(Rep. Sandy) Levin: tax cuts for the wealthy will expire

[sabra]

Source: The Hill

House Ways and Means Chairman Sandy Levin (D-Mich.) on Monday said tax cuts benefiting the wealthy and enacted under President George W. Bush will expire at the end of the year. He cited growth disparities in income between the middle class and the wealthy as a key reason for allowing the upper brackets to return to pre-2001 levels.

"During the last economic expansion, between '01 to '07, the top 1 percent of Americans received two-thirds of the increase in national income while the middle class income essentially stagnated," he told an audience at the National Press Club. "The divergence of income we've seen in the last decade means we should keep the middle class income tax cuts and let those for the very wealthy expire. And I think that is going to eventually happen."

The Bush tax cuts are slated to expire after Dec. 31. Absent congressional action, the 33 and 35 percent brackets will increase to 36 and 39.5 percent, respectfully. The change would garner an extra $680 billion in revenue over the next 10 years.


Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/93055-levin-tax-cuts-for-the-wealthy-will-expire

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edit: Sandy not Carl...

[SharonRB]

1. That's my rep!

Go, Sandy.

[veganlush]

2. yes, mine too. he and his brother are awesome in my book.n/t

[SharonRB]

20. Mine, too.

[Warpy]

3. I wish he'd STFU

because we don't need another "save our tax cuts!" rallying cry on moron media to pressure Congress into sending Obama a bill to extend Stupid's insane tax cuts for billionaires. I'm sure Obama would veto it, but we all know that morons don't understand that the veto would never affect them except in positive ways and the party would pay at the polls.

[Tx4obama]

4. Two interesting charts

Income Inequality In The United States Is At An All-Time High
Caption: A study by Berkeley economist Emmanuel Saez, who created this chart, illustrates that by 2007 (the most recent year for which data is available), the share of total income going to the top ten percent of the population soared to highs not seen since the Great Depression -- and then exceeded them.



Top 400 U.S. Earners See Income Rise 476% In Last 15 Years
Growth in Income
Between 2001 and 2007, the richest of America's rich -- the top-earning 400 households -- saw their earnings soar at a rate that greatly outpaced the median family income, according to the Economic Policy Institute, which supplied this graph. While the incomes of the 400 highest-earning American households grew 409 percent in the period, because their tax rates simultaneously fell, their after-tax incomes shot up an incredible 476%.

[Oregone]

5. Normally these conditions proceed social turmoil...

But...well...are there enough flashy gizmos to keep everyone happy this time around? Do the super-rich think theyve finally discovered a means to pacify the people and perpetuate the wealth disparity? Have they actually?

Interesting times

[BunkerHill24]

12. Yep. we have two super Richie brothers in Congress from Michigan..

with everlasting secure jobs.

[Soylent Brice]

9. crazy. just WOW.

[eppur_se_muova]

15. I object to the term "earners". They are nothing of the sort.

"Takers" would be more appropriate.

[lumpy]

6. Might as well get the word out and our licks in so this can soak

into the slow uptake American brain; eliminating Geo.Bush's tax cuts for the obscene rich will benefit the needy US bank account.

[unabelladonna]

7. does anyone REALLY believe

the tax cuts will be allowed to expire? i don't. our devoted reps are bought and paid for....

[Oregone]

13. I think so.

Too politically unfeasible to pass controversial legislation to extend them in this climate. If they don't have a job, they can't help the rich get richer. Some restraint it necessary

[rocktivity]

8. So we'd be $136 billion ahead as of the end of this year

if they'd been repealed right away?


rocktivity

[MindandSoul]

10. Not a minute too soon! How about bringing that date forward?

[happygoluckytoyou]

11. WE CAN ONLY HOPE!!!!! too bad november will have come and gone

[Kingofalldems]

14. Yeah....Yeah!!

[aquart]

16. Screw it. I want a minimum of 75% over 5 million.

No man should be so rich he has nothing left to buy but his government.

[demwing]

18. There just so many things wrong with this post I can't begin to enumerate them. /nt

[MannyGoldstein]

19. 91% top rate under Ike

And Republicans controlled both houses of Congress. And the nation's economy did just fine.

[LiberalFighter]

17. Double tax on all investors and executives involved in the Texas Ranger's stadium being built.