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View Diary: White House: No Medicare age increase, cut Social Security instead (360 comments)

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  •  Millionaires and Billionares also got tax cuts (12+ / 0-)

    1) At 12:01AM January 1, 2013, the tax rates reverted to the Clinton level.

    2) The deal cut taxes on EVERYONE's personal income UP TO $400K,
    including millionaires and Billionaires.
    Only income above $400K will be taxed at the Clinton level,

    3) The cash value of the cut for a member of the 1% was much greater than for a member of the 99%:
    for example
    5% of $400K = $20,000
    5% of $50K =     $2,500

    4) Grover Norquist, who is evil but not stupid, endorsed the Jan 1 deal, which made the Bush cuts PERMANENT, not only for the 1%, but for the upper middle class, which could comfortably afford the Clinton rates once the recession is over and stimulus is no longer indicated.

    5) The Clinton rates were much lower than the marginal rates prevailing from FDR through Carter, when the aggregate economy was growing faster than it has done since Reagan.

    There's no such thing as a free market!

    by Albanius on Mon Feb 11, 2013 at 02:11:24 PM PST

    [ Parent ]

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