Does anyone even realize how much this tax "hike" would cost the typical family making $500,000/year? Anyone? Take a wild guess, then click on the chart above.
If you're pulling in a cool 500 stacks a year, you prolly blow $6,000 on a party weekend at the spa. Raising your taxes by that small an amount isn't going to suddenly send you to the poorhouse. Until you get close to the million dollar mark, we're not talking a dramatic increase in taxes here, folks.
Enough of the class warfare already, this legislation is going to help us make a dent in the staggering deficits run up by the last three Presidents.[1] Most of us are going to see our taxes cut! Those who will see a tax increase can probably afford it. Enough already.
Question: Is the Republican campaign tactic of keeping taxes low for all Americans going to work in the Fall? How can the GOP justify $600B in tax cuts for the wealthy, yet quibble over how to pay a measly $30B to extend unemployment benefits for those less fortunate?
Bush-Era Tax Cuts a Likely Campaign Theme [WSJ]
[1] Yes, all three of them. Sure, Clinton left office with a record surplus, but when the market went South during his final year in office, he did nothing to adjust the spending that Bush inherited. Bush, obviously, had no clue of what fiscal responsibility meant either.
