I’ve been threatening to give one of our commenters a guest editorial. She wrote something in the comments that just needs to see the light of day. Another commenter on a different blog posted some interesting factoids that you might also find useful:
And now a really good article from 538 Refugees contributor Jean:
How about this solution for a quick and easy way to reduce the current deficit that confronts us?
Deficit reduction can be immediate with the expiration of ALL the disastrous, irresponsible Bush tax cuts which are due to expire at the end of 2010 as the original legislation required. ALL of these Bush tax cuts should expire. Note the emphasis on “ALL” of them. Deficits arise because expenditures are more than income – a simple concept to grasp.
The median income is around $50,000 – the median means half of all earned income is above this figure and half of all earned income is below this figure. The average Bush tax cut on an income of $50,000 is $909 – or $75 per month. All individual income below $50,000 received average tax cuts of less than $909.
The concept of revenue and income to meet expenses has been overlooked long enough. Why is it that complaining about “deficits” goes on endlessly and no attention is paid to Income. Only short-sighted persons demand the lowering of taxes and at the same time bewail the matter of “deficits”. Surely by now it has become clear that deficits are caused by a lack of the income needed to meet the requirements of the complex systems that we have developed over all these many years.
The Deficit-Reduction Commission needs to focus on the concept of “income” and proposing to lower the top tax rate to 23% is not an answer. It is, in fact, a ridiculous proposal.
What we need is a shared symbol of sacrifice – let all the Bush tax cuts expire. Everyone can sacrifice for the common good and to show that we are all in this together.
Review the following numbers and locate where you stand in the follow data and determine the magnitude of your great sacrifice, effective at the end of 2010.
Income Level and Average tax cut received in each group.
Below $10,000. Average tax cut is $52.
$10 – $20,000. Average tax cut is $387.
$20 – $30,000. Average tax cut is $769.
$30 – $40,000. Average tax cut is $894.
$40 – $50,000. Average tax cut is $909.
$50 – $75,000. Average tax cut is $1119.
$75 – $100,000. Average tax cut is $1871.
$100 – $200,000. Average tax cut is $3690.
$200 – $500,000. Average tax cut is $7152.
$500 – $1,000,000. Average tax cut is $17,467.
$1,000,000+. Average tax cut is $103,835.
As you can see the wealthy do rather well, thanks to Bush et al.
The median income is around $50,000 with an average tax cut of $909.00. My tax cut is above this amount and I am willing to give it up for the good of the country. I hope that you are ready to join me in this effort. What will result is income of $4 trillion over the next 10 years. Apply that to the deficit. That would be $400 billion immediately. Not bad, and all we have to do is sit by and let it happen at the end of this year. Simply let the Bush tax cuts end.