Our view: Business tax break targeted at the wealthy
Once again, the wealthy trample on the poor and our diminishing middle class.
The House on Thursday passed a $46 billion tax break for businesses, called the Small Business Tax Cut Act, the New York Times reported.
However, that “small business” is slapped onto the measure doesn’t necessarily mean a similar connotation is included.
The tax break targets those with very full wallets. And the money would be disproportionately divvied up amongst the wealthy.
Republicans argued that although the cost of the cut would be added to the country’s already heavy debt, it would allow businesses to keep more of their own money.
This would subsequently encourage those businesses to do more hiring.
Considering those businesses include bigwigs like lawyers, finance managers and the people who already drove the economy into the ground, chances are, no more hiring will happen.
Sorry, soon-to-be graduates. You’ll still be job hunting while waiting tables.
Democrats, of course, countered that with the Buffet Rule, “a $47 billion tax increase on the nation’s richest households,” The New York Times said.
If the tax cut hadn’t passed, this could have held the Richie Rich’s of our country to pay at least a 30 percent tax rate.
However, the Times reported that in the year, the tax break could create 39,000 jobs. That sounds tempting for college graduates. Hell, that sounds tempting for anyone.
No worries, though. The measure has little chance of getting through Senate, and President Obama will likely veto it.
But just hearing that most of the 1 percent will benefit from the cut is beyond discouraging. The rich just keep getting richer.
The above editorial is the consensus opinion of the Daily Kent Stater editorial board.