House votes to keep current tax rate
Dear media, the House vote last night – which sends the bill to President Obama for his signature – wasn’t an $801 billion tax cut bill, as the NYT headline blares. Certainly there are tax cuts in it, but not to the tune of $801 billion. Nor did "millionaires" get a “tax cut. “
All that happened is the House voted to maintain the current income tax rate for everyone. Nothing changes. No one gets "more" in terms of tax savings than they do right now and have gotten for most of a decade. Well, except, perhaps, those who don’t pay any taxes into the system. They may get more in the way of a “refundable credit”.
So quit spinning this as something it isn’t. There is no permanent tax rate. They aren’t “Bush era tax cuts”. They’re the current tax rate. Period.
Keeping that rate doesn’t "cost" the government one red cent, because they never had the money to begin with. Pretending that somehow anticipated revenue from an increase in taxes is somehow a "cost" is a perversion of the English language as well as a misuse of an economic term.
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