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"House Democrats share the President's commitment to providing the middle class with a tax cut to grow the economy and create jobs (even though economists know they don't do it). The House passed a bill last week to provide tax cuts for all Americans (another symbolic vote) but not a bonus tax cut to millionaires and billionaires. The extra tax cut for the top 3 percent does not create jobs and increases the deficit. Unfortunately, Senate Republicans blocked the bill from being approved."
Democrats, however, were disingenuous proposing it.
Yet Pelosi insisted that "Democratic priorities remain clear: to provide a tax cut for working families, to create jobs and economic growth....and to do this in a fiscally sound way."
She also said if the Senate votes on Obama's proposal, she'll introduce it in the House, despite caucus opposition. It's no secret why.
She and her husband, Paul, a successful San Francisco financier/businessman, are among America's super-rich. In 2009, Open Secrets.org ranked her sixth among wealthiest House members with a net worth up to $124,229,990. Clearly, she and her husband want Bush era tax cuts extended, her rhetoric notwithstanding, saying she and House Democrats reject Obama's proposal as currently written (and will) continue discussions with the President and our Democratic and Republican colleagues....to improve (it) before it comes to the House floor for a vote."
As now written, Obama's deal extends $150 billion in income tax savings to America's wealthy over the next two years. In addition, many billions more in capital gains and estate tax savings, as well as hundreds of billions to corporations and private equity investors, including the little mentioned "carried interest," loophole.
It taxes private equity profits as capital gains, not ordinary income. In return, American workers get crumbs, the same unfair treatment since the economic crisis erupted in fall 2007. According to MF Global policy analysts, benefits from the deal are around $1 trillion, the lion's share to America's wealthy and business. They'll give up none of it and should prevail given the cowardice of Democrats to say no.
Another Perspective on Obama's Deal
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