Sorry the CBO score didn't support the unnecessary tax cuts for the wealthy. Kill the messenger and all that. There is not one study that shows that tax cuts for the wealthy creates jobs, increases revenue or stimulates the economy. Trickle down doesn't work. The unemployed spend their unemployment check and the employed middle class spend money too. It''s the wealthy who already have everything they need who don't need to spend any money.
People pay into unemployment. The wealthy are taxed too low and have not been paying their fair share. We need to tax them at the Clinton rate when 22 million jobs were created thus blowing a hole in the argument that taxing the wealthy will kill jobs.
Corporate America is sitting on 2 trillion in assets. Sounds like they've really been given a bum deal by this so-called anti-business president. LOL The corporate bonuses this year are expected to exceed last year. But, as my mother used to say, they're crying with a loaf of bread under each arm. We don't know what to expect about taxes. Boo hoo. We don't know what to expect about healthcare. Boo hoo. Why should they hire when they are making record profits by making fewer american workers work more hours and longer weeks and shipping jobs overseas?
We need to penalize corporate america for sending jobs overseas and make corporations like Exxon, who paid no taxes last year and got millions back from the government, pay their fair share. We also need to raise the social security tax on 100% of a person's income. Bill Gates only pays SS on his first $106,000. How ridiculous is that?
These things will increase revenue and create jobs. Investing in the middle class will create jobs too. We have to quit talking about spending and start talking about investing. Investing in the 21st century and stop trying to take us back to the early 20th century. Investing in infrastructure, clean energy, education, research & development, technology, healthcare, etc.. if we don't want to become a third world country behind China, India, Brazil, etc..
Pres. Obama had to give in to the blackmail of the republicans and extend the unnecessary tax cuts to the rich that the republicans wanted. He knew that if he let them expire, then on Jan. 5th when the republican congress takes over, it would be a much worse deal for the middle class.
Every senate republican signed a letter stating that they would vote for NOTHING until the tax cut for the rich was passed. Not START, not DADT, not the military appropriation bill, not unemployement extentions, NOTHING.
So, while Pres. Obama is supporting this so-called compromise, he is smart enought to know that the job creation comes more from the extention of the unemployement benefits than from tax cuts to millionaires and billionaires. The CBO scored this and it shows that for every dollar in unemployment the economy receives almost $2 in stimulus. For every tax dollar to the rich, we get about 30 cents.
So, when Pres. Obama said that this "tax package" would help create jobs, he was referring to the things in the package that actually do: unemployment extention, middle class tax cuts in the form of lower SS contributions and other tax incentives, not the tax cuts to the wealthy. He never says tax cuts (for the wealthy) will create jobs - he only refers to the tax package which included a lot of things.
