The 10 arguments against extending tax breaks for the wealthy
1) The majority of Americans, registered voters and likely voters say no to extending the tax breaks for those making over $250,000 a year.
2) The extension of the tax break for the wealthy is UNFUNDED and adds to the debt.
3) Though less than 2% of Americans make $250,000 that income is NET income AFTER their accountants and tax lawyers make all their deductions. Leaving the actual income level upwards of $300,000 which makes it closer to 1% of American taxpayers.
4) The tax increases on those with a net income of more than $250,000 would be 3.6% and relieve the deficit by about $100 billion a year.
5) The only job creation made by these 1% of wealthy Americans would be for personal trainers, personal secretaries to do their shopping and illegal immigrants to do their dirty work.
6) Less than 3% of small businesses make a NET profit of $250,000 or more and are only taxed on income above that.
7) The tax code already incorporates tax deductions and credits for family businesses, family farms, equipment and hiring.
8) The Bush Tax cuts before the recession doubled the national debt and in his 8 years created only 3 million jobs, all paying less than jobs lost.
9) Ronald Reagan believed lobbied for and succeeded in putting the top tax bracket at 50% which is 14% more than what Republicans today want with 36%.
10) Ever since we have been reducing the taxes on the wealthiest the deficit and the debt has risen accordingly
Okay, then why does not the President read that list off at every opportunity? Sadly, the answer to that is as simple as the American voter.
WE WANT IT ALL, WE WANT IT NOW, AND ABOVE ALL WE DON’T WANT TO PAY FOR ANY OF IT. (Which is our God given "exceptionalist" Right)