A Crappy Deal

I'm too bummed to go into it now...but we got our five-year-old back (the economy). He may have been molested and possibly raped (drastic cuts as he's very sick), but he wasn't murdered which he would have been if the hostage takers didn't get everything they wanted, so unfortunately Obama paid the full ransom (the same thing with the bankers & TARP 1 [Bush] and 2 [Obama]).

Yet at least, the crazy liberal, George W. Bush's chief speechwriter, David Frum agrees with me.

Sigh.

Graph of the Obama tax proposal vs. original Bush tax cuts

So here's a handy little graph from Ezra Klein's blog to help sort out the difference between the Obama budget proposal for only letting the tax cuts for the richest 1-2% expire and the Republican proposal of extending the "Bush" tax cuts as is.  This graph lays out pretty clearly that the Bush tax cuts did largely go to the richest Americans, and not like medium rich, but like really REALLY rich.  As you'll see, between the two tax proposals most of the tax cut amounts are essentially the same for most income brackets.

Also ask yourself, if you really care about cutting the deficit (letting the tax cuts expire in full would cut the deficit by roughly 30%) would you be willing to part with the amount in either proposal?

Full disclosure, I stand to gain an increase in my tax cut of $2 to $7 from the Obama proposal.  My bias is so easily purchased!

Read the full article about the Joint Committee on Taxation's analysis of the two tax proposals here at the Washington Post.