Wednesday, July 28, 2010

Allow tax cuts to expire on the Wealthy?


The Bush Tax Cuts expire at the end of this year. There's a raging debate in Washington DC as to what to do about these tax cuts. The White House wants to allow the tax cuts to expire on only those making more than $200 - $250 K a year (The Wealthiest 3% of Americans). Most Democrats support the White House. A few Democrats support the Republican stance. Almost to the one, Republicans do not want these tax cuts to expire.

This debate is insane. It's stupid and a total waste of time.

Let's look at the facts. Keep in mind that we're running an annual budget deficit of $1.4 Trillion. Look at Table 6 of this post. The annual taxable income of the Wealthiest 3% of Americans is about $2 Trillion. If we allow the Bush Tax Cuts to expire on just Americans earning over $200 - $250 K, their income tax rates will go up by about 5%. Do the math. 5% times $2 Trillion = $100 Billion. We'd raise only an additional $100 Billion in annual taxes to try to solve our $1.4 Trillion annual problem? That's not even a start.

Let's get real here. An additional $100 Billion from the Wealthiest Americans only solves 7% of our $1.4 Trillion annual problem. What the hell kind of debate is this? We can't even move to solve 7% of our problem without Republicans raising hell over getting it done?

God Damn the Republican Party. Get off your lazy asses in Washington DC and look at the math. Do the damn math, idiots. Of course we need to raise these taxes. And we need to do MORE, much more. Taxes on all Americans need to go up. Deep, deep cuts to spending, across the board need to happen too. NOW.

The Republican Party just damn sucks. They can't even take the first step to solve our nation's problems without creating all kinds of conflict, finger pointing, whining and crying. Republicans need a wake-up call. They all need their sorry tails kicked out of office.

North Carolina deserves better than Republican Senator Richard Burr.

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