December 7, 2010
President Obama caved to the Republicans desires to extend the Bush tax cuts to the millionaires and billionaires. The extension is only for two year. However it’s long enough for the Republicans to take back the White House and Congress, at which time they will make the tax cuts permanent for the upper class and allow the tax cuts to expire for the middle and lower-class. So how is the tax cuts distributed over the next two years?
The chart below depicts exactly how the money will be doled out and how much it will cost. 4.8 million people (upper crust) will cost the taxpayers $133 billion and 156 million people (commoners) will cost us $214 billion. Therefore, 3% of the people will get 38% of the tax cuts while 97% of the people will divvy up 62%. No bad if you’re in the 3%.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky