Class Envy Kills Jobs
We don’t need to subsidize the rich with tax cuts
Harry Pierson | Asheville Citizen-Times | September 28, 2010
Tea party activists, do you know how much your own federal taxes go up if the Bush tax cuts are allowed to expire for everyone? The Tax Policy Center has an excellent calculator that answers the question at http://calculator.taxpolicycenter.org.
A married couple with no children making $53,000 a year would see their taxes increase $160. A married couple making $135,000 would see their taxes increase about $1,000. The top 2 percent would see their taxes go up about $100,000 on average — which won’t begin to make a dent in their standard of living, as it represents at most 4.5 percent of their income.
It never ceases to amaze me how the vast majority of Americans are willing to vote against their own financial interests to protect the rich, on the lottery ticket chance they might become rich themselves one day. Trillions of dollars added to the national debt, with interest payments their children and grandchildren will struggle with, so that millionaires and billionaires can have their taxes slashed. Oops, I forgot. These middle-class Americans get to save $3 a week on their own taxes. Enjoy.
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