Bush Tax Cuts For The 1%The Senate Democrats overcame a Republican filibuster and ended the Bush tax cuts for the wealthiest 1% of Americans. It's now moving on to the Republican controlled house.
I've gone through the GAO accounts myself.
These tax cuts -- largesse unwisely given to the wealthy by President Bush at a time we went to war with Iraq -- coincide with the disappearance of President Clinton's budget surplus.
When those tax cuts kicked in (largely cuts in taxes on capital gains, for example, but also tax breaks for your second, third, or fourth vacation home) suddenly we see deficit spending. Largely because the amount of money coming in dropped.
These cuts are so controversial and slanted in favor of the ultrarich that even Warren Buffet said, "
It's time to stop coddling the super rich," noting that he paid less in taxes than his secretary, "And that's not fair."
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Steven King chimed in, "I’ve known rich people, and why not, since I’m one of them? The majority would rather douse their dicks with lighter fluid, strike a match, and dance around singing 'Disco Inferno' than pay one more cent in taxes to Uncle Sugar." He points out their (and his own) philanthropy as well, and says that it's not enough.
Now the Democrats have acted, and hit the delete button on Bush's extravagant largesse that has cost our government (literally) so much.
The Republicans, to a man (and woman), voted to keep them.
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