I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us, at the expense of middle-class Americans who most need tax relief.
– John McCain, May 2001
Obama wants to let the Bush tax cuts on the wealthiest expire at the end of the year, while extending the cuts for the middle-class. Of course, the GOP labels what the Democrats want to do as “the largest tax cut in history”. Given that the after-tax income of the top 1% has gone up 281% over the past 30 years, I think they can afford it.
After multiple Republicans filibusters, the Democrats finally passed an extension of unemployment benefits, even though it was supposed to be a “jobs bill” (see Ezra Klein) and had been heavily watered down just to get the 60 votes to break the filibuster. This fall, Republicans will ask, “Where are the jobs?” and all the Democrats can say is, “Well, it would be worse if we had done nothing, and we would’ve done more if you guys didn’t get in the way.”
So people are supposedly going to enthusiastically vote for Republicans in November, but on what premise? More tax cuts? Tax cuts were the legacy of George W. Bush. Shall we just try that again?
Tax Cuts vs. Stimulus
This is from conservative financial type folks:
(h/t Bob Cesca)
I’m really pissed that Democrats have caved time and time again over the last 18 months. The stimulus needed to be a lot bigger. They couldn’t sell it. Health care needed to be bolder. They couldn’t sell it. And basic measures to try to push the economy along are token measures.
But they’ve a least got the country pointed in the right direction, if not headed there. I don’t see how putting Republicans back in power can possibly help.