Source: Washington Post

GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds.

By Lori Montgomery Washington Post Staff Writer.

Thursday, August 12, 2010.

A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday. New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.

The analysis, requested by Democrats on the tax-writing House Ways and Means Committee, comes as debate heats up over tax cuts enacted during the Bush administration, most of which are scheduled to expire at the end of this year. Republicans want to extend all the cuts, which would cost the Treasury Department $238 billion in 2011, according to the taxation committee. President Obama and congressional Democrats have vowed to extend the cuts only for families making less than $250,000 a year and individuals making less than $200,000 -- 98 percent of American taxpayers -- in a plan that would add about $202 billion to next year's deficit.

Given the soaring national debt, many economists deem both proposals unaffordable. Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.

Obama campaigned on a pledge not to raise taxes for the middle class, however. And with midterm congressional elections in November, few politicians in either party are calling for full repeal. Instead, lawmakers are gearing up for a battle when they return to Washington in September over the small fraction of the tax breaks that benefit the nation's richest families.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/20...

... And so the ignorant teabaggers campaign to keep the tax cuts for the rich while their own savings, pensions, jobs et al goes down the toilet.

what's the tax rate for million dollar households?

35%

so that will drop them down to ~20%

evil GOP

All we need is a third party, Democrat,republican,and communist party,
if you are all pissed off at the present situation vote communist,if they get in the rich won't have it very long,and everyone will go to work,we will all have the same pay, great incentive a guys ?
"Workers of the world unite, you have nothing to lose but your chains"

Please don't get upset guys I'm kidding,sh1t it's bad enough being an atheist, if I was a commie you would hate me more.
Years ago I worked for London Transport as a bus driver,every week when we got paid ,we would go to window 1 and get our pay ,in cash.
The next window was the transport union were we  paid our dues,we would also get out free edition of the Daily Worker, a communist news paper. I had got myself a new job as a private chauffeur to a Movie producer, "Harry Michaels" I had a few weeks before starting so I thought I would have some fun.
I did not stop at the union window to pay my dues, they figured I was hard up and couldn't afford them that week.The next week I did the same thing, this time they had a few union guys waiting for me outside,
I said "Hi guys whats up ?" they asked why I didn't pay my union dues,
I simply said "I don't want to" they started to get very close with a grim faces,at that very moment a few buds came out and asked me if everything was ok, the union goons shyed away ,the next week I quit on a thursday ,and got the flock out of there.
A few years later London transport was an open shop ,join the union if you want to, don't join if you don't, Remember we all had a health plan,the only thing the union would do is put up a fight if you got canned,believe me if you got canned from that job you deserved it.

Star: GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds.

Wouldn't that headline be more correct if it read:
"GOP plans to stop governement theft of citizen's money to fund programs people somehow managed to live without years ago"

Assuming that math is correct, what % of the total national budget is $36 Billion?  A drop in the bucket.

If those tax savings spur the economy, it's a very worthwhile investment.

I don't know much aobut Federal employees' compensation except for one area - FAA, with whom I deal almost weekly in my practice.

General aviation inspectors can easily earn over $100K per year.  Not too shabby for a job that just requires a high school diploma.

Many former airline pilots, flight instructors, and aviation business owners are now FAA employees, and others are salivating for the chance to get hired.  I actually know one of them who is a veterinarian - yep, he gave up a vet practice to be an FAA inspector.

All of the Federal holidays off, good vacation and health care benefits, and that wonderful guaranteed government retirement.

Mick -

I know this guy personally.  He learned to fly after he became a vet, and just, plain fell in love with aviation.  He practiced as a vet for about 15 years, made some money, saved and invested well, and then went off to pursue the endeavor he loved.