All Your Tax Cuts Are Belong to Us
by Craig Jennings, 12/13/2010
This chart of average tax cuts per income group under several plans to extend various provisions of the Bush tax cuts, via the Washington Post's Ezra Klein, made my jaw drop this afternoon.
Of course there's more at stake in The Deal (the one that President Obama made with congressional Republicans to extend the Bush tax cuts). There's a raft of economic stimulus measures and a badly needed extension in unemployment benefits funding.
The question, at the end of the day, is whether stopping them from getting it is worth cutting benefits for the unemployed, and tax cuts for middle-income Americans, and the Earned Income Tax Credit. I don't think it is, and that's particularly true because it's not, to me, about the size of the transfer so much as the possibility for stimulus. But given the level of inequality in this country, and the potential that deficit reduction deals won't be worked out by a progressive congress, I see how you could come down on the other side