Sunday, July 25, 2010
Thank goodness the Bush tax cuts are expiring.. on the road to Recovery!
Neat chart in the Wall Street Journal on the actual tax rates (the top tax rate is on income over $373,000!) for the federal government's six tax brackets (five if we revert to the Clinton era rules).
The Bush tax cuts are almost certainly going to expire, as promised by candidate and President Obama, which will do more to shrink our deficit and reduce our debt to China than anything else. If we spend it on infrastructure, we'll generate more jobs and more wealth. Or if we do what the Republicans want and keep the tax rates at the Bush rules, then all that income above $373,000 to our millionaires can go to .... speculative investments or trust funds or anything at all that won't really create wealth or generate jobs in *our* economy. And that's our bottom line (or at least, it should be): what tax rates in which tax brackets will do the most good for the most Americans. I'll take the Clinton tax rates on the right (with billions and billions of taxes to be spent on our economy) instead of the Bush tax rates on the left (removing those billions from the government balance sheet and keeping our economy slow and in debt to China).