Wednesday, October 6, 2010
Newt's Message (and the truth, wow novel idea!)
Another example of the skewing of the issues by the right. The tax increases that Newt refers to in this “memo” are actually the expiration of the Bush era tax cuts, which gave minimal tax relief to the lower and middle class, but gave a windfall to the top 2 – 3 percent of the wealthiest Americans. At the time the tax cuts were enacted, the tax rate for the wealthiest, for individuals and couples filing jointly earning over $307,050 per year was 38.6 percent. That was reduced to 35 percent.
To see the comparison:
A couple earning $500,000.00 a year, got a tax break of $18,000.00 a year
A Wall Street Banker earning $10 million a year got a tax break of $360,000.00 a year
There is agreement within both parties that the Bush tax cuts should be continued for taxpayers earning under $250,000.00 a year. The Republicans are dead set on obstructing an extension of those cuts, which everyone agrees on, to get their piece of the pie, the extension of tax cuts for the wealthy. If we are going to talk about this subject, and give examples, let’s put all the examples out there. The Newts don’t want to show the true facts, because the true facts are that the Republicans want to keep the tax cuts for the wealthy Americans while using scare tactics,skewed representations and obstructionism to cause the electorate to give them the means to accomplish their goals.