You need to know this about the Bush tax cuts for millionaires and billionaires - the American people don't want them. A new CNN poll shows that 64% of the population does not want to see tax cuts extended for millionaires and billionaires. Now - it looks like Democrats in Congress are starting to listen. After a meeting with President Obama - House Speaker Nancy Pelosi and Harry Reid said they are both planning to hold votes that would extend tax cuts only to the middle class - leaving taxes to on the rich to return to Clinton-era levels, when the Rich were doing just fine. While the bill could potentially pass the House - it will still have an uphill battle in the Senate where a unified Republicans opposition will most likely filibuster it. Still - this is the right move. Let the Republicans explain to the American people why they are blocking a bill that will lower taxes for 98% of the population. To put it in perspective - Congressman Alan Grayson - who lost his re-election bid 2 weeks ago - took to the House floor yesterday to illustrate what millionaires can do with their new $86,000 annual tax cut courtesy of the Republican Party. Every year for the next ten years - they could buy a new Mercedes Benz E-class - or they could buy 20,000 jars of Grey Poupon mustard - or they can just buy 800 luxury cigars and light each one with a hundred dollar bill. Actually - all those purchases would stimulate the economy more than what millionaires will actually do with another $86,000 - invest it with their buddies on Wall Street - providing no stimulus to the economy whatsoever. Instead of the give-a-away to the rich - It's time we as a country think of a far better way to spend $70 billion a year. How about using it to extend unemployment benefits so those out of work can celebrate the holidays?
-Thom
(Who should get what for Christmas? Tell us here.)
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