Progressives Active In US Congress
Yes, the Congress and President Obama barely got a bill enacted that actually lowered all income tax rates. The famous 99% of the population will not pay anywhere near as much in taxes as they were slated to pay after the end of the Bush era tax cuts. Fine.
What about the infamous 1%. Well, let’s see. They get to pay slightly less than 40% on their income. Ok. Sounds good, except that most of these individuals get their income through capital gains. Unfortunately, that income will be taxed at significantly less than the tax rate for the money earned by the 99%. The rate will be a paltry 20%, or a grand increase of 5% over what they paid under the Bush era.
This will certainly hamper the amount of revenue that the federal government will bring in. That might make it harder to run the government in general which raises the next issue to fight over, how much and where will the federal government spend its money. For all the talk about cutting federal spending, when specifics are mentioned, different groups of people start yelling that the cuts will hurt them so go cut somebody else’s because they don’t deserve it like my group supposedly does.
Fortunately, Representative Keith Ellison came on The Young Turks and offered some important specifics of what should be offered up as cuts. How about saving billions from cutting the tax breaks to oil and gas corporations, like ExxonMobil. How about making Medicare D Prescription Drug Plan open to fair market competition and save billions there too.