Saturday, December 4, 2010
Captain Obvious: Rich People Don't Need Tax Cuts
Letting them expire, even if we let all of them expire, does not amount to a "tax hike," let alone an "Obama tax hike." It simply would revert the tax rates to what they were in the 1990s, a time when rich people were getting along just fine, thank you very much.
Today, the Senate is supposed to vote on 1) an extension of the middle-class (below $250,000 per year) tax cut, and 2) an extension on monies made above a quarter million dollars per year. Republicans are expected to filibuster both of them. I'm curious how they will spin voting against tax break extensions for the entire country. No doubt, it will still be the ridiculous spin we've been hearing on the issue on the Sunday talk shows for months now. There is no legitimate reason for them to block these votes. They could simply vote on both--attempt to extend both--and have zero political fallout. But they probably won't. So they'll have to rely on their--admittedly effective--considerable spinning skills to save their bacon.
I for one don't really care if any of the tax breaks are extended. For someone in my tax bracket, the savings from the Bush tax cuts is negligible anyway. And if we're being honest, and are really concerned about the deficit/national debt (I really could use a little help knowing the difference, as could most politicians and pundits) all of the tax cuts should probably expire. That would save a helluva lot of money, and would make an extension of unemployment benefits a non-issue.