Wednesday, November 17, 2010

Extend The Tax Cuts For The Super-Rich? What the f*&$ for??

I need some clarification here. I keep hearing the Republicans pushing for the extension of the Bush tax cuts for the Top 2% in the US.
Now, they keep saying that these tax cuts are needed for these people because they are then ones that create the jobs. Now, I hear this and I wonder…if they’ve gotten this tax cut since the Bush administration, why haven’t they created those jobs since THEN? What are they waiting for? Let me see if I understand this.

1. The Bush Tax Cuts were enacted in 2001 and 2003. At the least, they’ve been in affect for 7 years.
2. During that period of time more jobs were moved overseas then were created.

So, someone explain to me again why the Bush Tax Cuts should be extended. Is it because they worked so well in the past? Is it because of the million of jobs that were created in the past 7 years? Is it because those tax cuts facilitated an incredible increase to the standard of living to the rest of the population. Is it because they facilitated better health care coverage for everyone or even the less fortunate?

I really need to know that actual, real reason for extending these tax cuts.

On the other hand, don’t those same recipients of the Bush Tax Cuts the same ones that use and expect more of the country’s resources that they don’t want to pay for? And isn’t it true that these top earners don't spend as much of their income as lower earners?

Can someone explain to me how letting the tax cuts expire for those in the highest tax brackets would hurt small businesses? The tax cuts were in affect from at least 2003 and it didn’t seem to help small businesses. Again, can someone tell me how many private sector jobs were created compared to how many moved overseas? Someone explain to me why the tax cuts shouldn’t be allowed to expire that affect less than 2 percent of tax returns reporting small-business income that are filed by taxpayers in the top two income brackets (individuals earning more than about $170,000 a year and families earning more than about $210,000 a year). Explain to me how extending the tax cut helps the other 98%.

Can someone explain to me how making the Bush Tax Cuts permanent would lead to long-term growth? I’m trying to understand how this can be when making the tax cuts permanent would raise government debt? And wouldn’t higher government debt lead to higher interest rates? And we’ve had the Bush Tax Cuts since 2003 and weren’t the economic growth during that time an illusion as demonstrated by the financial collapse during the last couple of months of the Bush Administration? Now I remember being alive during that time and I don’t remember it the way the Republican Revisionists do. I remember Bush’s Treasury Secretary saying that the financial institutions were going to collapse unless the US government bailed them out. I also remember him presenting Congress with a 1 page proposal and stating that he could avert the financial disaster if they game him the $780 billion with no oversight and no questions asked.
So, again, why do the Bush Tax Cuts need to be extended for the Top 2% of the income household?

The only thing that makes ANY sense for extending the Bush Tax Cut for the Top 2% of the income household in America is that these are the same people who bought and paid for the Republican Party. I don’t understand why the Republican Party leadership just doesn’t stand up for their principles. Those principles being that they have an obligation to those that have paid them, given them money, promised them cushy, do-nothing jobs after they leave office. That they don’t care about the people that elected them to represent them in Congress.

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