Better No Tax Cut for Anyone–Save $3.7 trillion in Debt
November 15, 2010 Leave a comment
The argument is simple enough. Do not reinstate the tax cuts for all taxpayers. The actual final spending impact is small, the middle class loses $888/family and the group with millions in income get $100’s of thousands/taxpayer. Better to save the debt and cut the deficit by $3.7 million in tax cuts.
The question is: Is it better to extend the tax cuts for everyone or for no one? The answer is to extend them for no one.
The Bush tax cuts have always overwhelmingly benefited the rich, not the middle class, and that is no less true today than when they were enacted. They were bad policy then and they are bad policy today. Extending the tax cuts would dramatically enrich the wealthy relative to everyone else. 65.5 percent of the total benefit would go to the top quintile by income, 26.8 percent to the top 1 percent, and 14.7 percent to the top 0.1 percent.*
About Stephen E. McGaughey
Coral Gables Watch 