Congressional Republicans have been holding tax cuts for everyone (on all income up to $250,000) hostage to give a bonus tax cut to millionaires and billionaires. These bonus tax cuts do not create jobs and add tens of billions to the deficit. President Obama unveiled a tax proposal that, as Speaker Pelosi said, clearly presents the differences between Democrats and Republicans:
The Democratic provisions will create jobs and help 155 million workers through tax cuts for the middle class, helping working families who are struggling and growing the economy.
The Republican demands would provide tax cuts to the millionaires and billionaires, fail to create jobs and increase the deficit. And to add insult to injury, the Republican estate tax proposal would help only 39,000 of America’s richest families, while adding about $25 billion more to the deficit.
Republicans have held the middle class hostage for provisions that benefit only the wealthiest 3 percent, do not create jobs, and add tens of billions of dollars to the deficit.
Congressional Republicans have been insisting on extending the Bush tax cuts for millionaires and billionaires which economists say do little to create jobs in America—and the Bush record of shrinking private sector jobs is proof:
The Congressional Republican priority appears to be providing millionaires and billionaires a tax cut more than 100 times that of middle-income families, despite the fact the Bush tax cuts were the largest contributor to the deficit between 2001 and 2007, making up 48% of the deficit (or $1.7 trillion):
According to the Joint Committee on Taxation, 96% of these Republican tax cuts would go to the 900,000 taxpayers making over $500,000 per year, with 79% of them going to the wealthiest 3% of taxpayers making over $1 million per year. Congressional Republicans want to saddle our children with tens of billions of debt so those making $1 million or more can run away with nearly 80% of the tax cuts: