OBAMA ADVISER SAYS PRESIDENT WILL NOT EXTEND BUSH TAX CUTS, EVEN TEMPORARILY: ’100% COMMITTED’

[Tigress DEM]

96. If the bar is @ $250,000 that little bit for a lot of folk goes back into the economy.

A lot of the $250,000 range are the small business owners who are struggling to survive and treat their employees well at the same time. Below $250,000 is most of the population. ( 98% according to Tax Statistics)

People earning above $250,000 a year, Millionaires and above can fend for themselves. They have been sharing in approximately 700 billion a year in tax cuts. People making over a quarter of a million won't face the same hardship decisions as people under that line do, but they will be financially affected more than their millionaire/billionaire counterparts.

Most of us aren't greedy. The money that comes back to the 98% is going to go back into the economy or into a reserve fund to handle emergency situations. If we can pay for a roof over our heads, put gas in the car to go to work and still feed and clothe our family in a decent manner, we'll scrimp and save or work harder to get the extras.

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...tax rates for the rich (sic have) decline(d) over the past decade, primarily due to the Bush tax cuts of 2001 and 2003. About 2/3 of the dollar value of those tax cuts went to the top 20 percent of income earners. Drilling down further on the Bush tax cuts, we find that about 20 percent of the benefit, or tens of billions of dollars, went to the top 0.1 percent of earners.