We’ve gotta pinch pennies these days. Don’t you know we have a budget deficit?
For months that’s been the word from the “Rs” and conservative “Ds.” They’ve rejected every suggestion that we do more to avoid deep cuts in public services and help the ailing economy.
But these same politicians are eager to cut checks averaging $3 million each to the richest 120,000 people in the country.
What? You haven’t heard about this proposal? Actually, you have: It’s about demands that we make all of the Bush tax cuts permanent.
What’s at stake here? According to the nonpartisan Tax Policy Center, making all of the Bush tax cuts permanent would cost the federal government $680 billion in revenue over the next 10 years.
In comparison, it took months of hard negotiations to get Congressional approval for a mere $26 billion in desperately needed aid to state and local governments.
And where would this $680 billion go? Nearly all of it would go to the richest 1 percent of Americans, people with incomes of more than $500,000 a year.
But that’s the least of it: the majority of the tax cuts would go to the richest one-tenth of 1 percent.
Take a group of 1,000 randomly selected Americans, and pick the one with the highest income. He’s going to get the majority of that group’s tax break. And the average tax break for the average member — who makes more than $8.4 million a year — would be $3 million over the course of the next decade.
How can this kind of giveaway be justified at a time when politicians claim to care about budget deficits?
Let’s tell our U.S. Congressional legislators to let the Bush tax cuts expire. And, that we demand fair treatment for the majority of Americans — not just the superrich.