Congress approves $330 billion in tax cuts, $20 billion in aid for states

SFChron -AP -- The Republican-led Senate approved the measure by 51-50, with Vice President Dick Cheney casting the decisive vote in the narrowly divided chamber. Two hours after midnight, the GOP-run House had used a 231-200 vote to sign off on the legislation, which also included $20 billion in aid for cash-hungry states. Bush was poised to sign the bill.

There are a few good provisions but overall this is an incredible tax giveaway to the rich. If you work for a company that pays dividends, now recognize that the owners of the company will pay a lower share of taxes than you.

This bill was bad for the deficit, bad for local governments, and bad for fast growing companies as opposed to older established companies.

The champagne corks are flying this weekend.