Nine years ago, George W. Bush and Dick Cheney gave the wealthiest Americans an unneeded tax cut.
To this day, America's top income-earners -- households making more than $250,000 a year -- aren't paying their fair share in taxes. Letting these tax cuts for the wealthy continue for another decade would saddle middle class Americans, our kids, and our grandkids with an additional $680 billion of debt, largely payable to the Chinese government.1
The Bush-Cheney tax cuts for the wealthy are wrong. Thankfully they're set to expire this December, unless Republicans in Congress get their way and renew them indefinitely.
With debate set to begin on the Senate floor as early as next week, we don't have a lot of time to get this right.
Republicans in Congress think we ought to make the Bush-Cheney tax cuts for the wealthy permanent. And they're using right-wing media to spread deception and bully Democrats facing tough re-election bids into joining their cause.
These elected officials need to know that you -- and 69% of Americans recently polled -- want the Bush-Cheney tax cuts for the wealthy to expire this year.
There's a broad and growing consensus that it's time for the wealthiest among us to pay their fair share in taxes.
Most economists agree, too: It just doesn't make sense to give each of the 120,000 wealthiest Americans what amounts to, on average, a $3 million tax break over the next decade.2
Some Republicans hope to take back Congress this November by telling Americans that Democrats want to "raise taxes on the middle class" and "hurt small businesses." Of course these smears don't contain a shred of truth, but that doesn't matter.
If the right wing wants to score political points by taking money from our kids and grandkids, and handing it out to the wealthiest Americans, it's up to us to stop them.
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http://www.bloomberg.com/news/2010-09-13/rich-americans-save-money-from-tax-cuts-instead-of-spending-moody-s-says.html
Excerpt:
Hand the wealthiest Americans a tax cut and history suggests they will save the money rather than spend it.
Tax cuts in 2001 and 2003 under President George W. Bush were followed by increases in the saving rate among the rich, according to data from Moody’s Analytics Inc. When taxes were raised under Bill Clinton, the saving rate fell.
The findings may weaken arguments by Republicans and some Democrats in Congress who say allowing the Bush-era tax cuts for the wealthiest Americans to lapse will prompt them to reduce their spending, harming the economy. President Barack Obama wants to extend the cuts for individuals earning less than $200,000 and couples earning less than $250,000 while ending them for those who earn more."
The idea/promotion by the Rethugs that the wealthy will create jobs by giving them tax breaks is ludicrous as the above excerpt suggests. Additionally, they have the best accountants who look for those precious $$ loopholes and the result is that these wealthy pay LESS taxes than the middle class. Actually Dumbya introduced these tax cuts temporarily and should be let to be expired for the wealthiest of the nation since these tax savings will end up in the Bahamas or a swiss bank account.
Socialism for the rich has been and is being promoted by the Teabaglicans while they don't care a stitch about the 95 % of folks in the country. Gotta be stoooopid to vote for the rethugs who are robbing the middle class people blind.
No, no trickling down of $$ to the less fortunate if tax breaks are given to the richest. Research now proves it once and for all.
"Republicans including Senate Minority Leader Mitch McConnell and House Minority Leader John Boehner contend that tax cuts should remain for all and any attempt to target the wealthy -- the top 2 percent to 3 percent earners in the country -- could hurt growth and investment."
The above from my previous link.
Guess that the 2 stooges don't learn from history isn't it?
Guess that the Turtle and agent Orange are saying that the wealthiest growth and investment - as in their bank accounts - will not grow as fast if the tax cut, given by their friend Dumbya, will let to be expired.
These 2 are talking about their wealthiest friends and NOT about their country and all their citizens.
I'm sure that the above won't be understood by virtual all simpleminded CONS.
To make the "tax cut" clear.
That (temporary) cut was established by Dumbya. Strangely enough, despite the tax cuts to the wealthiest, it didn't create any jobs and the economy sank deeper and deeper into a recession.
Now if the tax cut will be lifted from the wealthiest they still don't have to pay any taxes on the first $250 thousand income just like the middle class. They just would have to pay taxes they paid under Clinton over the $250 thousand.
It would cost at least 600 BILLION dollars over a decade to subsidize the wealthiest. That would mean borrowing that money from China that your grandchildren will have to pay back. Let us not forget that the wealthiest have so many loop holes to avoid taxes that many pay even less taxes than the middle class.
Damn socialism for the rich which they embrace as their entitlement.
"Now if the tax cut will be lifted from the wealthiest they still don't have to pay any taxes on the first $250 thousand income just like the middle class."
CORRECTION re the above:
The tax cut would apply to the first $250 thousand for the wealthiest just as the middle class. They just would have to pay the tax % that they paid under Clinton over the amount of $250 thousand.
Of course the Teabaglicans won't mention the above, neither the right wing media.
Kudo's to the one who wrote the below:
"Sixty years ago average Americans were being indoctrinated into a system of alienation
and naivete, almost childishness, with regard to reality. A rainbow world of vain, open-ended
consumerism was at the core of the socio-economic system. Machines were touted as the salvation
of the material world...but machines cannot simulate reason.
Thirty years ago, the grand plan of wealth redistribution from the People was cemented into place...
a plan devised by anti-social, anti-democratic conservative republican
forces that would leave the average American no smarter or better informed tomorrow than they
were in the 1960s.
Today the owners of the country, along with traitorous right-wing demagogues and many older,
embittered survivors of this dreadful history are engaged in a war against America. We now have corporate fascism accompanied by suicidal peasant nationalism. Never has so much pathological bitterness,
extremism, hopelessness and rage coalesced into an aberrant phalanx of white unease and destructive
social tension than it has with the TBaggers party of peasant insurgents."
Ah, before I forget, here's a breakdown in $$ of the tax cuts according to income. See how much money the wealthy get back compared to the middle class? abt $1K to 100K!!! I doubt that the repugs would understand the graph, even if one would rub their noses in it!
http://www.washingtonpost.com/wp-dyn/content/graphic/2010/08/11/GR2010081106717.html
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