The Wrong Path
Treasury Secretary Timothy Geithner said: “The policies put in place by the previous administration prior to this great recession have left us with a terrible legacy of challenges. We live in one of the richest economies in the world, but one in eight Americans is on food stamps today. And America is a less equal country today than it was 10 years ago, in part, because of the tax cuts for the top two percent that were put in place in 2001 and 2003.”
The Center for Budget and Policy Priorities reported that as a direct result of the Bush tax cuts, the poorest 20% of earners saw their after-tax incomes rise just 0.4 %. Meanwhile, the top 1% of households got a 5% jump.
Democratic Senator Byron Dorgan insisted: “Republicans ought to know about killing jobs, because they got rid over 8 million jobs during the last administration. We’ve got about 20 million people looking for work. We’re slogging through economic quicksand and America is in deep debt. The Republican solution is to continue giving those that make $1 million a year a $80,000 a year tax cut.”
Bush’s tax cuts, two wars, that weren’t paid for, plus Medicare prescription bill which wasn’t paid for. Nevertheless, congressional Republicans are saying, that the economy is too soft right now to let Bush’s tax cuts expire on those in the top 2% income bracket. Congressional Republicans what us to continue to borrow money from the Chinese in order to give tax cuts to the wealthiest Americans.
Minority Leader Senator Mitch McConnell claims: “They propose to raise taxes on the top two brackets, which would capture 50% of small business income and up to 25% of the workforce. It will have a devastating impact by raising taxes in the middle of a recession. The impact of all of this taxation regulation and increased litigation has a deterrent effect on what we would all like to do, which is to create more jobs.”
Mitch McConnell talks about the deficit. It’s absolutely absurd to claim that 50% of small businesses are in the top two income brackets.
The Center for Budget and Policy Priorities reported that as a direct result of the Bush tax cuts, the poorest 20% of earners saw their after-tax incomes rise just 0.4 %. Meanwhile, the top 1% of households got a 5% jump.
Democratic Senator Byron Dorgan insisted: “Republicans ought to know about killing jobs, because they got rid over 8 million jobs during the last administration. We’ve got about 20 million people looking for work. We’re slogging through economic quicksand and America is in deep debt. The Republican solution is to continue giving those that make $1 million a year a $80,000 a year tax cut.”
Bush’s tax cuts, two wars, that weren’t paid for, plus Medicare prescription bill which wasn’t paid for. Nevertheless, congressional Republicans are saying, that the economy is too soft right now to let Bush’s tax cuts expire on those in the top 2% income bracket. Congressional Republicans what us to continue to borrow money from the Chinese in order to give tax cuts to the wealthiest Americans.
Minority Leader Senator Mitch McConnell claims: “They propose to raise taxes on the top two brackets, which would capture 50% of small business income and up to 25% of the workforce. It will have a devastating impact by raising taxes in the middle of a recession. The impact of all of this taxation regulation and increased litigation has a deterrent effect on what we would all like to do, which is to create more jobs.”
Mitch McConnell talks about the deficit. It’s absolutely absurd to claim that 50% of small businesses are in the top two income brackets.
posted by Jim O'Leary | 5:37 AM
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