated Press

WASHINGTON | Inflation is running at the fastest pace in 17 years, the Labor Department reported Thursday, wiping out any wage gains for the average worker.

Consumer prices shot up by 0.8 percent in July, double the increase that economists had expected. The rise was only slightly lower than the 1.1 percent surge in June that had been the second-highest monthly increase in the last 26 years.

The big gains left inflation increasing by 5.6 percent over the past year, the largest 12-month jump since the period ending in January 1991.

The department also reported that average weekly wages, after adjusting for inflation, fell by 3.1 percent in July compared with a year ago, the biggest year-over-year decline since November 1990.

http://www.kansascity.com/business/story/749137.html

AND FROM AFP........

US home foreclosures surge 55 pct in past year

15 hours ago

WASHINGTON (AFP) — US home foreclosures rocketed 55 percent in the past year, a private research report showed Thursday underlining that the American property market remains mired in a troublesome downturn.

AND FROM THE WALL STREET JOURNAL....

World Economy Shows New Strain
European Output Shrinks, U.S. Inflation Jumps;
Fresh Worries in Developing Nations
By JUSTIN LAHART in New York, ALISTAIR MACDONALD in London and MARCUS WALKER in Berlin
August 15, 2008; Page A1

The global economy -- which had long remained resilient despite U.S. weakness -- is now slowing significantly, with Europe offering the latest evidence of trouble.

On Thursday, the European Union's statistics agency said gross domestic product in the euro zone contracted 0.2% in the second quarter, the equivalent of a 0.8% annual rate of decline. It marked the first time since the early 1990s that GDP has fallen overall in the 15 countries that use the euro.

All in all, the future isn't looking all that rosy.

A tiny bit of good news, for a small number of people, is that a Pearl River-based credit union that has seen its delinquent loans increase as the economy has slumped is allowing borrowers to skip their July and August payments.

The Palisades Federal Credit Union said it decided to start the program because people are struggling.

"We're doing it simply to help people out," Anthony Pili, the marketing coordinator of the credit union, which has nonprofit status, said. "We realize that with inflation and real wage growth slowing down, this is the time to do it."

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Wow, now that is a smart credit union. Helping people out and probably helping themselves as well.

Logic being used by a lender?

I think my heart just skipped a beat.