General Discussion
In reply to the discussion: Obama Gives Republicans A Tough Ultimatum On Taxes [View all]hfojvt
(37,573 posts)and presumably if the Bush tax cuts were allowed to expire, they would be again.
But that part of the "deal" is not being openly discussed.
And the other key part is that you and I and Bill Gates will all get to KEEP our tax CUTS on our first $400,000 in income.
Except I am betting that only one person in that group even comes 1/3 of the way towards making $400,000.
My income, and the income of MILLIONS of other Americans is less than $40,000. So we gain nothing from those tax cuts for my other $360,000 that I don't make.
Real tax increases are off the table. I accept not getting that pony now.
What chaps my hide is that we are being sold "middle class tax cuts" which give far more in benefits to the top 20% than they do to the 20-60% group. The 60-80% group gets decent benefits, about $58 billion a year. And I would call them middle class - UPPER middle class, but still middle class. But the lower middle class, the 20-40% group only gets $28 billion from the tax cuts.
And as good Democrats we are expected now to cheer tax cuts that help people more the higher you move up the ladder.
Next we will hear the Rush Limbaugh argument to defend it "but they pay most of the taxes, so they will ALWAYS get most of the tax cuts. Its not Bush's (er, I mean Obama's) fault that this happens."