The Republicans NEVER do anything that does not benefit the wealthy. That is a fact. Unless, there is someone bending their arm to the point of unbearable pain, there is absolutely nothing that moves them from benefiting the wealthy.I am not going to fall into that trap into believing the Republicans in the House and Senate are finally coming over to the President's way of thinking. Ain't no way.
I hate it when the American people think they are hearing 'fairness' by Republicans, when it actually is disguised as a knife in the back. I want people to think about what has happened in recent history. Since, the President won his election there has been a modest tax hike on those earning over half a million per year.
Yes?
The Bush Tax Cuts ended for the wealthy earning over half a million per year after President Obama was re-elected.
I state a modest tax cut because the fact of the matter is most of the folks earning over half a million per year usually pay the majority of their taxes at 20% on capital gains. Granted capital gains is 5% higher from 15%, but, let's face it, the high earners are not paying 34% or more. They just aren't.
The Middle Class was left alone. Their deductions for Earned Income, Child Tax Credits, Housing Mortgage Deduction was all left intact.
Starting to the get picture, yet?
A couple of days ago, Speaker Boner came out and stated to avert the Debt Ceiling fight due in a couple of weeks, he thought it was time to pass a bill that would lower the tax rates on EVERYONE and close all the loopholes.
That was the plan under Simpson-Bowles. It is actually a tax hike.
Now, Lindsey Graham is saying the same thing. He is entertaining a tax hike by closing all the loopholes in the tax code while lowering the tax rate. It would raise more revenue.
The thing is this, the rates on the Middle Class would increase under the plan Boner and Graham want to pass now that it is their advantage to do so. They can sell their constituents on the tax hike because it would be ACROSS THE BOARD. So, the Middle Class and the Low Income Americans would then be held responsible for more of the tax structure while the wealthy was returned to a more equitable status and pay only 20%.
The highest tax rate under the Simpson-Bowles plan was 24%. Hello?
If we are going to continue to grow our economy and RETURN EQUITY to those that work in the USA there is no room for increasing the tax burden on the Middle and Lower Income Earners. I do believe the Republicans have found yet another issue to put forward as a plan that was the President's Economic Committee and the Democrats are rejecting their own plan.
See, the Republicans know the Middle Class is much better off since President Obama has been elected. They have maintained their lower tax structure AND they still have all their deductions, including, the House Mortgage Deduction. If it weren't for that would the housing market be recovering and providing a returned base of wealth to the average American?
This sudden rush of conscience by the Republicans is quite astounding. A surrender even.
But, it isn't really.
I am convinced more today than ever before that the Republicans completely distain average Americans.
If Boner and Graham want their flatter, fairer tax, I have no problem with it so long as the Middle and Lower Income citizens in the USA aren't set back in their incomes.
There needs to be a higher minimum wage. There needs to recognition of a sundowning of those tax deductions providing added income to the Middle and Lower Income Americans. So, in let's say, ten years after the recovery is well under way, those earning $250,000 and LESS will be incorporated into the NEW flatter and fairer tax code. But, hey, until those incomes are sundowned in 2023, I think everyone else earning above a quarter million per year are PERFECT candidates for a fairer and flatter tax to start beginning 2014.
Now, that sounds like a plan. Ten years of a higher minimum wage, ten years of collective bargaining, ten years of a stable housing market and ten years of returning equity to the Middle and Lower Income Americans that have been forced into poverty sounds like a great plan to me.
