A very simple concept as regards the debate on Congress extending the Bush-era tax cuts to the <$250,000AGI.
So, we are being urged (held at gunpoint) to allow the rich and the corporations to continue to benefit under the “Bush’s folly” tax cuts, for “fairness” sake. How tempting to cave into this? Bush’s tax cuts neither created jobs (millions of jobs were lost during Bush’s administration), nor did they stimulate the economy (drove it into the ditch and rolled it over a few times for good measure) — they blew a hole in the deficit. We are being so urged with the understanding that it will add $780,000,000,000 to the current deficit (all the while the rich have become richer during this, the Great Recession, while most of us are struggling, or worse, thank you). We are being so urged on the unproven mere premise that the rich and the corporations will take the generous tax cuts and “plan for the future”, spend it “hiring workers and creating jobs” and “starting new businesses”.
I say let the people urging this resolution of the tax cut debate by allowing the rich to benefit, well I say, let the fat cats put their Dubai bank accounts where their mouths open and the words slither out.
Riddle me this: If we blow a hole in the deficit to add to your “good fortune”, how many jobs do you pledge to create? # _______
If you get the tax cut, and you will not create a job other than your own, you must open a new business within the year.
Are you willing to lose the tax cut if you fail to create a job, or fail to open a new business?
So, put up or shut up. We deserve a smart tax policy – we do not have to tolerate a stupid government or a stupid Congress.
Again, it’s very simple. If you’re rich, and you receive a tax break, and you don’t contribute to rebuilding the workforce during the course of the next year in a concrete way, or if you fail to start up a new business, then your rates go back up the following year, and they stay up until you qualify for a reduced rate or other job creation or business-opening credit.
But remember, the Bush tax cuts for the rich did not stimulate the economy. The rich took the tax cuts, and stuffed it away into gold, foreclosed beachfront real estate (you’ll never see prices this low again), and Dubai bank accounts. the corporations spent it on outsourcing jobs to Asia and Mexico, and buying the FOX network, and advertisements stating the most despicable things about our President.
Meanwhile, President Obama’s “loose nuke” work while a U.S. Senator, his support for funding of these projects at the Dept. of Energy, and his follow-through as President, led to yesterday’s announcement of the removal and safeguarding by the UN’s of 14 tons of highly-enriched fissile Uranium and Plutonium from Kazakhstan. http://www.nnsa.energy.gov/mediaroom/pressreleases/bn35011.18.10