Conservatives to the Middle Class: Tax cuts for the rich are good, tax deductions for the middle class are bad.

Saturday, December 11, 2010
Deficit reduction is all the rage. Of course most of it is only lip service to a small group of tea partiers. All over the Western world, austerity measures are being meted out to the middle class, while tax cuts are being extended to the rich. Who we have bailed out after their banks failed1.

So in exchange for stimulus funding, President Obama keeps the tax cuts in place. Conservatives can now trot out the canard of deficit reduction. Since we can't cut the holy grail of defense spending, we need to cut… what exactly?


David Gergen has the answer;
When we get serious about deficit reduction, you know who’s really going to get hit hard? It’s going to be the middle class. A lot of the mortgage deductions are going to get trimmed back. A lot of those things are going to get trimmed back and you know, I think that Washington is not being straight with people.

Yes we’ve got this… we have a need to get these tax cuts extended. It has to be done and so forth and so on, but trouble is coming for the middle class and the sooner the president and the Congress full level with the American people, the better.
Heather over at Crooks and Liars makes the obvious connection. Most of us don't have high enough mortgages to qualify for a tax break. Unless you own two homes or live San Francisco or New York. She makes the argument that the cuts he is really talking about is Social Security. Another austerity tax for the middle class.

Hat Tip to Heather @ Crooks And Liars

1.) I know the bailouts were bi-partisan. Sadly it is the only bi-partisan thing that has happened in the past couple of years. Even sadder? The other bi-partisan thing that happened in the last decade? The war in Iraq.

1 comment :

  1. This made me associate to the depression in old times when economy was stimulated with projects that gave work to the middle/workingman and it worked since they got money to spend. That.. sound stupid since everyday shopping is made by many middleclasses.

    ReplyDelete

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