After a schedule packed with recovery measures, health care, financial reform and job creation, members of Congress are finally turning their attention to the Bush tax cuts, which expire at the end of this year. President Obama and Democratic leaders in Congress propose to extend the Bush tax cuts for all but the richest two percent of taxpayers, those who make over $250,000 a year (over $200,000 for unmarried taxpayers).
Rumors are flying that Republicans would block such legislation — meaning they would block tax cuts for 98 percent of taxpayers — because they oppose allowing them to expire for the richest two percent. That will have interesting consequences, given that a large majority of Americans think that the Bush tax cuts should expire at least for those who make over $250,000 a year.
Previously released figures from Citizens for Tax Justice show that the Republicans' approach to the Bush tax cuts would result in a $54,000 break, on average, for the richest one percent of taxpayers. (State-by-state figures are also included).
A new op-ed written by CTJ and appearing in several papers today explains that the very Senators who have blocked relatively small job creation measures (which economists agree are more effective than tax cuts) are the same Senators who want to increase the deficit by a trillion dollars in order to extend the Bush tax cuts for the rich.
Read the op-ed.