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View Diary: What's Happenin'? New Year's Eve (59 comments)

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  •  Bernie Sanders says the Republicans want (14+ / 0-)

    to continue the lower estate tax situation which means that the top .2% keep their tax cuts in that arena.

    He says the deal as it stands now only raises half the revenue that Obama wanted.  Why he would cut a deal before the Bush tax cuts expire is baffling.  

    So that other $600 billion will have to come from somewhere.  I suspect it's more than that since the sequester cuts to defense have been postponed.

    This just means that the wealthiest are locked in to their tax cuts now and they are safe.  The very very wealthiest will have to pay a bit more. Not a bad deal after a 12-year boon for them, wealth increases beyond their wildest dreams, and now flush in cash during a time when the whole country is a fire sale.  

    But now the Democrats have set up the poorest and the working class for bigger cuts than if they had stood their ground and let the Bush tax cuts expire, which would have given them a better bargaining position.   If they insist on the deficit reduction fetish and refuse to cut war spending and defense contracts, won't put a transaction tax on intraday or even intrahour Wall Street trades, things will have to be cut -- a lot.

    "a $120 billion tax break over a ten year period for the top two tenths of one percent.   The top two tenths of one percent (0.2%) get a hundred and twenty billion dollar tax break and then people come forward and say oh, we are very serious about deficit reduction.

    The third area that we have to look at: The president wanted, as you recall, two weeks ago, $1.6 trillion in new revenue.  We're now down to, as I understand it, about $600 billion. A significant reduction, and if you don't have new revenue coming in from the wealthiest people it will mean, as we go down the pike, as we go into the debt ceiling debate, a continued attack by the Republicans on programs that working families in the middle class of our country desperately need. "


    "Justice is a commodity"

    by joanneleon on Mon Dec 31, 2012 at 06:09:19 AM PST

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