Bush-Era Tax Cuts a Likely Campaign Theme? I Say Bring It On!

The Wall Street Journal reports that Bush-era tax cuts are a likely campaign theme for the November 2010 midterm elections. If so, I say bring it on! Here's why:

With the Republicans' non-stop complaining about too much spending and the increased budget deficit and our huge national debt, they can't have it both ways. Either they want more income coming into the government in the form of increased taxes or they want to cut vital services and entitlements that Americans enjoy and take for granted on a daily basis. They really think that they can just use the old 'Democrats want to raise taxes' attack and think that people are too stupid to know the truth, but a quick examination of the facts easily shows that the proposed tax increase for the rich is actually minimal and hardly enough to cause the negative economic impact that conservatives claim will happen if the Bush tax cuts for the richest Americans are allowed to expire in 2011.

First, nobody making under $250,000/yr will see increased taxes because those Bush tax cuts will be extended. This is exactly what Obama promised during the 2008 presidential campaign and ever since and I'm proud that he's held to that pledge. About 2% of U.S. households earn more than $250,000 annually, according to recent statistics, therefore only 2% of Americans will be affected by this tax increase. Republicans will be choosing to side with the rich and not the middle class (as usual). Some have even been so bold as to propose raising taxes on the middle class and extending cuts for the rich. Good luck with that idea Repubs... Trickle-down economics is an abysmal failure in case they forgot!

Here is a breakdown of the actual dollar amount of tax increases for different tax brackets. As you can see, it is not very much of an increase compared to the annual income levels.

A married couple, two earners, two children making $300,000 will see a tax increase of only $3,995.

A married couple, two earners, no children making $500,000 will see a tax increase of only $6,442.

A married couple, two earners, no children making $1,000,000 will see a tax increase of only $53,175.


This information is based on the chart above created by the Tax Foundation from the Wall Street Journal article.

With the many programs and two wars started by the Bush administration with absolutely no plan to pay for them, including the tax cuts for the rich he implemented as soon as he got in office without a plan to pay for them, it is completely fair to progressively tax the rich in 2011. With increased spending due to the recession and an increasing deficit and huge national debt, even conservatives should agree that it is definitely a necessity. Extending the Bush tax cuts for the rich will add another $2 TRILLION to the deficit over the next 10 years. How hypocritical it would be of Republicans if they allow this to happen over such minimal tax increases for the richest 2% of Americans.

I've shown that these proposed tax increases for the rich are not harsh at all and if I was making that much money every year, believe me, I'd certainly have no problem paying a little extra as my patriotic duty to ensure the success of our nation as a whole. These are the same rates the rich were paying under Clinton and the economy had no problem thriving then. These facts make it a clear losing argument for Republicans if they choose to use it as an issue in the upcoming November 2010 midterms. That's why on this issue I say "Bring it on!"