Millionaires On Hill Bi-Partisanly Want To Extend Bush Tax Cuts For Rich

By Steve Hynd

Two headlines today might cause you to ponder what it is about the millionaires on the Hill that they're in such bi-partisan agreement on tax cuts for the rich.

The first, from The Hill's Michael O'Brien, "Pence says Republican majority would move first to extend Bush tax cuts", says that:

House Republicans' first move in the majority would be to extend tax cuts set to expire at the end of the year, House GOP Conference Chairman Mike Pence (Ind.) suggested Wednesday evening. 

Pence, the third-ranking Republican in the House, said that House Republicans would look to extend the tax cuts they helped President George W. Bush pass in 2001 and 2003, which are set to expire at the end of the year.

"Well, we're going to stay focused on Election Day. But I think before that, we're going to continue to demand that this administration and this Congress make it clear that no American will see a tax increase in January of next year," Pence said during an appearance on CNBC.

Well, no surprise there. The GOP is all about helping rich folks get richer, right?

But the second, from McClatchy's David Lightman, " Democrats unlikely to repeal tax cuts for the rich" is the eye-opener:

Democrats in Congress are poised to play a leading role this month in thwarting their party's effort to raise income tax rates on the wealthy.

Tax cuts enacted in 2001 and 2003 expire at the end of this year. President Barack Obama and Democratic congressional leaders have been eager to extend the breaks for individuals who earn less than $200,000 annually and joint filers who make less than $250,000. Those who earn more would pay higher, pre-2001 rates starting next year.

However, a small but growing number of moderate Democrats are balking at boosting taxes on the rich. Many face electorates that recoil at the mention of any tax increase. Some represent areas that are loaded with wealthier taxpayers. Further, some incumbent senators who don't face voters this fall are reluctant to increase taxes on anyone while the economy remains sluggish.

Without their support, the push to raise rates on the rich probably will fail.

Dem Senators Evan Bayh, Ben Nelson and Kent Conrad are ready to stick their spanner in the works, as are a small coterie of Democratic Party representatives. Their mission is to prevent a bill passing before the November midterm elections - and thus before a probable Republican majority in at least the House.

Keeping these tax cuts for the rich would cost the nation $3.3 Trillion over the next decade. That's money you poor suckers won't see spent on schools or teachers, preventative healthcare, roads and other infrastructure, unemployment benefits etc. Ever get the feeling you're being screwed coming and going?