I don't know a single millionaire who needs a tax cut right now. But I know plenty of middle class Americans who desperately need every extra dollar in these tough economic times.
That's why I strongly support the "Middle Class Tax Cuts Act" to give permanent tax relief to the struggling families that need it most. The economic turmoil of the last three years has left many Americans cash-strapped and struggling to stay afloat. And make no mistake, extending the current tax rates for the middle class is crucial to encourage economic growth.
By extending current tax rates for 98 percent of taxpayers, we provide certainty and security for hard-pressed, working-class Americans.
Here's a basic truth: America is in trouble.
And I firmly believe that it's important for those people who can step up to do so. The best way to do that is for the richest to pay the additional 4.6 percent tax. That's not asking much. It's not the wealthiest Americans bearing the brunt of this recession (sales of luxury goods are surging -- the rich seem to be doing pretty well), it's the middle class doing the most suffering.
Evidence does not support extending tax cuts for the wealthy. When the CBO analyzed a number of different job-creation polices, tax cuts for the wealthy came in dead last. In addition, extending the Bush tax cuts for the wealthy would require $700 billion in deficit spending. On one hand, Republicans preach the need for fiscal restraint. At the same time, they call for tax cuts for the rich that will deepen our debt. Something doesn't add up. It would be one thing if the Bush tax cuts for the wealthy had contributed to an era of sustained economic growth and prosperity. But we know that history doesn't back that up.
In 2001, when the first round of Bush tax cuts for the wealthy were proposed, we enjoyed a long-term surplus of $5.6 trillion. Eight years later, President Bush left the country an economic mess. The surplus had devolved to a 10-year budget deficit of $9.3 trillion, and the national debt had increased by more than 80 percent. Need more figures to prove that middle-class Americans need tax cuts more than the rich?
Clearly it's time to extend tax cuts for those Americans who need it. And it's time to end the Bush tax cuts for wealthy Americans.
Sheldon C. Good: Bush Tax Cuts Give to the Rich, Oppress the Poor
This was Obama's Waterloo moment - he has made his decision and he's going to lose the war. I am finally ready for a third party candidate and will offer my money, my time and my support elsewhere. We need to save this democracy from oligarchy.
Sorry Sen. Feinstein, but you are part of the problem and lip service doesn't change that fact.
Republicans have consistently screwed the American people with their pants on, without the courtesy of a reach-around, for years. THEY got us into this disaster of an economy and have kept us there is their abuses of the system and false propaganda to get the ignorant to believe the Dems and President Obama caused all this. Do some objective research and you will find that the repubs don't give a lick about you.
Let the GOP ruin it for the unemployed. Then let them take the heat for it. They'll come around on that soon enough, or be thrown out on their butts.
they'd have put that bill on the president's desk.
These tax cuts need to die.
Most importantly, they cannot be allowed to be used as a tool against the American people, the way they were designed to be; hence the 10 year expiration date. As I see it, I'll deal with not having 70.00 a year if that's what it takes to help the economy.
I can only hope that WHEN the White House capitulates to whatever lies the Republicans throw at them that they don't stand for it. If they want all this stuff to pass, they need to vote on it all separately. Let them show that they're willing to do this FIRST and make sure that you get 700 billion dollars worth of concessions out of them FIRST.
"Can someone explain to me why giving 13 more months (not weeks) of unemployment to the non working free-loaders is a victory? "
There is NOTHING Obama can do to get the Republicans to like him, so he should just stop trying. They are just laughing at him every time they get him to give them something else. They won't be happy until he's destroyed. They are LAUGHING at your "compromises".
Bush pronounced that it was wrong for the government to take in more money than it *needed*. So he decided to implement what was known as the "Bush Tax Cuts":
-> Avg amount given to those earning under $250K? Around $ 500
-> Avg amount given to those earning over $250K. Around $100,000
Bush "fixed" that surplus problem via the "Bush Tax Cuts" (which were designed to be temporary and end after ten years), unfunded changes to Medicare, and oh yes, starting two wars. No more surplus, hooray!!! Instead, our country now holds HUGE deficits.
Which means that the government is no longer taking in more money than it needs. The original reason that Bush gave for the tax cuts is now invalid.
Giving tax cuts, especially to the rich, WHILE WE ARE AT WAR!!! HELLO!!! WE ARE STILL AT WAR!!! is not only disgusting and immoral, it is fiscally irresponsible. Whatever happened to the concept of PAY AS YOU GO?
Allowing tax cuts that were scheduled to expire to continue is called "giving rich people a new tax cut".
What happened ?? Pelosi has spent more than all the HS`s since Muhlenberg in 1789, combined !!
39.6% Federal Tax
11.3% CA state tax
2.4% FICA?SSDI
53.3% TOTAL taxes.
I find that wrong no matter how much one makes. I call it slavery when you work primarily for the state.
Doesn't she have criminal wiretaps to approve of, or US taxpayer dollars to use to send more arms to support the State terrorism of Israel?
She can bite me.
Read, comment, follow, and share. Start a movement. Join a revolution:
http://confederateunderground.blogspot.com/2010/12/fair-tax-could-be-first-step-in.html
FICA for Social Security stops at 106K. 100% of your income up to that point is taxed. If you make a million, just 10% is subject to that tax. 10 million? You get taxed on 1% and so on.
Beyond that, any "fair tax" means the Middle Class gets a tax HIKE. No way around that. If you go from a progressive tax to a flat tax, the bottom has to go up to meet the top coming down.
Think of weights and measures, or a seesaw. To get that even, you have to raise the bottom.
So, you want the Middle Class to pay more?