Friday, August 13, 2010

GOP and Democratic Tax Plans

This graph from the Washington Post clearly illustrates the difference between Republican and Democratic tax plans:
The Post describes the difference:
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.

New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.
We tried this over the last nine years, and saw incomes and jobs remain flat, while the budget deficit soared. Simply put, the Bush tax cuts for the wealthiest Americans did not trickle down to the rest of us. Any rational cost/benefit analysis would lead us to conclude that the tax cuts for those in the top income categories should not be extended.

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