The Millionaires are Doing Just Fine

December 4th, 2010

The Republican Senate minority blocked the extention of tax cuts for all Americans today in an attempt to make sure that the top 2% get to keep all of their tax cuts. As part of this effort, Senate Republicans even voted against changing the threshold to $1,000,000 a year for the Americans who reaped almost all of the benefits of the past decade.

Just to be clear, what that would mean is that the first $1,000,000 (after deductions) that everyone makes would be taxed at the same rate as it was during the Bush years. The 2nd million, would then be subjected to a 4% increase over Bush rates. Not good enough for Republicans. They want to extend Bush tax cuts permanently for not only your first million, but your second million too.

How will they pay for that? They won’t. Just add it to the deficit they’ve been complaining about for two years straight. And what about extending unemployment benefits during the worst recession in 90 years? No, that has to be paid for.

Here’s what Bernie Sanders thinks of that.

Wish the president would give a speech like this. It might help to clarify a few things.

Tags: ,

Comments are closed.