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View Diary: Republicans oppose extending payroll tax cut because Obama supports it (102 comments)

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  •  Ryan Budget Plan: Tax Cuts Only for Rich. (0+ / 0-)

    It did not get much attention, but amazingly the Budget Proposal passed by the Republican-controlled House and voted for by the Senate Republican Caucus en masse, contained tax cuts but only for the wealthy.

    It extended the Bush Tax Cuts for everyone, granted, but in addition it proposed

    Individual Tax Reform: ... brings the top rate from 35 to 25 percent ...
    Corporate Tax Reform: ... lowering the corporate tax rate from 35 percent, ... to ... 25 percent.

    (Given that about 90% of the stock is owned by 10% of the people and over 1/3  is owned by the top 1%, the corporate tax decrease pretty much counts as another tax cut for the rich.)

    In addition, the Republican budget would repeal the tax increases on the Rich contained in ObamaCare.

    The new law imposes a 0.9 percent surtax on wages and a 3.8 percent surtax on interest, dividends, and capital gains. Both taxes only apply to filers in the top two income brackets, but as discussed elsewhere in this section, those filers include small businesses employing millions of Americans, and the new taxes on capital will reduce the pool of capital available for investment and job creation.

    Someone in a very expensive suit is at the front door and says he wants to foreclose on our democracy. Where should I tell him he can put his robosigning pen?

    by Into The Woods on Fri Aug 26, 2011 at 02:49:29 PM PDT

    [ Parent ]

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