Sunday, December 5, 2010

Democratic Tax Cuts for Everyone

Here's a helpful reminder on the Democratic proposal for extending the Bush tax cuts:
I just want to point out again that the current Democratic proposal for extending tax cuts is a tax cut for everyone who pays taxes. The cut off rate is for income over $250,000 (or $1,000,000, or whatever). But people who earn over $250,000 will still get a tax cut on their first $250,000 of income.

... if you want to talk about the policy proposal in terms of what will happens to the amount of taxes people are paying right now, it is correct that people earning over $250,000 will pay more taxes come January 1 if the Democratic plan passes, but only on income beyond $250,000. So if you make $250,001 a year, your tax rate will only increase on that last $1. But again, if you want to talk about extending the Bush tax cuts, the Democratic proposal ensures that those tax cuts will be extended to everyone for their first $250,000 of earned income.
Tell me again why it is that Republicans are so adamant about making sure that millionaires and billionaires get their extra income, when we are so desperate for tax revenue to pay our godawful deficits and when they are the very people who are taken in most of the income over the last 20 years, while the income of the middle class and lower has stagnated? Why is that? Ideology? Greed? Political payoff?  Whatever it is, it shows disdain for the average American.

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