We interrupt our regularly scheduled programming for an interesting tidbit on the effect of tax cuts for the rich.
As you may know, the GOP has consistently favored tax cuts for the wealthy, saying it helps economic growth and creates jobs. Obama wants to restore the rates on those making over $250,000 to what they were in the Bill Clinton era, a modest rise of 3 to 4 per cent.
Anyway, the Congressional Research Service conducted a study on tax cuts for the wealthy and found, not surprisingly, that the effect is more money for the wealthy. They don't help economic growth and create jobs. Tax cuts for middle class help the economy more because those people tend to go out and spend money.
Well, the GOP didn't like this report and asked them to withdraw it but the N.Y. Times published it this week. Here's the link:
That's why Tuesday's election is going to be important for the kind of country we have. The GOP has been very effective is convincing half the country that tax cuts for the top one per cent is good for the country. We will see if the voters give a mandate to that idea by electing Romney.
Unfortunately, in this country, your vote only makes a difference if you live in a swing state like Ohio, Wisconsin, Iowa, Nevada, Colorado, Florida, New Hampshire and Virginia.
The person who gets the most votes doesn't get to be president as Al Gore found out in 2000. It all depends on which candidates wins which states and in about 40 of them, one party or the other is certain to win.
We find out a lot of answers Tuesday or Wednesday morning unless there is a recount.
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