This Is What's Wrong with the Tax Cut Deal

President Obama is still pushing his tax cut deal with the GOP. The Senate has already taken up debate. They even added some "sweeteners" to coax votes out of some reluctant Democrats. What they don't realize is that things like "the continuation of a federal tax break for mass transit users, an ethanol tax credit and a grant program for renewable energy developers" are not what is needed to make this a sweet deal. The problem with this deal is demonstrated clearly in this chart (via Ezra Klein.

Obama - GOP tax deal gives even bigger tax break to the wealthy than the original GOP proposal

The deal that Administration officials negotiated gives an bigger tax break to millionaires and the richest taxpayers than even the original Republican proposal. That is why we are opposed to the deal and why Democrats in the House are right to not bring it to a vote as is. It isn't because it lacks dubious sweeteners like more ethanol subsidies. It will be a bad deal until the giveaway to the rich – who least need a tax break – is scaled back.

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