Okay, okay, he is thinking of giving in to the wealthiest two percent in America and will give them back the Bush tax cuts. W wins on this one but wait! Mr. Obama you have a choice. Don’t do it unless you get something in return and that something should be jobs via the tax cuts.
The GOP says it is all about creating jobs. They realize restoring the tax cuts to the wealthiest two percent of Americans will add to the deficit. We all know that. And since it is “all about jobs” to the GOP, why not make the upper end tax cut conditional on job creation?
The GOP/Reagan/Trickle Down Theory of Economics says that if you give the wealthy tax cuts they will create jobs and spend money. If they create jobs it will trickle down to the underlings who get those jobs and they will spend money. While everyone knows the rich get richer by keeping their money and investing their money in themselves we’ll give the GOP the benefit of the doubt here.
Let us say by giving the tax cuts to the wealthiest two percent of Americans they must create jobs to get the tax cut. Really, check this out. Let the government figure out how much of an increase in funds these wealthy individuals will get if the tax cuts are restored. Once that figure is known these wealthy Americans must spend that same amount on job creation before (read here before) they actually get the tax cut.
This will insure they actually create jobs with the tax cuts which the GOP has said is the goal anyway.
If Warren Buffett’s tax cut amounts to $1.3 million, he must spend $1.3 million before the tax cut in job creation. He can open up a Burger King, we don’t care, as long as that money goes directly to creating jobs. Every dime of it must go to creating a job for an American in this country. Then and only then will he receive the $1.3 million directly deposited to his bank account.
There are any number of Americans who are not in a position to create such jobs or any jobs yet they will get these tax breaks. If she were alive how many jobs would Sunny von Bulow and hubbie Claus create? How about Paris Hilton? How many jobs will she create with the Bush tax cuts? There are lots of other rich folks out there who will get this tax break and who will not create one new job. Okay, you can argue that Paris Hilton creates jobs for Paparazzi but those are free lance jobs and don’t count. Yes you can say Sunni Von Bulow created a lot of jobs for waiters and hairdressers because she spent the money but I really don’t think this is what we are talking about. If it is then we all ought to get out and leave the driving to someone else.