The Obama middle-class tax cut

Wow! They still think we are all fools. Of course these used to be called the Bush tax cuts. At the time, the Democrats railed against the “tax break for the rich”. But now from the Joint Committee On Taxation, we have cost estimates for extending the Bush tax cuts based on a static analysis. (Costs, tax revenues lost, are billions over 10 years.)

Extending the wealthiest 2% – cost is $678
Extending all under 250,000 – cost is $2,700 (Or 2.7 trillion)

This would be borrowed, or printed, money in all cases. If all the tax cuts expire under current law, boy will people HOWL! And note the dollar figures. Obviously the Bush tax cuts were far more favorable to the middle class than to the rich. If you want a lot of money, take one dollar from everyone rather than five dollars from just the rich. With all the debt of this administration, taxes aren’t just going up, they will be MUCH higher for EVERYONE! You can NOT cover the current and future debt even if you tax the rich at 90%!

The Dems are scrabbling to do something before the elections. They should have extended the current tax rates for two years about six months ago when it was clear the economy was stuck on “Uncertainty”. No economist worth their salt would tell you to raise taxes in a recession. It will only make the recession worse by taking cash out of the private sector.

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