GOP: Wrapping Tax Cuts For The Wealthy With A Small Business Ribbon

For 30 years, the top 1% has banked at an exponential rate. Corporate Profits are at an all-time high. Everyone else?

In 2010, average real income per family grew by 2.3% but the gains were very  uneven. [In 2010] Top 1% incomes grew by 11.6% while bottom 99% incomes grew only by 0.2%.  Hence, the top 1% captured 93% of the income gains in the first year of  recovery.

So as wealth cascades up and coalesces in a cacophony of Beltway Bunga bunga parties, the deficit increases and Washington is set to play around with the “temporary” (haha) Bush tax cuts - an amazing policy that has created so many jobs.

Obama has proposed letting the tax cuts lapse for those making more than $250,000 (though these people would retain the same tax rates on income up to 250k.).  This seems reasonable, but the GOP is sounding Drudge sirens + claiming, “No, no, we can’t do this – think of all the small businesses.  You remember those, right? The Mom+Pop stores that used to exist before we gave Wal-Mart huge tax incentives to come in and ravage your small town we pretend to care about.”

This is all bullshit.

Very few small business owners face the top two tax rates.  The Treasury study shows that only 2.5 percent of small business owners, and 7.9 percent of filers with any income from small businesses that employ people, face the top two tax rates.  Only 0.5 percent of small business owners, and 3.3 percent of filers with any income from small businesses that employ people, make $1 million or more per year.{…}

Extending the tax cuts on incomes in excess of $250,000 would add nearly $1 trillion to deficits over 2013 to 2022, but benefit only about the highest-income 2 percent of households.  The biggest benefits would flow to the very highest-income people… more than 80 percent of the value of the upper-income tax cuts would go to people who make more than $1 million a year.

yes, but think of all the Jobs these Jobs Creators will continue to not Create?!?!