In a near legislative miracle, a tax bill extending the Bush tax cuts on the first quarter million dollars or so of income, without including another trillion dollar giveaway to the Koch cartels already taking advantage of every tax dodge and offshore loophole in the book.
Boston.com– Senators approved the Democratic bill by a near party-line 51-48 vote, with Vice President Joe Biden presiding over the chamber in case his vote was needed to break a tie. Minutes earlier, lawmakers voted 54-45 to kill a rival Republican package that would have included the best-off in the tax reductions.
The $250 billion Democratic measure would extend tax cuts in 2013 for millions of Americans that otherwise would expire in January. But it would deny those reductions to the earnings of individuals exceeding $200,000 yearly and of couples surpassing $250,000.
The bill might pass the House if it were given the “up or down vote”. The vote once so, so highly prized by the GOP. Back before a Teaparty afflicted mob gained majority and threw away the last remnants of rational analysis in favor of the rancid festering swamp of willful ignorance now occupied by the hardcore right.
It’s not like the uber rich didn’t get their massive bailout years ago. Almost a trillion dollars in the fall of 2008, trillions more in subsidies and loans, plus the tax cuts on income to the stratosphere for three years. The stock market stabilized and doubled, the bond market settled down and kept churning out paper, credit continued to flow, even the real estate market hit a floor in most places, and all of that benefited very rich people in the sense that, for many of them it kept them very rich. These surging corporate profits, carried interest, and executive stock plans already came with an effective tax rate much lower than what most working class stiffs pay on their first 50 grand a year, if they’re lucky enough to make that much. Their giant rich cup runneth over after being generously filled from our little itty-bitty middle class cups years ago.
The super rich are still in business cleaning the fuck up, in fact business is booming for them. The rest of us are still stuck in a brutal recession being paid way less than we used to earn and, for millions like me, literally barely enough to get by from paycheck to paycheck every month. If I lose a hundred dollars in taxes it would mean I’d have to choose between things like basic/no cable vs no smart phone. Not exactly a tragedy, but it’s that tight.