Thom's blog - Friday November 19th, 2010

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?

Comments

Dukerwolf's picture
Dukerwolf 12 years 2 weeks ago
#1

I posted this before.

But it bears repeating: I looked up what the 1913 personal deductions were (when the constitution was amended to allow an income tax after the Supreme court had struck down the "Republican" income tax from the civil war as unconstitiual) I found that it was $3,000.00 for an individual, $4,000 for a couple. (this did not appear to be adjusted for inflation)

The tax rate in 1913 on incomes from $0 to 20,000 was 1% (probably did not have 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. So lets adjust for inflation and reinstate the 1913 exemption!

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