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View Diary: The Soul of America (133 comments)

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  •  The time to restore (4+ / 0-)
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    NoMoreLies, elwior, lostinamerica, zaka1

    some of the wealth balance was 8 days ago when the Bush tax cuts had expired.  Now it becomes a hell of a lot more difficult.  

    If the Dems absolutely had to extend the Bush tax cuts, the very least they could have done was to extend them for a number of years.  Making them permanent makes increasing revenue a horrific lift now, especially given what they did with the capital gains and estate tax cuts too.

    Plus, those tax breaks for the oil and gas industry in that bogus fiscal cliff deal cost tens of billions. By contrast, a temporary extensions to the extended unemployment cost $30 billion.  That's before the $600 billion hole was blown through the budget by not allowing more of the Bush tax cuts to expire on the wealthiest few (income tax, estate and capital gains, and the ones that were raised were only raised by a pittance).

    The final fiscal cliff deal does not touch oil and gas subsidies, confirms Rory Cooper, a spokesman for House Majority Leader Eric Cantor (R-Va.). Ending the costliest tax breaks for oil and gas companies would have raised tens of billions of dollars in revenue. Trimming just a handful of these breaks for the big five companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—would've raised $24 billion over the next decade. President Obama's 2012 budget proposal called for ending 13 breaks benefiting oil and gas companies of all sizes; it would have saved $46 billion over 10 years.

    And look, the president is still talking about cutting corporate tax rates.

    "Justice is a commodity"

    by joanneleon on Wed Jan 09, 2013 at 12:21:08 PM PST

    [ Parent ]

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