Extending bush Cuts For The Rich 4 Two Years= $140B, NOT $700-B

[stopbush]

I keep reading that Obama just gave the richest 1% "another $700-billion in tax cuts that will be added to the deficit."

No, he just gave them $140-B, ie: $70-B for 2 years.

The $700-B number one hears is what the bush tax cuts for the rich added to the deficit over the 10 years that they have been in place. That was $70-B a year over 10 years.

The two year extension adds another $140-B to the deficit.

I'm not for it, but inflating the number to make an argument is a tactic people use when the facts aren't on their side.

[leftstreet]

1. Technically, aren't they the Obama Tax Cuts For The Rich now?

:shrug:

[stopbush]

3. Whatever. Sure.

He'll be able to use that in 2012 when the Rs pull their class warfare crapola again.

[Major Hogwash]

6. No shit. The Republicans in the House voted against any tax cuts.

Because they were in 2 separate bills, the same way the tax cuts became law.

Not only that, but the Republicans voted en bloc against renewing unemployment benefits for 1 million unemployed people whose benefits are scheduled to expire at the end of the month.

So, the Republicans have demonstrated to the American public who they care for - the rich!!

[Statistical]

4. That has a horrible ring to it. n/t

[JamesA1102]

2. Don't confuse the demagogues with facts nt

[dkf]

5. It's two years of the middle class tax cuts plus the unemployment extension for one year that costs

Close to $700 billion.

I doubt any politician will ever have the guts to raise those taxes. Instead they are going to wait for the IMF to force austerity on us.

[neverforget]

7. $140 billion that the Republicans can now add to slashing from the budget

because the "debt" will now be their next priority.

[ddeclue]

8. In two years Obama loses and the new Republican President will make them permanent.

Obama caved.