Monday, August 23, 2010

Tax Cuts for Rich

If the tax cuts for the rich are extended, I will be deeply discouraged.
The facts are noted by Paul Krugman in his New York Times column of August 22.

"According to the nonpartisan Tax Policy Center, making all of the Bush tax cuts permanent, as opposed to following the Obama proposal, would cost the federal government $680 billion in revenue over the next 10 years. For the sake of comparison, it took months of hard negotiations to get Congressional approval for a mere $26 billion in desperately needed aid to state and local governments.
And where would this $680 billion go? Nearly all of it would go to the richest 1 percent of Americans, people with incomes of more than $500,000 a year."

This extension is unconscionable, immoral, and surely not in the interest of most citizens. Are the American people not able to understand their own self-interest?

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