So much political hay has been made of the Bush Tax Cuts that I feel that since the media won't take a look at the issue in earnest, yours truly must.
First, the moment Pres. Obama extended the cuts, they became his. So continuing to call them the Bush Tax Cuts is pure political gamesmanship.
Second, calling them tax cuts for the rich is equally just political bullcrap. Everybody that actually pays income taxes got a cut. How the left thought that people that don't pay federal income tax could get a cut is beyond any rational comprehension. Basic math tells us that even if we reduced the rate for those that didn't get a cut by 100%, the effect is zero cut. 100% of 0 is in fact 0. Don't blame me, blame math.
Now that we have that out of the way, let's look at the numbers, shall we? If the cuts are taken away from everybody making $250,000 per year or more, the government will raise an additional $82 billion in revenue. Sounds like a lot, doesn't it? To any normal person that is huge. To our government it is almost nothing.
How can I say that? For FY 2012, our illustrious government is planning on spending $3.8 Trillion (3,800,000,000,000). So just how far would that additional $82 Billion (82,000,000,000) carry us? Eight lousy days. Yep, just 8 DAYS!!!
Think those numbers are mind boggling? Let me go one further. That $82 Billion would cover just 30 days of our current deficit spending. You know, the money we are borrowing to continue the country's insane spending binge.
Do you still think that repealing the tax cuts will even put a dent in this country's problems??? It won't even put a nick in them.