Friday, December 21, 2012

What was in the failed regressive Plan B?

As you've no doubt heard--if you have any interest in US politics and how it affects your life--is that Boehner's Plan B could not get enough votes to pass the House. While it would have raised tax rates on those making over $1 million it was cruel and unusual punishment for the majority of Americans, and nowhere near the compromise that Boehner and the President were working on. So just what was in Plan B that was so insidious? Let's see what the White House said:

Those making over $1 million would actually get an average of a $50,000 tax cut.

Raises taxes on the middle-class by an average $1,000 by eliminating the American Opportunity Tax Credit and improvements to the Child Tax Credit and the Earned Income Tax Credit.

Pushes 2 million people off unemployment insurance.

Maintains the lower dividend and capital tax rates.

Doesn't extend tax credits for clean energy and R&D.

And much more. See the link.

And yet Boehner couldn't get enough support for this horrific bill? And we're supposed to think that Obama can still negotiate with these regressives to get some kind of sane "compromise?" Seriously?

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