Lucky for the country, the Democrats control the Senate and the House. Otherwise, all kinds of bad stuff would be happening — like for instance, extending the Bush tax cuts.
Democrats are considering a plan to delay tax hikes on the wealthy for two years because the economic recovery is slow and they fear getting crushed in November’s election.
It could mean a big reprieve for families earning $250,000 and above annually. President George W. Bush’s tax cuts will expire at the end of the year unless Congress acts to delay their sunset.
What a crisis! People making over a quarter mill a year will actually have to pay less than 5% more of their income in taxes if we don’t act now!!11!1!
“I think the recovery is sufficiently fragile that we ought to leave tax rates where they are,” said Rep. Gerry Connolly, a freshman Democrat from Virginia. [...]
“People in the upper tax brackets have a huge impact, a disproportionate impact on consumer spending,” he said.
Translation: the best way we can help the unwashed masses is to ensure that rich people are able to buy more baubles.
Sen. Kent Conrad (N.D.), a senior Democrat on the Senate Finance Committee, said he could support a short-term extension of the Bush tax cuts for the highest income earners.
He noted that experts predict continued economic weakness over the next 18 to 24 months.
“My reaction would be don’t cut spending, don’t raise taxes and that would mean on anyone,” he said.
Yeah, God forbid we restore the already historically low Clinton-era levels. The ’90s economy really sucked.