Repub Tax Giveaway to top 1%
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|Mon, 08-23-2010 - 7:47am|
Democrats agree with Republicans in extending the Bush tax cuts for nearly all but the top 1%, or 1 in 100 Americans. As Paul Krugman points out, Republicans want to max out the Bush cuts for the least needy - the top 1%, with most of the cuts going to the top one tenth of 1%.
"And where would this $680 billion go? Nearly all of it would go to the richest 1 percent of Americans, people with incomes of more than $500,000 a year. But that’s the least of it: the policy center’s estimates say that the majority of the tax cuts would go to the richest one-tenth of 1 percent. Take a group of 1,000 randomly selected Americans, and pick the one with the highest income; he’s going to get the majority of that group’s tax break."
Hmmmmmm. This giveaway experiment didn't work out so well over the last decade, which landed us here in the worst recession since the Great Depression over 70 years ago. Why do Republicans think the effect of the Bush cuts will be different next time? They give no explanation. Clearly, campaign funding is driving this kind of irresponsible policy in pushing the continuation of the disastrous Bush cuts.
And as for the Republican claim that continuing to offer the Bush tax cuts to the rich will stimulate jobs, again, why are we here with 10% unemployment with the Bush tax cuts in place? Under the old Clinton tax rates America created over 20 million jobs during Clinton's Presidency in the 1990s, while under the Bush cuts we only gained 4 million jobs and landed in a far worse cyclical downturn with our government finances hobbled.
The fact is that ending massive tax cuts for the rich is not the problem. The Bush tax cuts are not causing them to invest today. Corporations are sitting on plenty of cash which they are waiting to deploy once demand, i.e. ordinary consumers and working people, start buying. We need to provide relief to the 99%, not the 1%, to stimulate this economy. Voting for the Republicans and their Bush tax cuts for the top 1% will only make things worse.
And as for Republican claims that they will somehow cut spending, if they have their way you can say goodbye to the Social Security you've been paying for out of your paychecks all these years. Republicans call that a bad "entitlement" to which you will no longer be entitled. And when you get old, their plan is that medicaid/medicare will be phased away too.
Edited 8/23/2010 8:34 am ET by conceivedinliberty