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?
Thom's blog - Friday November 19th, 2010
Nov. 19, 2010 8:49 am