Today the White House has been circulating the following graph, which purports to show how important it is to accept this tax plan. After all, the blue column is taller than the red column!
The problem with this is that it’s shortsighted. It only looks at the next two years. At this point, I have LESS THAN ZERO CONFIDENCE that Obama will raise taxes on anyone in 2012 right before the election (and probably not after, either). And if you agree with me on that accord, here from MoveOn is a chart showing what happens when we look at the next 10 years.
This assumes, of course, that the benefits over the next two years aren’t extended. Who knows, many Obama would be able to procure some additional breaks. But the bottom line is that the benefits Obama touts are generally understood to be temporary, while the tax cuts are a move to solidify our tax structure in its current state. This concedes the arguments, throws away the chance of restoring Clinton-era levels, pretends that George Bush’s tax cuts were good for America, massively increases our long-term debt forecasts, and increases the fraction of government revenue that comes from the middle and lower classes. Fuck all of that.
As an alternative, part of me wants Obama to slash the top tax rate to 10% maximum. After all, nothing can go wrong, right? We all KNOW that government revenues always increase when tax cuts are enacted.
So really, what IS the logical conclusion of GOP tax policy? I just can’t imagine this party ever advocating an income tax increase for the rest of my lifetime.
At the risk of coming in here and sounding like an Obot, I have to say I don’t entirely understand why we’re so outraged at this deal. The things the President got, mostly an extension on unemployment benefits, were badly needed and will make things much less painful for Americans who aren’t rich (at least for the next year).
I get it that a Republican minority doesn’t deserve high income tax cuts. I get it that this bullshit probably wouldn’t happen if Democrats functioned like a normal political party and banded together on shit that was important. I get it that this deal is horrendous, irresponsible policy. But until the senate starts having >60 democrats with their heads less than halfway up their own asses or republicans start working in good faith to make good policy decisions we are never going to get good deals. There will only be shit deals. And it makes me hate everything but we have to take it. It is going to be a long time before we start getting anything better.
Nah, you don’t sound like an Obot at all. The extension of unemployment benefits is a good thing.
But when I look at these 15 charts:
http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4#the-gap-between-the-top-1-and-everyone-else-hasnt-been-this-bad-since-the-roaring-twenties-1
I can’t help but feel that the single greatest threat to the promise of America is that our distribution of wealth is on a one-way track to eclipse that of banana republics.