Bush tax cuts
If video won't play go to It's time to jump off the Fiscal Cliff
In a recent broadcast, Thom Hartmann makes a compelling argument why Democrats should allow Congress to jump of the “fiscal cliff” and allow the automatic tax and spending cuts to take place on December 31st (when the Bush tax cuts expire and automatic cuts to defense and domestic spending occur as stipulated in the Budget Control Act of 2011). Read more about The Fiscal Cliff: Time to Go Ahead and Jump
Bernie Sanders appeared on Dylan Ratigan's show yesterday talking about Elizabeth Warren's appointment. Towards the end of his interview, he said a few words about his opposition to extending the Bush Tax cuts to the wealthiest Americans. His proposal was to end the tax breaks the high income people, take the $700 Billion freed up, spend $350 Billion on sorely needed infrastructure projects, creating millions of jobs over a 10 year period and taking the other $350 million in savings and applying it to deficit reduction. Read more about Et Tu Bernie?
There's this myth going around. It seems many people think the extension of Bush-era tax cuts on the first 250k in income per family exclude wealthy families. They do not. While policy makers are debating letting the Bush-era tax cuts exclusively targeting those with family incomes above 250k, these families would not be excluded from the Democratic proposal to extend these other tax cuts. Indeed, in dollar terms, the wealthy fair better under the so-called middle-class tax cuts, than the middle-class.
via Yves, bien sûr:
The incomes of the top 400 American households soared to a new record high in dollars and as a share of all income in 2007, while the income tax rates they paid fell to a record low, newly disclosed tax data show.