The GOP is holding tax cuts for 98% of us hostage until tax cuts for the wealthiest are extended
America needs to regain some balance and the Republican Party needs to be reminded of that. For three decades the wealthy have unequally benefited from tax laws, taking home more money than the rest of us, paying less tax on their incomes than the rest of us.
The rich have stashed their extra money in offshore accounts while creating zero jobs. Actually, with less revenue coming into local, state, and federal treasuries, thousands of public sector jobs have actually been lost through layoffs and hiring freezes. Paul Krugman says the fall in public employment is “about 1.4 million jobs less than it would be if it had grown as fast as it did under President George W. Bush. And, if we had those extra jobs, the unemployment rate would be much lower than it is — something like 7.3 percent instead of 8.2 percent.”
That’s lost jobs, lost paychecks and benefits and pensions, lost buying power, lost business. Formerly middle class people now unemployed, homes foreclosed, some now living on unemployment and public assistance. And what for? So that the rest of us can continue to finance the one percent’s tax deductions / lifestyles – like the $77,000 deduction the Romneys took on their Olympic horse.
It’s time to let the Bush tax cuts expire for the super rich.
“In his weekly address, the President called for lawmakers to adopt a Democratic measure which would extend the expiring lower George W. Bush-era tax rates only for those couples making below $250,000, and forcing higher income earners to pay more.
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