Rep Becerra does the math:
“TAX CUTS FOR THE WEALTHYâ€¦WHAT ELSE COULD $60 BILLION A YEAR DO FOR AMERICA?
Every year, the Bush tax cuts on income above $250,000 cost the rest of us about $60 billion. That includes interest because we are borrowing that money from our children and grandchildren to give millionaires and billionaires a break on their tax bill today. These borrowed tax breaks hand an average $100,000 over to every millionaire in America each year while passing the burden onto the next generation. What else could $60 billion a year do for America?
“* Give an additional $500 tax cut to all households
“* Offer a free college education, including room and board, to about half of all current full-time students
“* Provide free universal preschool for 3 and 4 year-olds, with relatively small class sizes
“* Double our nation’s clean-energy research budget
“* Triple federal funding for medical research
“* Cut the corporate tax rate to 15 percent
“Earlier this month, Rep. Becerra voted with a majority in the House of Representatives to make tax cuts on the first $250,000 permanent and let the rest expire. That would mean lower taxes for every American, with the largest benefit going to middle class families. â€œItâ€™s time that this country began to tax fairly and invest wisely,â€ Rep. Becerra said on the floor of the House before the vote.” From the December 18, 2010 newsletter.
Paraphrasing from the video: “What is America getting for this extra $100K the rich get back from these tax cuts? Well, there are 50M Americans unemployed and the worst recession in 50 years.”
Yeah. And yet the tax cuts were still renewed. Shit.