Here’s the background:
In 2001 President Bush and the Republicans put through tax cuts with the biggest cuts going to the wealthiest Americans. While those tax cuts arguably helped all Americans, they added over $1.7 trillion dollars to the deficit and, by 2007, resulted in the top 1% of earners taking 23.5% of all income earned in the United States. By original plan, those cuts expire in 2011.
Due to the economic crisis, President Obama wants to extend those tax cuts – but only for Americans who earn less than $250,000 a year. The Republicans want to the cuts to include America’s wealthiest people (and the biggest donors to Republican causes) at a cost of an extra $700 billion dollars tacked onto the deficit.
The Republican’s argument is that wealthy Americans own business and if we don’t give them tax breaks, they won’t create new jobs. That claim is absurd, disingenuous and absolutely false. There is only ONE reason business owners hire new employees: because of increased demand for the goods they manufacture or for the services they sell.
This Republican scare tactic is just another attempt to get hard-working middle-class Americans to voluntarily shift the tax burden from the wealthy onto themselves. The truth is that no business owner in their right mind is going to spend money to hire workers they don’t need . . . simply because we lower their taxes.
But as you read this, Republicans are demanding that those breaks, which diverted so much money to the already-wealthy, be extended at a cost of another $700 billion dollars to the deficit. And they are holding YOUR tax break hostage unless President Obama gives into their demands.
If you think that’s right, then do nothing. If you believe that YOUR tax cut should be contingent upon extending more tax breaks to people who are already earning over $250,000.00 a year — then just delete this e-mail.
But if you believe what the Republicans are doing is wrong, you need to speak up and you need to act QUICKLY – before it’s too late. Call your Republican Senators and Representatives today. Tell them that you don’t make as much as they make or as much as their wealthy friends make. Tell them that every dollar you save on taxes gets spent into this economy, keeping people employed and helping to create new jobs. Tell them they need to start doing what’s best for you and not what’s best for their wealthy Republican friends. Tell them they need to stop blocking things that will help Americans recover from the recession they caused.
Here’s how to contact your U.S. Senator:
http://www.senate.gov/general/…
Here’s how to contact your U. S. Representative:
http://www.contactingthecongre…
In 2010 the Republicans voted to block Wall Street and bank reform. They voted to block aid to small U.S. businesses. They voted to block numerous jobs bills and unemployment extensions during this economic crisis. They even voted to protect BP from paying full damage claims from the Gulf oil spill. They say they are on your side as they sound the alarm about deficits from one side of their mouth, yet they want to give their wealthiest friends (and donors) a $700 billion dollar tax break from the other.
Whose side are they REALLY on?
It’s time to read between the lines.
Forward this to your friends who earn less than $250,000.00 a year. Urge them to get involved. If we don’t do it, we have no one to blame but ourselves.
Related Reference and Research:
Here’s a PBS video explaining both sides of the issue:
http://www.youtube.com/watch?v…
Here’s Stephen Colbert’s amusing take on it:
http://www.colbertnation.com/t…
More reading, including references to how the wealthiest 1% of Americans jumped from taking 9% of America’s income in the late 1970’s, to taking 23.5% of America’s income in 2007:
http://www.nytimes.com/2010/09…
if the Democrats get their way (and extend the cuts for <$250K earners) they will be increasing the deficit to over $2 Trillion.
<
p>The Bush Tax Cuts for over $250K people totals $36 Billion per year. The under $250K people total $202 Billion per year. Why are you so hung up on the $38B while you ignore the $202 B?
<
p>PS… you may want to mention your incorrect figures of $700 Billion are 10 year estimates.
<
p>
<
p>
<
p>Funny… YOUR tax cut… but their tax break.
1) Rightly or wrongly, 10-year estimates are the figures most cited by both parties when considering legislation.
<
p>2) I don’t want to pay more taxes any more than you do, and we’d vote away ALL our taxes if we could. But some of us are in a better position to pay more than others and the truly Patriotic thing to do is for those who have benefited from economic success to pick up a a little bit more now, since the middle class can’t. And since so many of the top earners are business owners or top-level execs, they will end up benefitting far more, financially, once the economy picks back up, than will the middle class. Consider it an good investment, with great returns, for the wealthy.
<
p>3) The extension of the tax break (or cut, if you prefer) for the middle class is far more likely to be quickly spent right back into the economy — which is the whole point at the moment. No cash, no buyers. No buyers, no jobs. No jobs, bigger deficit. You and I both know that the wealthy are far more likely to save it, which does little to boost the economy.
<
p>4) Yes, indeed it will!
1.) My point was I think you have to state the time frame of any revenue savings or adding to the debt and you didn’t mention your estimates were over 10 years. Otherwise it is misleading. I’m sick of these bullshit news tidbits of if we do this is will save us $1 trillion OR it will add $1 Trillion while they forget to mention that estimate (guess) is over a 10 or 20 year period. Why not change the term to 50 years and really engage in hyperbole?
<
p>2.) The Patriotic thing, don’t go there Joe Biden. Have you been following the tax habits of our politicians and leaders (including Timothy Geithner)?
<
p>3.) Maybe we should find the real spendthrifts in our country and just give them the money. I know some people who can’t save a dime because they spend every penny they get their hands on (and usually carry large balances on their credit cards. Let’s review people’s savings rates and if they are financially responsible, we’ll skip giving them any tax break. You can reply George Bush telling Americans to “go out and buy something”.
<
p>PS Why do we make the jump of calling people making over $250K “wealthy” “millionaire” and assume that person won’t spend any of their own money which the government doesn’t take? I know a number of contractors and many of them are working on landscaping jobs, basement refinishing, additions… of people in the $200-500K income range. Those people are spending money.