The Democratic House leadership’s gambit on middle class tax cuts worked, Republican lies about tax cuts for middle class families being a job-killer and un-American and a travesty notwithstanding. The bill just passed, 234-188, with three Republicans voting for us, and 20 “Dems” voting for the millionaires.

So, it probably isn’t news to anyone who is a dyed in the wool democrat, but the GOP now has a vote on their record to raise taxes on 98% of the American people, because they cant seem to care about the middle class. They seem caught up in that 2% of Americans who make over $250,000 a year in income. It isn’t even so much that these 2% are being treated so horribly. In the Democrat’s tax plan, even that top 2% would receive a tax break on their first $250,000. It is just everything above that will be taxed at a higher rate.  Maybe that is too much of a burden on them. I wouldn’t know. My income has never been anywhere near $250,000.  I think I’d be trilled if I got any tax break at all, if I was earning that much.  The link below is to Daily KOS, and a piece by Joan Carter.

Rachel Maddow also talked about this on her show, and she is labeling this, the millionaire’s bonus. For the GOP, including those Tea Party folks who got elected to create a smaller government and cut down on debt, this seems to be the only thing they care about.  So some rich person who makes $500,000, should pay less taxes on all of that, instead of the Democrats plan which would give that person a break on the first $250,000, but a higher tax rate for the rest of that $500,000. This bonus the GOP wants to pay the millionaires and billionaires has a price tag of $700 billion over the next 10 years! In other words, the GOP plan will raise the deficit by 700 Billion, and they offer no way to pay for it, except to promise cuts in spending. But they can’t demonstrate where they will find that much to cut. So, this is a pretty expensive bonus!

The whole reaon we have a deficit today instead of the surplus that existed when Bush (the first)  was elected was because of tax cuts and spending that wasn’t paid for. There are 4 big things:

• The Bush tax cuts- not paid for.
• 2 Wars- not paid for.
• Medicare Part D- not paid for.

The Republicans claim that these tax breaks will cause jobs, but if that were the case, where are all the jobs these tax cuts have produced over the past 10 years? They don’t exist. Because economists can show that the richest people don’t take that extra money and spend it. They take it and invest it and save it. In other words, tax breaks for the millionaires and billionaires will do little more than help them be richer than they are already. The real problem for the economy is that no one is producing products because the 98% of people who aren’t the rich, aren’t buying things. No demand means that production slows or stops. If you increase demand by helping these folks spend, the economy will improve and improve for everyone.

So the House Democrats called the Republican’s bluff, and passed tax cuts for the middle class. Word is that the Senate will hold a similar vote on Saturday. What do you think will happen? Will any Republicans cave in and vote “Yes” on tax cuts for the middle class? Or will they too demonstrate their hypocrisy further by holding out for the millionaire bonus. Bonus or nothing for anyone? Is that what the Republicans think the American people want?

via Daily Kos: State of the Nation.