Senate Passes Tax Cuts For The First $250,000 Of Income For All

ABC News has the article Senate Passes Cuts for All but Richest Americans. As one comment posted on the article says, a better headline would be the one I chose.

“With the Senate’s vote, the House Republicans are now the only people left in Washington holding hostage the middle-class tax cuts for 98 percent of Americans and nearly every small business owner,” Obama said in a written statement.

On the Republican side, we have the statement:

Republicans say raising taxes on higher earners saps money from business owners who would otherwise create jobs. Democrats say that’s overblown.

To say that the Republican point of view is overblown, is putting it rather mildly. I prefer Harry Reid’s comments:

“Here we go again,” Reid muttered. Some of McConnell’s remarks, he added, were “poppycock.”

It does not make any difference how low you make the taxes, a business owner would be a fool to create more jobs when there aren’t enough customers to keep the existing employees busy.  As self-proclaimed experts on capitalism, how could the Republicans be so dumb as to pretend not to understand this?  In fact, I bet that most Republicans are not that dumb.  They just think the electorate is that dumb.  So far the facts seem to be proving them out on this judgment.

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