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Saturday, July 17, 2004

Good news is Bad News for Some

We aren't hearing so much about the economy from KerryEdwards, except that Edwards continues to claim that there are two Americas. As the Wall Street Journal editorial page pointed out the other day, Edwards lives in an America where you have so much money that you need to protect it from Uncle Sam and can afford to do so - by setting up an S-class corporation, with himself as sole share holder, he avoided $541,000 in Medicare taxes because he took his income as "dividends" from the sham corporation.

It is all perfectly legal, for the moment - the IRS is cracking down on people who use S-class corporations as tax evasion mechanisms - but Edwards would never be prosecuted for such behavior, he lives in a different America. Those who think that KerryEdwards is a ticket for the little man, and that BushCheney are only for the wealthy need to rethink their stance.

For the rest of us mere mortals, and non-multi millionaires, the economy is doing better and this is why the Democrats have less to squawk about.

Here's the latest (Adobe file) from the Joint Economic Committee of Congress.

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