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On Extending Tax Cuts for the Wealthy

"I think that people at the high end, people like myself, should be paying a lot more in taxes. We have it better than we've ever had it...The rich are always going to say that, you know, 'Just give us more money, and we'll go out and spend more, and then it will all trickle down to the rest of you.' But that has not worked the last 10 years, and I hope the American public is catching on."
~Billionaire Warren Buffett

President Obama's proposal to freeze the pay for federal workers could save up to $60 billion over 10 years, while the revenue from letting tax cuts for the wealthy expire would save nearly $40 billion next year alone:
"Restoring those top marginal tax rates will help bring down the long-term debt, pulling in almost a trillion dollars of revenues over next ten years. That’s not nearly enough to make a major dent in the nation’s projected deficits, but...it would at least signal to financial markets we’re serious about cutting that long-term deficit."
~former Labor Department secretary Robert Reich
What kind of idiot math is that? 60 billion verses one trillion. And still the rabid Tea Party activists and Glenn Beck zombies believe the crap they are spoon-fed about trickle down economics and job creation.

Greg David (Crain's New York Business) points out that "Republicans argue that higher tax rates on the wealthy will cripple economic growth because it is these people who invest and drive economic growth." The truth is that those in the high income brackets are saving and investing at higher rates than ever, not spending and driving the economy as once thought. It is, in fact, the middle-class who tend to live paycheck-to-paycheck, and are doing all the spending. Seriously folks, all those shoppers camping out at Walmart on Black Friday were not investing in hedge funds.

"Overall, the six years following the Bush tax cuts saw a 4.8 percent increase in jobs.....President Clinton, after raising taxes in 1993, oversaw an economy that (saw) an increase of 16.2 percent, and more than three times better than under the Bush tax cuts." ~Michael Linden, Michael Ettlinger, the Center for American Progress Three Good Reasons to Let the High-End Bush Tax Cuts Disappear This Year

So why do we continue to burden the middle class while coddling the rich, creating the largest socioeconomic gap in history?

©2010 Tammy Yee

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