Maddow: GOP plan to extend tax cuts for the rich
Rachel had an interesting bit last night on the difference between the Bush Tax Cuts and proposed Obama tax plan. Both do have cuts across the economic spectrum but one group in particular benefits to an enormous degree by keeping the Bush tax cuts in place, which are set to expire at the end of 2010. Can you guess which group? Yes, and benefiting that group adds $36 billion to the tune of next year's deficit.
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.
New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.
Graph courtesy Ezra Klein. Full story from the Washington Post.
Entire segment with Austan Goolsbee, a member of the President's Economic Recovery Advisory Board.
put us in this financial mess, they should pay for it. We'll never be the same, after all of Bush's incompetence surfaces.
when hillary said".....we dont know how bad it is untill we can see the books...."truer words were never spoken
....the fools do not realize,a population that can ,..... not paticipate .............in the 'economy'...,can not keep it viable!..........."we are listening,.......and we're not blind.,......this is your life....this is your time."
with more money from wall st going to the GOP in this election cycle i imagine the dems are strongly tempted to send a signal to our financial overlords that they, too, will be friendly and malleable to wall street whims and fetishes.
now, the question is, can the dems resist the temptation?
*sniff* why do i get a whiff of obama triangulation on this issue(see, 'bipartisan compromise')?
Great piece and excellent graph!
The wealthy never have enough and they will always moan and groan but it is time they get off of the gravy train of Busheney economic mismanagement.
There is a group from both sides that want everything paid for - where are they on paying for the Bush tax cuts so far? ($1 trillion I think)
*crickets*
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
I wish the graph went up to $20 or $30 million - the dot would be the size of Texas.
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
you don't pay anything at all?
Good one!
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
and asked whats the republican plan for creating jobs. Guess what they said?
Extend the bush tax cuts!!
I asked how many jobs the bush tax cuts have created so far. They did not know and would have to get back to me.
I asked how many jobs they were expecting to create by extending the bush tax cuts. They did not know and would have to get back to me.
...that according to the Wall Street Journal -- which was hardly a left-leaning publication even before being acquired by Murdoch -- the Bush administration came in dead last in terms of job growth out of all of the administrations since 1939 in spite of the tax cuts and four years of a Republican Party trifecta! Even his own father, who only served one term, did marginally better than him (he came in second-to-last) -- and he had to deal with a war, a recession, and a financial services industry crisis also (which only serves to suggest that Bush II was the same circus in a different tent with a less competent ringmaster).
I'd tell you to ask your Republican Senator -- or rather, his staff -- how that could possibly have happened, since we've always been told that tax cuts stimulate job growth...but I think we already know what he'll say:
"Errrr...I don't know. I'll have to get back to you." (Uh, huh -- riiiiiiiiiiiiiiiiiiiiiiiiiiiight!)
Never trust anyone who insists that patriotism requires you to blindfold yourself with the flag.
You wake up and are told that tax cuts for the wealthy will create jobs. By the end of the day things are much worse. Next morning you wake up and are told that tax cuts for the wealthy will create jobs. Repeat ad infinitum.
...to kill this Laffer curve, supply-side nonsense is to show how the richest tax bracket is most likely to spend their windfall tax break. As recent history shows, the majority of this money will go into personal savings, not into "small businesses," as Repugs like to argue.
Beware of anyone promising a future full of yesterdays.
Republicans relationship to small business is like my relationship to little league baseball. I'm totally in favor of it but I don't actually get involved beyond that. I give them their freedom.
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
...when you consider that the base salary for even a junior-level Congresscritter by itself -- excluding the cash value of perks/benefits or gifts from lobbyists as well as any income from investments, spousal employment, or speaking engagements -- already puts them in the top 3% in terms of household income. When you add all the rest back into it -- especially when you consider the fact that many of them were wealthy in their own right before they even ran for office (since they probably couldn't have gotten there without it!) -- it really isn't all that hard to understand why their tax plan favors the elite. Guess what, folks? Our Congresscritters are the elite -- which is probably one of the reasons why our government is so badly broken, because none of these people can even begin to relate to the average American anymore.
Never trust anyone who insists that patriotism requires you to blindfold yourself with the flag.
Call up Jeeves and tell him to run down to the local Bentley dealer and order up a new one. The tax cuts are on the way!
http://www.youtube.com/watch?v=cLCKSPFrkJQ
Diabolus est Deus Inversus
They should note that this graphic is "Not to Scale". If it were, the last two circles under the GOP plan would be so large they could not fit on this page.
What about those CEOs who make $400 million a year? Would that circle even fit on the page?
How many Senators are millionaires? I know it's about 40.
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
said himself a couple weeks ago(Meet the Press) the Bush Tax Cuts will not pay for themselves. just the interest alone to finance the tax cuts is in the multi-millions. even some conservatives were/are critical of the Bush Tax Cuts taken during war(s).
it wasn't last night. I think it was Friday night. That said, what is also tragic about this is that the msm doesn't cover this issue this way. Which is why that Gallup poll last week that showed the public's trust in tv news, is way down and they didn't mean cable tv, they meant mainstream news. Gallup speculated that it's in fact cable news that is responsible for their decline. A perfect example of this is the story that ThinkProgress has on Laura Ingraham who was on GMA earlier this month trashing the Community Center and Mosque near Ground Zero. As ThinkProgress noted in an article form Salon.com, back in 2009 Ingraham hosted the O'Reilly Factor and she had Daisy Khan, the wife of the man building the Center on the show. During the interview with Mrs. Khan Ingraham mentioned Bloomberg's support and support from several Rabbi's and she told Khan, quote "I like what you're trying to do". How long would it have taken Stephanopolous to do a Nexis search and find this quote from Ingraham from last year? That would have been Must See tv, watching him confront her with her own words. This is a perfect example of why the MSM sucks! The bloggers are KICKING YOUR ASSES!
n/t
A progressive income tax rate increase can actually be more effective at creating jobs than simple cuts - by incenting business owners to reduce their tax burdens by investing profits in the company rather than just taking them out as salary to stow away in foreign bank accounts.
Heck we could just increase the tax on incomes over $10 million. Let the GOP go against it.
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
What else do you need to know to know:
They're bandits.
"Government by organized money is just as dangerous as Government by organized mob"
-= Franklin Delano Roosevelt =-
Rachel reports on really important stuff, but JESUS CHRIST she sounds like a frigging TWELVE-YEAR-OLD CHILD. How the hell am I supposed to take her seriously?
There's always free cheddar in the mousetrap, baby. - Tom Waits
By respecting her? MAYBE? You think?
Education is that which remains when everything learned in school has been forgotten. - Albert Einstein
and screw us all over.
Republicans are liars and simply cannot be trusted.
the difference in plans until you get to one million a year are laughable.
at nine hundred thousand dollars, your 'burden' under the Dem plan is 10K more than the Rep plan.
10K is pocket change to someone pulling in almost a million bucks a year.
The democrats campaign on this? Not a fucking chance they will be too scared shitless they will get attacked by the republican’s bullies
Animate that critter, an' you got a whopping good tv ad.
Still wish, though, someone with a big megaphone would talk about the tax shift the Bush cuts created, a la Barlett and Steele's famous "America, What Went Wrong?" series in the early 90s.
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