Should the Bush tax cuts expire at the end of the year?
Earlier today, a commenter wrote:
Go ask you neighbors, many of whom are underwater on their mortgage or in debt for other things, how much spare cash they have just lying around for a tax raise? If you let the middle class tax cuts expire, the rich will be fine, but you'll shove millions into poverty, with a ripple effect that will impact every other working stiff.
So I did the math. A family making $75,000 a year will have to come up with an extra $17 a week if the Bush tax cuts expired. Those who earn less will need to find even less... maybe $10 a week.
Now no one should belittle the value of $10, $15 or $20. But is a pizza really going to drive millions into poverty?
Of course, compare that to the added debt, deficit and borrowing needed to give the average millionaire an extra $100,000 a year.
Think of it this way. The INTEREST we have to pay for the money we borrow to give one wealthy person this break is SEVEN TIMES MORE than the savings an average middle class family receives.
The Bush tax cuts were a BAD idea then. They are a BAD idea now. This country -- including the middle class -- did quite fine under the Clinton tax rates, the higher Reagan tax rates, and the even higher rates under Truman, Eisenhower and Kennedy. In fact -- we survived several recessions.
After all, for the average family -- we are talking about a pizza.
I wrote to the president earlier today. NO COMPROMISE!
Dear Mr. President:
I read today that some in government are considering a "compromise" on the Bush tax cuts for the wealthiest Americans -- tax cuts that no one asked for and no one needed.
My question for you is when does the campaigning end and the governing actually start. This country did just fine under the Clinton tax rates. Did fine under they even higher Reagan tax rates. Even did great under the extraordinarily high Truman, Eisenhower and Kennedy tax rates.
Let the tax rates expire for everyone -- we'll do just fine. I am tired of Congress borrowing money and saddling my children with debt.
But if you feel there are economic reasons to extend the cuts for all Americans on their first $250,000 in income, that's one thing. But to shift more of this country's wealth to the top 5% is sinful.
Stop campaigning. Start governing. Please.
There is absolutely nothing you can get in return that merits continuing such disasterous policies. You have been the only one in Washington thinking long, so please don't sell us short on this. Thank you!
FYI - numbers come from Ezra's fine chart.
http://voices.washingtonpost.com/...