The Bush Tax Cut Debate Is Missing Examples People Can Relate To
As I sit and listen to the discussion about the Bush tax cuts, there's ongoing debate about whether they should be extended past 2010 for low/middle income families or for everyone, including those making over $250,000 a year.
Cancelling the $700 billion in cuts is cast as something the U.S. cannot afford to do in a recession. Republicans make the argument that it's the rich who would continue to benefit from the cuts, because they would inject that money into businesses. Some Democrats argue the rich would just pocket that money.
In order for more people to understand if the rich should still get these cuts, we need examples.
So let me throw something out there...
For a person making $1 million a year:
- how much do they save?
- what real life thing is worth that tax cut amount?
Here's are 2 simplistic examples: assume the millionaire's tax cut was 3%, which translates to $30,000 a year.
Would a millionaire miss $30,000 a year? The starting price of a Ford Taurus is $25,170.
How about someone making $250,000 a year. 3% is $2,250 a year. Would a person miss that? That's less than a John Deere X300 riding lawn mower.
While everyone is throwing numbers around, the discussion would benefit from real life examples people can get their heads around.
I'm just sayin'
