Tags: krugman | bush | tax | cuts

Krugman: Tax Cuts a GOP Giveaway to Rich

By    |   Friday, 27 Aug 2010 08:51 AM

Nobel laureate economist Paul Krugman has little respect for the argument from Republicans and conservative Democrats that the Bush tax cuts should be extended for the wealthy.

The cuts will expire for everyone Dec. 31 unless Congress acts. President Obama and many other Democrats want to preserve the reductions only for people with income of less than $200,000, while Republicans want to continue them for everyone.

“There’s a real chance that Republicans will get what they want,” Krugman wrote in The New York Times.

“That’s a demonstration, if anyone needed one, that our political culture has become not just dysfunctional but deeply corrupt.”

What the Republicans and conservatives are trying to do, Krugman says, is to “cut checks averaging $3 million each to the richest 120,000 people in the country.”

Leaving the tax cuts in place for everyone will take away $680 billion in revenue the government would receive during the next 10 years under the Obama plan, Krugman says.

“And where would this $680 billion go?” he asks. “Nearly all of it would go to the richest 1 percent of Americans, people with incomes of more than $500,000 a year.”

House Minority Leader John Boehner begs to differ.

Not only should the tax cuts be extended for everyone, he said in a speech at the City Club of Cleveland, but Obama should fire Treasury Secretary Tim Geithner and key adviser Larry Summers.

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Nobel laureate economist Paul Krugman has little respect for the argument from Republicans and conservative Democrats that the Bush tax cuts should be extended for the wealthy. The cuts will expire for everyone Dec. 31 unless Congress acts. President Obama and many other...
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2010-51-27
Friday, 27 Aug 2010 08:51 AM
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