If the country can't afford $700 billion in the next decade in tax cuts, then why are tax cuts of excess of $3 trillion OK?
Just wondering what people think ending the Bush Tax cuts for the top 2% is going to do to help improve our economy. I already know why people want them to end ("rich should pay their 'fair share'", "they can afford it", etc, etc...), so don't tell me that.
Ending the Bush Tax cuts for income earners over $200,000 is projected to bring us about $700 billion in additional revenue over the next ten years. A serious chunk of cash, no doubt, but people seem to be forgetting the other 80% of the Bush tax cuts going to everyone else. If these tax cuts were ended, would bring us an additional $3 trillion in revenue in the next decade.
So, if we have a revenue problem (like so many opponents of the Bush tax cuts seem to think) then why aren't we looking to end the tax cuts for the middle and lower class as well? Why are we also just fine and dandy with extending the payroll tax cut that added an additional $100 billion to our deficit this year alone? And why are we still looking at a national debt just under $20 trillion by 2022 even if we do end all these tax cuts??? How can you say with a straight face that ending these tax cuts for the rich will solve anything other than your personal desire to see them pay their "fair share"?
Posted Mar 25, 2012, 12:26 AM UTC · edited