The subject didn’t seem to make the cut on press coverage of the State of the Union address, but the President said the following: “And if we truly care about our deficit, we simply can’t afford a permanent extension of the tax cuts for the wealthiest 2 percent of Americans.” (Applause.) It is the anti-deficit Republican screamers that have denied American taxpayers $700 billion to reduce that deficit by forcing an extension of the tax break for the wealthiest. It took a letter writer to the NYT to put this issue in context: “Extending tax cuts for the wealthiest among us does not move America to the front of the line. Nor does saying “no” to spending. Research and development, making a college education available to every child in America, repairing infrastructure – these require spending, but they are investments that create jobs.”
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January 29, 2011 at 5:11 pm
I would like to have heard the President say in the context of this observation that extending the tax breaks to the wealthiest Americans will mean that we will have to make larger cuts to military appropriations. Defense Secretary Robert Gates has proposed $100 billion in Pentagon cuts that have to be approved by Congress, some of whose members are in Districts likely to be affected by them. And then there is the up-coming necessity to raise the debt ceiling. The administration needs to point out continuously that making the Bush tax cuts permanent would cost the federal government $680 billion over the next 10 years. Those tax breaks for the wealthiest may come back to bite Republicans and well as Democrats.