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Billionaires need a tax cut why?

Republicans are ready to practice fiscal restraint and cut the deficit, right after the billionaires get their tax cut which will add $700 billion to your debt. And just why do these billionaires need a tax cut? If they don’t get their way, they will cry and you can expect to see a drastic decrease in your paycheck after the first of the year. According to CNN;

Given that the Bush tax cuts coincided with the most sustained period of private-sector job loss in this country since the Great Depression, and that there is no credible challenge to the view showing that tax cuts to the rich are far more likely to wind up in hedge funds than in the pockets of newly hired workers, Republicans need to decide whether paying off their wealthy campaign contributors trumps doing the right thing.

But, if we give tax cuts to the rich they will run right out and put everybody to work. Right?

  • Wall Street handed out a record $144 billion in bonuses this year.
  • Neiman Marcus sold out 100 limited edition Chevrolet Camero convertibles at $75,000 each in 3 minutes.
  • The $5.5 billion, Marina Bay Sands Resort in Singapore is the second most expensive casino in the world. It is expected to generate $1 billion of profits in its first year of operation in Singapore and $3.2 billion in the second year.
  • Tiffany & Company reported that third fiscal quarter sales rose 14 percent to $681.7 million. Profits for the luxury jeweler  rose 27 percent to $55 million for the three months that ended October 31, 2010.
  • At Saks Fifth Avenue, profit soared as the retailer sold more at full price, while overall revenue rose 4 percent. Business was helped by strong demand for jewelry, women’s clothing and men’s sportswear.
  • Both Sears and Kmart are getting squeezed by aggressive competition during a time when shoppers are reluctant to open their wallets.
  • “You have the Wal-Mart customers who are going to dollar stores toward the end of the month,” said Wall Street Strategies analyst Brian Sozzi.
  • Republicans are refusing to extend the Obama “Making Work Pay” tax credit for working families that gives you an extra $400/year ($800/year for couples).

Rachel Maddow Show - Click for big

This graph shows the relative size of the Bush tax cuts. While you and I get around $1,000, millionaires get 100 times as much under current law. Notice that under the proposed Administration plan, rich folks still get a nice tax cut of several thousand dollars. So, tell me again just why we need to extend the Bush tax cuts as is for the wealthy? They haven’t created jobs in the last ten years, the rich don’t need the money and businesses will only start creating more jobs when there are enough people working to create customers for their products. Mr. President, Just Say NO!

One Response

  1. […] this is one of the best posts i have seen on the top 5% of our wealthiest citizens fighting to renew their bush tax cuts in spite of the fact that they are actually prospering in this recession while the rest of us are losing ground. […]

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