Taxes: Upper Class Cuts Leave Middle Class Bleeding
By Bruce Watson
On the surface, the national deficit doesn’t seem all that complicated: In May, America’s debt slammed against its officially set limit of $14.3 trillion, and almost everyone agrees that the federal government needs to come up with a lot more money. But when it comes to the question of how to raise that money, things get a lot more complicated — and political.
Generally speaking, Republicans want tocut taxesand slash expenses, while Democrats want to raise taxes on the upper income brackets and preserve social programs. The Republican approach certainly has its attractions: Nobody likes paying the tax man, and there’s something remarkably grown-up and responsible-sounding about phrases like “protecting future generations” and “tightening our belts.” But under scrutiny, it starts to look like these lofty goals may conceal another agenda, as the proposed cuts in taxes and spending are likely to benefit the wealthy, while placing an out-sized burden on the country’s poor and middle class.