That's the fact. This would have cut taxes on the first 1,000,000 dollars in income for EVERYONE, and the republicans still filibustered it. The media keeps misreporting this, saying these tax cuts would only go to 99% of the population. In actuality, everyone would have gotten a tax cut. More after the fold, but first.
EVERYONE NEEDS TO WATCH THIS VIDEO...
The money quote...
The United States today has the HIGHEST INCOME INEQUALITY OF ANY NATION IN THE WORLD. Worse than any banana republics, worse than china. Income in more centralized, more concentrated here in the US than anywhere else in the world.
The dem plan cuts taxes for EVERYONE. Get that through your heads people.
I see the media constantly misstating this. They keep printing that the "House passed extending the Bush tax cuts for those making 250K or less"
That's NOT TRUE.
The bill they passed gives a tax cut to EVERYONE for the first $250,000 they earn each year.
Under the dems proposal, even Bill Gates was going to get a tax cut, but only on the first $250,000 he earns. The tax rate stays at 35% for the income above that amount.
There is so much misinformation on here it's dizzying.
Here are the facts.
Today the democrats tried to pass two bills.
Both bills WOULD HAVE CUT TAXES 100% PERCENT OF THE POPULATION.
The first bill cut taxes on the first 250,000 dollars for EVERYONE.
The republicans unanimously filibustered this so that it couldn't even be voted on.
The second bill cut taxes on the first $1,000,000 dollars for EVERYONE. This too was filibustered.
Yes, under both bills that the republicans just blocked, EVERYONE, even Bill Gates was going to get a tax cut on the first 1,000,000 in income he earns this year.
Anyone that thinks the republicans plan is smart fiscal policy seriously needs to watch this video, it's an ABSOLUTELY AMAZING SPEECH...
http://www.youtube.com/...
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Doing what the republicans want on this issue (giving tax cuts on the income over $1,000,0000 as well) would add $700 BILLION DOLLARS to the National Debt according to the CBO. $700 BILLION DOLLARS ADDED TO THE DEBT BY REPUBLICANS JUST WITH ONE BILL.
They had no problem with adding $700 BILLION to the debt, but do have a problem with spending $10 billion to give students access to low interest student loans, and extending unemployment benefits on the people who can't find a job.
Also according to the CBO, the bush tax cuts utterly failed to create jobs.
ANYONE DELUDED ENOUGH TO AGREE WITH REPUBLICANS ON THIS NEEDS TO WATCH THIS...
http://www.youtube.com/...
The money quote from that video: The United States today has the HIGHEST INCOME INEQUALITY OF ANY NATION IN THE WORLD. Worse than any banana republic. Income in more centralized, more concentrated here in the US than anywhere else in the world.
Doing what the GOP wanted, giving a tax cut for all $7 million would have added 700 billion dollars to the national debt according to the CBO! We can't afford that.
Republicans voted against pell grants, against expanding low income student loans, against extending unemployement benefits, cuts to education, all to shave a few billion off the national debt.
But they are more than willing to add 700 billion to the national debt for this. That's just disgraceful.
We need to make this shit go viral.
Everyone, please copy and paste my OP verbatim into other internet forums, onto your facebook page, talk to your friends and family about it. You don't have to give me any credit.
If enough people oppose the republicans attempt to add 700 billion dollars to the national debt while cutting pell grants, student loans and unemployment benefits, then they might back down.
The wealthiest people aren't getting punished.
They are going back to the 35% tax rate they had under Bill Clinton on the income they make past the first 1,000,000 dollars.
That's not that high a rate.
In the 1940,50s,60s and 70s, do you know what the tax rate on the wealthiest people was?
90%!!!! Seriously, thats what the rate was back then. Look it up.
And those were the most prosperous decades in our country's history. We are not going back to those rates, we are going back to a modest rate of 35%. That's not unreasonable.
I see the democrats working there asses off to try to extend unemployment benefits, to try to give a tax cuts to middle income families, to expand pell grants and student loans, to stop gays from being kicked out of the military just for being gay, all while have every single one of these bills being filibustered by republicans unanimously so that they can't even vote on those bills. So yes, I do see a difference between the two sides.