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I finally got around to listening to last Wednesday's Democracy Now podcast. When I heard this, I was upset, but hardly surprised. (DN 12/8/10)
By contrast, the only group that will see its taxes increase are the nation’s lowest-paid workers. Individuals who make less than $20,000 and families with earnings below $40,000 stand to see tax hikes because Obama agreed to eliminate his Making Work Pay credit, which provided up to $400 for individuals and $800 for families of low and moderate income.
The tax breaks for the rich were described just before (bolding mine):
A new analysis shows that the wealthiest Americans will receive the most benefit from President Obama’s controversial fiscal deal with Republicans. This week, Obama agreed to extend the Bush-era tax cut for the wealthiest Americans and reduce the estate tax in return for a 13-month extension of jobless benefits and a handful of tax credits for low- and moderate-income Americans. According to the New York Times, at least a quarter of the tax savings under the deal will go to the wealthiest one percent of the population. The plan’s $900 billion cost will be added to the federal deficit, not made up through spending cuts or the closing of loopholes that have taxed capital gains and dividends at just 15 percent.
If not for Democracy Now, I wouldn't even know about the tax increases for the poor, the near poor, and the lower middle class. This should be getting huge press attention, but people with lower incomes don't buy as much crap, and they can't afford to make campaign contributions, much less big ones.
The biased approach to this tax cut deal for the rich/tax increase deal for the poor by the corporate media shows why we need independent media so badly. Politicians can get away with the rankest corruption when most people are kept ignorant.
Photo: madhavaji
Of course. There's no money to be made helping out poor folks, libhomo, and Obama is going to need a cool billion to try to win in 2012. Have to get your priorities straight.
I mentioned this the other day, and waited for the apologists who have been beating up on me to explain THIS one away.
I've heard nothing. Of course.
The most cynical aspect of President Pootie Tang's tax cut scheme is the reduction of the FICA tax deduction on payroll.
The reduction will short the Social Security Trust Fund by $144 billion dollars.
So, President Pootie Tang's answer is to borrow the shortage. His (il)logic is stunning were it not so appallingly irresponsible.
I hope impeach awaits this idiot excuse for a president in the spring. He must go.
I predicted back in '08 that a Democrat in the White House wouldn't really change anything and I was right.
It's sad. I was getting a little optimistic for a few months but that's all dwindled away.
That said, I'll probably vote for him again since I can't see myself ever voting for a Republican, no matter how bad the Democratic challenger might be.
He really gave away the store with this one. What an asshole.