Virtually all of us agree that there should be an extension of tax cuts for small businesses and individuals earning less than $250,000. The question is should we tax the super wealthy or continue giving them a tax holiday?
Since our nation is in hock for $14 trillion dollars, perhaps it’s time to tax the wealthy. By taxing the wealthy, we will only impose an additional tax of 4.6% on their incomes, increasing the highest marginal tax rate from 35% to 39.6%: hardly a bankrupting scenario for those making millions of dollars every year. And perhaps they should pay more in taxes, since are not those multinational corporations—primarily owned by the super wealthy—responsible for exporting all of those jobs to China and laying off millions of American workers?
Maybe a suitable compromise would be to extend the Bush tax cuts to those making less than $500,000 per year….But I do not feel any sympathy for those earning millions of dollars every year. Did they feel any sympathy for all those Americans laid off over the past few years? And we all know by now that giving the wealthy a tax break doesn’t create more jobs here in the USA…maybe in China, but not here!
John Boehner, the Majority Whip leading the Republicans in Congress, called the middle class tax cuts for those making $250,000 or less, “chicken crap”, even though the Democratic proposal would maintain the current tax rates for 98% of Americans, while letting the rates of the top 2% return to their pre-Bush rates. Apparently the Senate Republicans won’t vote for these middle class tax cuts unless the super wealthy, whom Boehner and other Republicans seem to primarily represent, are included in these tax cuts. But if the wealthy, who certainly can afford to pay their taxes, are included in these tax cuts, it will increase our national debt by $140 billion over the next two years. Soon our country will be following Ireland and Italy into bankruptcy and receivorship.
John Boehner, those middle class tax cuts are not chicken crap. Ask the middle class taxpayers.