So Senator Conrad, you think it's time to get serious about deficits and with one of your last votes in Congress you propose to extend all the 2001 tax cuts (the single largest contributor to our deficits over the last decade), including tax cuts on income over $250,000.
I am all for shared sacrifice but not when hedge fund managers will continue to pay taxes at a 15% rate on $100 million incomes. Not when bailed-out large banks that would still be insolvent without changes in FASB Accounting practices will pay $144 billion of bonuses which will be taxed at lower rates than prevailed during the Reagan Administration and the 1990s boom.
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