The Real War on Christmas...
You need to know this about the Bush tax cuts for millionaires and billionaires – the American people don’t want them. A new CNN poll shows that 64% of the population does not want to see tax cuts extended for millionaires and billionaires. Now – it looks like Democrats in Congress are starting to listen. After a meeting with President Obama – House Speaker Nancy Pelosi and Harry Reid said they are both planning to hold votes that would extend tax cuts only to the middle class – leaving taxes to on the rich to return to Clinton-era levels, when the Rich were doing just fine. While the bill could potentially pass the House – it will still have an uphill battle in the Senate where a unified Republicans opposition will most likely filibuster it. Still – this is the right move. Let the Republicans explain to the American people why they are blocking a bill that will lower taxes for 98% of the population. To put it in perspective – Congressman Alan Grayson – who lost his re-election bid 2 weeks ago – took to the House floor yesterday to illustrate what millionaires can do with their new $86,000 annual tax cut courtesy of the Republican Party. Every year for the next ten years – they could buy a new Mercedes Benz E-class – or they could buy 20,000 jars of Grey Poupon mustard – or they can just buy 800 luxury cigars and light each one with a hundred dollar bill. Actually – all those purchases would stimulate the economy more than what millionaires will actually do with another $86,000 – invest it with their buddies on Wall Street – providing no stimulus to the economy whatsoever. Instead of the give-a-away to the rich - It’s time we as a country think of a far better way to spend $70 billion a year. How about using it to extend unemployment benefits so those out of work can celebrate the holidays?
Jim Clyburn on the air with Ed Schultz just explained that the first $250,000 of everybody is exempt -- so if you make $300,000 -- your first $250,000 is exempt (gets the renewed lower tax rate). The next $50,000 is subject to the restored 3% higher tax rate. So, making a middle class tax cut permanent will, in fact, lower the tax rate for everyone.... Ed asked if this has always been what was being proposed and Jim said yes. Asked why the Dems were not explaining it that it that way, Jim (who spoke brilliantly) said, "I don't know." .... Thom will you hold an emergency messaging class at the White House??!!!! PLEASE.
NO TAX CUT FOR MILLIONAIRS--WE NEED UNEMPLOYMENT FOR THOSE OF US LOOKING--HAVE BEEN LOOKING FOR 2 YEARS--FOR WORK!
Wake Up America! Trickle Down Economics is nothing more than millionaires convincing people that every time they piss on them, it's the Fountain Of Youth.
TAX CUTS FOR THE WEATHLY IS A RIGHT?
Thom please explain on one of your shows, in a simple and succinct way, how the Bush tax cut welfare program for the top 2% is not a right. I keep hearing from the Republicans that, “Taxing the rich is taking away their money and the government does not have right to do that”. I would like to have a quick response to this for when at millions of Thanksgiving tables on November 25th the left, the right in families come together to be thankful and conversation drifts to more lively conversation.
Hoarding treasure is a prostate problem in the trickle down theory.
@wiserage, Thom has on several occasions spelled out why tax cuts for the rich hurt our economy. Plus, every rich will receive a tax cut for the first $250,000 in income. The tax hikes are really a graduated hike and I believe a fair hike for the rich to pay.
@stopgap, I have said that trickle down Reaganomics is someone who is pissing on my head and saying that it is raining.
@stonesphear, I enjoyed your comment.
Tonight, I was curious and found some data, not sure how reliable it is but maybe someone else will confirm or deny. I was looking up what the 1913 personal deductions were and it said that they were $3,000.00 (this did not appear to be adjusted for inflation) The tax rate in 1913 on incomes from $0 to 5000 was 1% (probably not a lot of other deductions in that day and age). In 1917 it was reduced to $1000 per person, 2,000 for Married couples, and 200. for added dependents.
Then I wondered what the current value of 3,000 was adjusted for inflation. I found a calculator that came up with a figure that to buy something for 3,000 in 1913, would cost 66,276.06 in 2010.
If I have that right, and we had increased the standard deduction for inflation, no one making less than 66,276.06 would have to pay income tax in 2010.
This means that only people making more than that would have to pay Federal income taxes. So lets adjust for inflation and reinstate the 1913 exemption!
Since Mitch McConnell wants to take down the President (and the USA with him), then we need to realize that anything MM says we should do the opposite! The Senator wants the Bush Tax Cuts extended...must be because that is what will make President Obama fail, right?
Time for a constitutional amendment making food, shelter, healthcare, and education a right