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Wednesday, July 28, 2010

A matter of good economics as well as doing the right thing.

President Obama has proposed to eliminate the massive deficit-busting Bush tax breaks for the top 2 percent of Americans -- while maintaining tax cuts for 95 percent of Americans. He is spot on.

The Republicans charge that eliminating these tax breaks on the rich -- and returning them to Clinton-era levels -- would be a "job-killing tax hike in the midst of a recession." Let's recall that while the Clinton-era tax rates applied to the rich in the 1990's, the economy created more than 22.5 million jobs in less than eight years -- the most jobs ever created under a single administration. Moreover, the Federal deficit had turned into a surplus for as long as the eye could see. The number of private sector jobs created during the Bush years: zero. The Republican position amounts to nothing more than baseless pandering to the greed of their many wealthy donors.

The full article here. Worth reading.

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