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Response to kentuck (Reply #4)

Sun Dec 9, 2012, 08:54 AM

5. Yes,

"I guess we hear what we want to hear?"

...you do, especially when listening to bullshit media talking points.

Krugman: I Hope This Isnt True

WEEKLY ADDRESS: Congress Must Extend the Middle Class Tax Cuts

Hello, everybody. Over the last few weeks, theres been a lot of talk about deadlines were facing on jobs and taxes and investments. But with so much noise and so many opinions flying around, it can be easy to lose sight of what this debate is really about. Its not about which political party comes out on top, or who wins or loses in Washington. Its about making smart decisions that will have a real impact on your lives and the lives of Americans all across the country.

Right now, middle-class tax cuts are set to expire at the end of the year. Time is running out. And there are two things that can happen.

First, if Congress does nothing, every family in America will see their income taxes automatically go up on January 1st. A typical middle-class family of four would get a $2,200 tax hike. That would be bad for families, it would be bad for businesses, and it would drag down our entire economy.

Now, Congress can avoid all this by passing a law that prevents a tax hike on the first $250,000 of everybodys income. That means 98 percent of Americans and 97 percent of small businesses wouldnt see their income taxes go up by a single dime. Even the wealthiest Americans would get a tax cut on the first $250,000 of their income. And families everywhere would enjoy some peace of mind.

The Senate has already done their part. Now were just waiting for Republicans in the House to do the same thing. But so far, theyve put forward an unbalanced plan that actually lowers rates for the wealthiest Americans. If we want to protect the middle class, then the math just doesnt work.

We can and should do more than just extend middle class tax cuts. I stand ready to work with Republicans on a plan that spurs economic growth, creates jobs and reduces our deficit a plan that gives both sides some of what they want. Im willing to find ways to bring down the cost of health care without hurting seniors and other Americans who depend on it. And Im willing to make more entitlement spending cuts on top of the $1 trillion dollars in cuts I signed into law last year.

But if were serious about reducing our deficit while still investing in things like education and research that are important to growing our economy and if were serious about protecting middle-class families then were also going to have to ask the wealthiest Americans to pay higher tax rates. Thats one principle I wont compromise on

After all, this was a central question in the election. A clear majority of Americans Democrats, Republicans and Independents agreed with a balanced approach that asks something from everyone, but a little more from those who can most afford it. Its the only way to put our economy on a sustainable path without asking even more from the middle class. And its the only kind of plan Im willing to sign.

Everyone agrees we need to bring down our deficit and strengthen our economy for the long-term. The question is whether we can do it in a responsible way that allows us to keep investing in the things that have always made America strong. Im convinced we can. And if both sides are willing to compromise, I believe we can give businesses and families a sense of security going into the New Year.

Thanks, and have a great weekend.


The tax cuts for the rich expire in 22 days.

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Arrow 21 replies Author Time Post
kentuck Dec 2012 OP
unblock Dec 2012 #1
ProSense Dec 2012 #2
kentuck Dec 2012 #4
LineLineLineReply Yes,
ProSense Dec 2012 #5
kentuck Dec 2012 #6
ProSense Dec 2012 #7
kentuck Dec 2012 #10
ProSense Dec 2012 #14
muriel_volestrangler Dec 2012 #11
kentuck Dec 2012 #15
GeorgeGist Dec 2012 #8
coalition_unwilling Dec 2012 #13
bigtree Dec 2012 #3
great white snark Dec 2012 #12
coalition_unwilling Dec 2012 #16
bigtree Dec 2012 #17
coalition_unwilling Dec 2012 #18
Aerows Dec 2012 #9
99Forever Dec 2012 #19
eridani Dec 2012 #20
CheapShotArtist Dec 2012 #21
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