TAX CUTS FOR ALL

Today the Congress passed legislation and the President signed into law extension of the Bush tax cuts and continued lower tax rates. Taxpayers will get a 2% reduction in taxes up to the first $106,000. For a family making around $100,000, this means a savings of around $2,000 from the lowered tax rates and a cut of around $4,000 from the extended Bush tax cuts. Of course, the main winners were the mega-wealthy and businesses abroad....and, of course China, who lends us the money plus interest.

The losers are almost all of us taxpayers because we will have to pay the EXTRA $858 BILLION dollars that these cuts will add to the already huge $14 TRILLION DOLLAR federal debt. These debts were forced onto us by the Republicans because they demanded tax cuts for the multi millionaires and billionaires. Not only are we taxpayers losers, but so are our kids and multiple grandkids who will have to carry this on their backs.