Monday, August 23, 2010

The GOP Tax Plan - Don't Expect Much

Stand By.  Please stand by.  The "trickle down" will begin in, uh, a few minutes.  Please stand by.  Please ... stand ...

MeanMesa is posting the following graphic -- our last post, August 16, 2010,

Rep. John Boehner - The "Tangerine Dream" Ain't Done Lyin'

linked to this beauty, but it seems that some of our visitors neglected to follow the peanuts.  Please remember that the infamous, economy wrecking Bush Tax Cuts were passed by a 50 vote majority in the US Senate -- yes, by the dreaded reconciliation.  The reason those tax cuts require another Congressional approval this year is because they expire -- like all reconciliation bills -- after 10 years.

Granted, this is no reason for the neo-con hill billies not to start screaming Democrat Tax Hikes.  That poop will probably sell "jest fahn" to folks who aren't interested enough in our country to actually care what's happening.  Maybe that half-baked crowd will just keep chewing on the Obama's a Muslim lies to keep busy.

Now we have all heard about the top 1% of Americans receiving these huge tax cuts and, as a result, seeing their after tax income increase by 300%.   The top 400 earners increased their net worth by $630 Billion during the W's unelected autocracy --  much more than half a trillion dollars.

What may be a little harder to see is the fact that the entire tax cut program was paid for with borrowed money, Treasury Notes sold to China, Japan and various Arabs along with anyone else dumb enough to take George Bush's IOU.  Yeah -- his IOU, but, of course, it has our signature on the bottom line.  Tea Baggers and other Republican miscreants are genetically allergic to this information.

Here's the graphic.  Is everybody all that sure that there are actually "two sides" to this question?   From the Washington Post (click to enlarge):

See the original story here.

Comparing Democratic and Republican tax plans

The Republicans' plan to extend the Bush administration tax cuts for the wealthy would cost $36.6 billion more than the Democrats' plan, which extends cuts only for families making less than $250,000 a year and individuals making less than $200,000.

And, for the follow up story from the same article,

Article | A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.
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