Current Events — HabitableZone

Current Events » in reply to Greg - define wealthy and tell us specificly at what $ level you'd increase taxes

There never was a tax cut it was a tax loan

It never existed, you got nothing at all. First the tax cut just created a structual deficit which is higher than the amount of the tax cut. So all that is happening is the tax cut is being borrowed. It's like going to the boss and asking for a raise of $100 a week. He says no, but he'll lend you $100 a week.

That's all that happened. Every cent of that tax cut has to be payed back off public debt by people or their children. If the tax cut was repealed most of the structural deficit would be gone.

Also since Bush wouldn't help the states they just raised their charges so a lot of people just ended up paying it to the states instead.

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