There is no such thing as a free lunch. We can’t have tax cuts without cuts in services. We currently have a $1 trillion deficit as a result of three main things:
#1 – Higher unemployment left over from the Bush economic crisis
#2 – Higher spending for wars and healthcare costs that have been increasing significantly over the past few decades
#3 – Lower tax rates for Americans
So … we either want to cut taxes for the rich or raise them for the rich. If we cut taxes – we know that those tax cuts do not pay for themselves and thusly – we would need to cut other programs in order to “pay for” those tax cuts for the rich or we’d increase the deficit even further. Or we can reduce the deficit through increasing tax rates on the rich. Your move America.
Ezra Klein explains the chart HERE:
What you’re seeing there is the same data as on the first chart, but with “equally spaced intervals on the horizontal axis represent[ing] equal percentages of taxpayers.” The result is that the two candidate’s tax plans come through much more clearly. Romney’s plan is a large tax cut for the top 60 percent, a huge tax cut for the top few percent, and a significant tax increase for the bottom few percent, as he permits a few temporary tax breaks that benefit low-income folks to expire. Obama’s plan keeps the current tax rates for almost everyone but the top few percent, who face a very large tax increase.
Make no mistake about it – if we pass these tax cuts for the rich … all we will see is more cuts to Medicare for seniors, Pell Grants for college students, free lunch programs for elementary kids etc.
Meanwhile – do you think there is a connection to Mitt Romney having the support of the billionaire class and he himself having more money than god … and wanting further tax cuts for the rich and increasing taxes on the poor? Do you think maybe that has something to do with why these billionaires are spending so much money so that they’ll win?
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