Thursday, December 2, 2010

168 GOP, 20 Dems Vote Against Tax Cuts

20 Democrats and 168 Republicans voted against a tax cut on income below $250,000 for all Americans. This tax cut would have put money into the hands of middle class families who are struggling to make ends meet. The families receiving this tax cut would have been very likely to put their money more into consumption in advance of the holiday buying season. Extra consumer spending is exactly what the economy needs right now, yet Republicans and conservative Democrats voted against it.

Making the tax cuts for families earning less than $250,000 permanent is sound economic policy, but John Boehner says it's "chicken crap." Just the type of reasoned argument supported by evidence, theory, and history that the country needs right now. In case you were wondering, the "chicken crap" part of the deal is that John Boehner will only get a tax cut on the first $250,000 of his income. The rest of it will be taxed at Clinton-era rates.

The GOP argument is that raising taxes on the wealthy would be an exceptionally bad idea, a position which makes no sense. If Clinton-era rates were so reprehensible for economic growth, why was Clinton's presidency marked by steady expansion of the economy?

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