President Obama is ending a tax break for the richest taxpayers, not raising their taxes, House Speaker Nancy Pelosi , D-Calif., said Thursday. Pelosi described healthcare reform as a major priority of the Congress, Politico reported. She said the tax cuts from the previous administration will be phased out over several years. “Quite frankly, I would have done it faster,” she said. “It’s not about raising taxes. It’s about ending a tax cut.” And of course…Rush Limbaugh, Sean Hannity and Fox News completely freaked out and took everything out of context.
Here’s why Barack and Nancy are right, and Rush, Sean and the rest of the Corporate Greed Mongers are wrong.
First off, if the Bush tax cuts for the wealthiest Americans were a success, we wouldn’t be in as deep of a financial crisis as we are. The wealthiest Americans would be using their extra money to created jobs by hiring workers, helping to open small businesses, and paying for the health care of their employees. If the wealthiest were doing this, then these middle class Americans would be spending money to stimulate the economy. This would be described as the “Trickle Down Effect.” But, as you know if you haven’t been living under a rock, this hasn’t worked. The U.S. Economy and the Global Economy are in shambles. Therefore, these tax cuts for the wealthiest Americans haven’t worked, and should be allowed to expire. “Bottom Up” economics should be given a chance to work, just like it did during the Clinton administration. The wealthy still live well without getting extra tax cuts, but under this plan the middle class also gets a chance at the American dream. In addition, as everyone knows a healthy middle class means a healthy bottom line for America, and for the Global Economy.
Even if you dispute “Bottom Up” being a better strategy than “Trickle Down,” Rush, Hannity and the other Right Wing Whackos are overreacting to Pelosi’s comments. Here’s why:
1. House Speaker Nancy Pelosi was giving her opinion, not writing something into law.
2. It would take two years to end the Bush tax cuts even if the process began today, so they won’t expire by 2011 anyway.
3. Economic experts say the economy is in for a rough ride for 2009, but that in 2010 it will be just as AC/DC likes to belt out “Back in Black.” So even if you believe the wealthiest Americans currently need these extra tax breaks, they won’t by 2011 when they’re set to expire.
So Rush back off the OxyContin, Hannity reach for the Valium, and Fox News’ viewers reach for the remote.
~ Leslie Marshall and Mark Grimaldi
The Leslie Marshall Show