the payroll tax cut is another form of trickle down Reaganomics

[hfojvt]

Here's an analysis from Citizens for Tax Justice http://www.ctj.org/pdf/taxcompromise2010.p...

12.1% of the payroll tax cut goes to those in the bottom 40%
26.7% of the payroll tax cut goes to those in the top 10%

27.1% goes to those in the bottom 60%
46.4% goes to those in the top 20%


The top 10% get twice as much of the tax cut as the bottom 40%.

We'd probably complain if such a proposal came from Bush. But now there seems to be cheering having it come from Obama. And then to hear Obama make the same arguments that Bush did for the efficacy of trickle down economics - unbelievable.

"I look forward to signing the economic recovery bill soon. The principle of the bill is pretty simple, that we believe the more money people have in their pockets, the more likely it is somebody is going to be able to find work in America. In other words, the more money somebody has, it means somebody is more likely to demand a good or a service, which means somebody will produce a good or a service, which means somebody is likely to find work." George W. Bush May 22, 2003

"In my judgment, and the judgment of a lot of economists -- and the truth of the matter is, it's now become kind of the common wisdom in Washington, D.C. -- the best way to create growth is to let people keep more of their own money." (Applause.) George W. Bush May 2, 2003

Obama - "We need to begin by extending tax cuts for middle-class families so that you have more money in your paychecks next year. If you’ve got more money in your paycheck, you’re more likely to spend it. And that means small businesses and medium-sized businesses and large businesses will all have more customers. That means they’ll be in a better position to hire."