By Steve Hynd
I think it's fairly obvious who:
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.
Would you like that as a graphic?
According to the WaPo's article, there are 315,000 millionaires in the U.S. so giving that $100k gift to the top 0.1% of the population costs the nation something close to that $36 billion added to the deficit every year.
Derek Thompson at The Atlantic writes:
When you put the Obama and GOP plans side-by-side, the effect on low-income Americans is negligible. The effect on middle-income Americans, negligible. The effect on the lower-upper class up to $500,000, negligible. The one-year impact on our debt, negligible. But the impact on millionaires is a factor of seventeen.
In short, two sorts of people should be getting excited about the tax cut debate. The first is millionaires who can save a hundred thousand dollars every year under the GOP tax plan. The second is deficit hawks (many of whom are, in fact, millionaires) who recognize that over a ten year horizon, the Bush tax cuts add between a quarter and a third of our total debt accumulation.
This is their agenda. If it's for millionaires, it's good. Period. It's never been quite this naked, but there it is. How the idiot Democrats are going to manage to lose to a bunch of people whose only real domestic agenda is to hand out $100,000 bills to millionaires, busting the budget while doing it, makes me sick to my stomach.
The GOP's trick is to make "I'm alright, Jack. Keep your hands off of my stack" their vote winning refrain. Over the decades they've created a culture of selfishness where no one cares if someone else is robbing the nation blind, like asset strippers on crack, as long as they get to keep theirs. The Dems keep trying to play a "kinder, gentler" version of the same thing because they love those big campaign donations from the rich corporate owners - and it simply doesn't work. It's about time from each according to their means, to each according to their needs was resurrected and bugger the rich.
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