For some reason Democrats (even rich Democrats) seem to have the idea that somehow we will all be happier if we punish people who have been successful in business in America. I totally do not understand how Kennedy’s, Pelosi’s, and Kerry’s and other wealthy Democrats want to raise taxes (unless of course you take into account that because of tax shelters, they may not be impacted very much by tax increases). The thing we need to remember is that raising taxes on the ‘rich’ really does not have a big impact on the budget deficit–somehow when taxes are raised on the ‘rich’ the middle class always gets hurt.
Yesterday’s Wall Street Journal posted an article on the Democrat’s latest temper tantrum.
The article reports:
That was the chest-pounding message Monday from Patty Murray, the Washington Democrat who runs her party’s Senate campaign committee. In a speech at the Brookings Institution, she declared that if Republicans won’t raise taxes on income above $250,000 before November, Democrats will gladly let all of the Bush tax rates expire at the end of the year—even on the middle class, and no matter the economic consequences.
“If we can’t get a good deal—a balanced deal that calls on the wealthy to pay their fair share—then I will absolutely continue this debate into 2013 rather than lock in a long-term deal this year that throws middle-class families under the bus,” Mrs. Murray said, in what sounded like an ultimatum.
That bit about throwing middle-class taxpayers “under the bus” is political spin, because Republicans say they’re ready to vote to extend for another year the current tax rates on all taxpayers, including everyone who makes less than $250,000. The Murray Democrats are the ones holding the middle-class rates hostage to a GOP vote to raise taxes on the affluent.
If I hear ‘tax breaks for the rich’ one more time, I may scream. First of all, in many states (New York and California to name two), $250,000 a year is middle class. Second of all, many small business owners file their taxes in a way that the gross income of the company (before expenses) shows as their personal income. They would be severely impacted by raising taxes on those making $250,000 a year. These are the people who create jobs. Just for the record, my husband and I do not make more than $250,000 a year, nor are we in danger of doing so. I just think class warfare is wrong.
The article concludes:
Perhaps Senator Murray and her fellow Democrats really don’t think tax increases will hurt all that much, and it’s clear she’s clueless about the way expectations influence economic decisions. But at least voters now know that Democrats are willing to toy with recession to win an election.
The “Bush Tax Cuts” have been in effect for at least ten years. When are they going to stop being the “Bush Tax Cuts” and simply become the current tax rate?