Monday, August 31, 2015

"I built that Roadmap to Nowhere"

"I built that Roadmap to Nowhere"

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As LBJ said in the infamous "Daisy" ad, "These are the stakes.."

Why on God's earth, with America's middle class already having taken body blow after body blow, would anyone endorse the economic policies that the Republicans are going to be putting out there, starting tomorrow nght?

Their so-called road map:

– The Roadmap would lead to the wealthiest Americans paying a lower average tax rate than most Americans. Eliminating taxes on capital gains, dividends, and interest, as the Roadmap proposes, would overwhelmingly help taxpayers at the top of the income distribution, who receive most or all of their income from capital. For example, Wall Street financiers could shelter all of their income as tax-free stock options or carried interest.

– Middle-class families earning between $50,000 and $75,000 a year would see their average tax rate jump to 19.1% (from 17.7%) under this plan—an increase of $900 on average [...]

– Millionaires would see their average tax rate drop to 12.8%, less than half of what they would pay relative to current policy

The thing I really don't get is this: Won't destroying the American economy for good -- which is what the Republicans and their fat-cat allies seem hell-bent on doing -- be bad for millionaires in the long run? Are we really that greedy and short-sighted?

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Will Bunch
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