As the Bush Tax Cuts for the top 4% of our population nears expiration the GOP is of course now blasting Obama and Democrats for their desire to let the cut run out.
Of course their reasoning is that during a time of economic crisis you never increase any taxes (except those of course of the other 96% of us) when there is a deficit. They hope most Americans have no clue just who it is that will endure a tax increase and unfortunately they are usually right. The average uninformed, uninvolved American probably has no idea just what the arguement is about. That’s how they always convince those most in need to rant, rave, protest and vote against their own best interest.
You don’t hear Sarah Palin, John Boehner, Newt Gingrich or any other member of the GOP telling the American public that we can’t allow the top 4% of wealthy Americans to suddenly be expected to pay their fair share of taxes again when this thing runs out. Of course not, then Americans would understand this isn’t about putting the tab on them, but rather lifting the tax burden they’ve carried for the wealthiest in our country for the last 8 years. Is it any wonder they fight Obama and Democrats so hard. Their buddies will take a hit as will they. Can’t have Limbaugh or Beck or Hannity pissed off that they now have to pay their fair share. Can’t have the big corporations pissed at us when we need their continued payoffs, parties and perks. The GOP and it’s repeated BS peddlers continue to talk in circles about the reality of these original tax cuts and just who ends up suffering in the end. It sure isn’t the top 4% that have enjoyed this cut for the last several years. The GOP is perfectly happy racking up the deficit if it means providing a nice tax break for themselves and their wealthy friends while telling you that making the wealthier pay taxes you are now covering for them is bad, bad, bad for deficit.
Yet even former Fed Chairman Alan Greenspan can be honest with the people even the GOP will probably turn on him now and go for the jugular since he’s not towing the party tugboat of more for us less for you equals good for America. He acknowledged this morning on NBC’s “Meet the Press,” that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being “disastrous” for the economy.
In an interview on Greenspan expressed his disagreement with the conservative argument that tax cuts essentially pay for themselves by generating revenue and productivity among recipients.
“They do not,” said Greenspan. “I’m very much in favor of tax cuts but not with borrowed money and the problem that we have gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money,” he said. “And at the end of the day that proves disastrous. My view is I don’t think we can play subtle policy here.”
So while the tax cuts Bush passed ten years ago are going to expire, thereby bringing rates back to Clinton-era levels and President Obama is pledging to continue the tax breaks for those individuals making under $200,000 and those families earning less than $250,000 the GOP will solider on. They will continue to lie to the American public with claims that tax cuts for the wealthy that the rest of won’t receive is good for all us, even as it would continually tick up the total deficit.
Rest assured they have no intention of explaining how or why hose tax breaks will pay for themselves but they have no reason to tell you the truth.