Politics & the Art of Deception

Bush and Company just gave the American public the best argument yet for publicly financing campaigns. Getting cozy with the rich is nothing new to president-select George W. Bush. But even he has reached new heights in his recently unveiled tax plan, which abolishes dividend taxes on investments. This direct appeal to what he calls the “investor class” also happens to appeal to the portion of the population that is most likely to vote. But here is the hidden catch: not only is he giving up on the working class, but also the majority of the so-called “investor class”. It turns out the plan does not apply to retirement accounts such as 401(k)s and IRAs. Over half of the benefits go to the wealthiest 1 percent of Americans. It seems that the super-rich are the demographic Bush is really swooning over. Considering the social costs of influence peddling in Washington, public financing of political campaigns is a bargain.