Harry Reid: “Letting corporations deduct interest payments but not dividend payments has skewed balance sheets toward debt. That's…”

“Letting corporations deduct interest payments but not dividend payments has skewed balance sheets toward debt. That's bad. But the way to fix it is to let corporations deduct dividends the way they deduct interest. That idea "had a short shelf life," a Treasury tax techie said last week, because it's much more costly than Bush's plan. Last paragraph: The idea that cutting dividend taxes will save us should have a short shelf life, too. This is beyond voodoo economics. It's just a mistake. Call it booboo economics. Mr. President, the economic tax plan the President has given us is bad. It is something that is doomed to failure. If it passes, it will wreak havoc in this country. I hope that people of good will, Democrats and Republicans, will prevail upon the President to have him cry uncle and come forward with a reasonable proposal.”