White House: Tax Cuts for Very Rich, Big Red Goose Egg (Video)
September 30, 2010
(ChattahBox Political News)—With the Fox News propaganda machine running at full speed day and night, it’s hard for the White House to cut through the noise to reach Americans with some actual facts. So, President Obama is launching a new video White House Whiteboard to inform the public about important policies and programs. And first up is Austan Goolsbee to break down in simple terms, the ongoing tax cut debate. Goolsbee, says “it doesn’t make any sense” to award tax cuts to the super rich. And he points out that Republican lawmakers plan to hold tax cuts for the middle class hostage, until the wealthiest in our country get theirs.
Goolsbee’s Whiteboard presentation, was short, informative and easy to understand. And the colorful graph showed the huge disparity in the tax cuts for the wealthy compared to the tax cuts for the middle class.
“Today, Austan Goolsbee, the new Chair of the Council of Economic Advisers here at the White House, tackles the tax cut fight and what it means that Congressional Republicans are ‘holding middle class tax cuts hostage,”‘ reads the White House website.
“President Bush passed some tax cuts that will expire at the end of this year.
Obama would preserve a couple thousand a year of tax cuts for virtually all Americans. And even for people making a lot, they get to keep a tax cut on the first $250,000 of their income.
Under the Republican plan however, people making more than $1 million are going to be getting a tax cut of more than $100,000. That’s expensive. Giving these big red eggs to the very high income people would cost $700 billion that we would have to borrow to give it. [...]
So what’s happening in congress is that people that want this, are saying nobody here can get any of these tax cuts, unless we agree to give this big red goose egg to the people making more than $1 million a year.
It doesn’t make any sense. It costs too much money. And we know it doesn’t work.”