Party of Entitled Rich Threatens Economy
Republicans in Congress won’t even go that far. Their legislation would give more to the rich and less to everyone else. They’ve proposed, for example, extending the estate tax cuts that benefit the richest 0.3 percent of American families when their millionaire relatives die, an estimated 7,000 people in 2013. At the same time, Republicans are demanding an end to child tax credit and earned income tax credit enhancements that help 13 million families get by, families that include 26 million children. Those 7,000 entitled rich people and their Republican representatives believe 26 million kids can always join the grandmas dining on cat food. Tastes like chicken, right?
Congress and the President are confronted with a deadline in these hostage negotiations. On Jan. 1, half a trillion in tax increases and across-the-board spending cuts are scheduled to take effect for the remainder of fiscal year 2013. It’s called the fiscal cliff because many economists believe the combined effect during a weak recovery would shove the economy back down into recession.
Democrats don’t want to risk damaging the economy. They’ve proposed extending the tax cuts for the 98 percent right now. The richest two percent would benefit from these breaks as well, receiving them on the first $250,000 of their earnings. Everybody gets something. This proposal passed the Democratic-controlled Senate. The Republican-controlled House refuses to even vote on it.
Republicans aren’t talking about extending tax breaks for the 98 percent. Instead, they’re threatening the economic life of the country if they don’t get what they want – tax breaks for people who don’t need them.
Law enforcement experts discourage paying off blackmailers and kidnappers.
President Obama is right to take that advice and refuse to pay the ransom Republicans are demanding to appease the entitled rich.