In an article titled “Senate tax duel centers on small business:”
Joe Biden: “Our colleagues on the other side think we should extend the whole tax cut, to the people who are in the top 2 percent…To extend those tax cuts costs $700 billion over 10 years at a time when we are worried about the economy, when long-term we have to be worried about deficits.”
Is he saying that tax cuts to that 2% of Americans costs that much?
Well, here’s something I’ve wondered about since Joe the Plumber asked a question: does the tax code not distinguish between personal income and business revenue?
“Business advocates, though, say that because of the way they are structured, many small businesses pay taxes as individual filers, thus the tax increases will hit them at a time when they are already suffering.”
So between high-earner Americans (“Biden said Wednesday that 50 percent of those tax cuts are going to people with average incomes of $8.2 million.”) and small businesses that are set up a certain way, we’re talking about 70 billion per year for ten years in tax money?
Where did the ten years come from? Is that the only possible extension term?
Why must some politicians always talk about tax cuts in terms of ‘cost?’ Tax cuts ‘cost money?’
I didn’t get a raise last month. That ‘cost’ me around ten grand in annual salary. Hell, it ‘cost’ me a hundred grand. Damned skinflint bastards!
Finally, why must we always talk about ‘extending’ tax cuts? As if the taxes are natural? As if they’ve always been there? It’s like cutting the grass – you better get out there every week/budget year, or else it’ll just keep growing because that’s how it is!