OK, let's understand this.
The Republicans swept into Congress in November 2010 on a platform of limited government, fiscal responsibility, and deficit reduction.
In their first major negotiation with the Obama administration they wrangle continued tax cuts for billionaires and a limited tax rate for the wealthiest Americans who inherit estates from their elders in exchange for 13 months worth of continued unemployment payments to citizens who have been looking for work for over 99 weeks.
This deal will add billions to the deficit. We need to extend the unemployment benefits because we have been unable to stimulate the economy. All of that money will be spent and will help jobs and the economy. Billionaires, however, have not proven that over the past ten years that they have used their tax cuts to stimulate the economy or create jobs. Has anyone looked at the unemployment rate recently?
Billionaires will sock this money away.
I don't know that the $250,000 cut off for married couples really works. People in that income range spend lots of their money and probably do help create jobs. Big difference between $250,000 and one million in terms of income levels.
Perhaps we could continue the tax cuts for those making under one million. I could accept an argument that that would help create jobs.
Over one million, however, I am less convinced. This only adds to the deficit and continues to press a burden on future generations.
Republicans are amazing in their ability to speak from both sides of their mouths. They insist we must reduce the deficit but at the same time advocate for deficit-increasing tax cuts for billionaires.