If I pay 25% of my income in federal tax today and I pay 25% of my income in federal tax in 2011, am I getting a tax cut? According to the president I am.
Right now, we could decide to extend tax relief for the middle class. Right now, we could decide that every American household would receive a tax cut on the first $250,000 of their income.
But once again, the leaders across the aisle are saying no. They want to hold these middle-class tax cuts hostage until they get an additional tax cut for the wealthiest 2 percent of Americans.
We simply can’t afford that. It would mean borrowing $700 billion in order to fund these tax cuts for the very wealthiest Americans — $700 billion to give a tax cut worth an average of $100,000 to millionaires and billionaires. And it’s a tax cut economists say would do little to add momentum to our economy.
And then there is this again from the White House website:
As the President has been explaining all week, Republicans in Congress have been refusing to allow an extension of middle class tax cuts unless there’s also an additional tax cut for the wealthiest 2 percent of Americans — an average of $100,000 for everybody making a million dollars or more per year.
What has that got to do with the families who earn $255,000 a year or $300,000 a year who are not in the same league with people who make $1,000,000 a year? $250,000 may be a lot of money in the middle of Iowa and in Alabama, but it is not in Bergen County NJ, CT or NYC where the property taxes on a modest home can easily be $12,000 a year or more.
Does anyone really believe the dribble that comes from politicians mouths?
QUINNSCOMMENTARY 