Just a reminder - the wealthy are going to get exactly the same tax break as the un-wealthy

[ThomWV]

We have a progressive tax system and marginal tax rates, and that means that should tax cuts for those earning at or below $250,000 be continued they will still apply to those making more.

That's the part that omitted from the conversation. When talk turns to tax rates its marginal rates they are talking about. If a 'rich' man makes $300,000 a year he's going to get exactly the same tax breaks the guy making $250,000 gets on the first quarter million, and he's only going to pay at a slightly higher rate on the next fifty grand as a result of the expiration of the law. So the question here is not if the rich and poor will receive the same tax breaks, its if the rich will receive additional tax breaks greater than those the less fortunate will receive.

[pinboy3niner]

1. The President pointed that out yesterday

In his remarks in the Rose Garden, he said:


"Now, I just don’t believe this makes any sense. Even as we debate whether it’s wise to spend $700 billion on tax

breaks for the wealthy, doesn’t it make sense for us to move forward with the tax cuts that we all agree on? We should

be able to extend right now middle-class tax relief on the first $250,000 of income -- which, by the way, 97 percent of

Americans make less than $250,000 a year. So right off the bat, 97 percent of all Americans would get tax relief on all

their income. People who are making more than $250,000 a year, say, you’re making half a million dollars, you’d

still get tax relief on half your income."


Remarks by the President on Small Business Jobs Bill
http://www.whitehouse.gov/the-press-office/2010/09/15/remarks-president-small-business-jobs-bill

[ThomWV]

3. Exactly - and not one "news" source explained to anyone what that meant.

And I can assure you that "right off the bat, 97 percent of Americans" don't have a clue what he meant by that.

[pinboy3niner]

4. Yep. And "middle class tax cuts" is a misnomer...

...that masks the fact that they benefit wealthy taxpayers, too--even without enacting--and using more deficit spending to pay for--additional cuts for the wealthy.

[JackintheGreen]

2. Add to this the Princeton research that says

that wealth-related happiness tops out at $75,000 and I say the rich can go fuck themselves.

http://articles.latimes.com/2010/sep/06/news/la-heb-money-20100906