The Bush tax cuts

They're set to expire at the end of the year and Republicans and conservative Democrats don't want to let that happen. The tax cuts, if you'll recall, greatly benefit the richest Americans and do little for the middle class. Still, the Obama administration wants to preserve the cuts for the middle class, those making less than $250,000 a year, and let them expire for the wealthiest. We're talking an increase of the top tax rate from 36 to 39 percent -- not a huge increase.

That politicians are making hay on this issue shows that they put the interests of the wealthy above those of working people. At a time when everybody has to tighten their belts, it's time the wealthiest among kick in too.

I know, this is class warfare, a lot of conservatives moan. Got some news for you: The war is over and the middle class lost. It's time for the middle class to get some breaks instead of the wealthiest -- a group that includes the bunch of thieves who crashed the economy a couple of years ago. Remember that?

Paul Krugman makes the case:

"How can this kind of giveaway be justified at a time when politicians claim to care about budget deficits? Well, history is repeating itself. The original campaign for the Bush tax cuts relied on deception and dishonesty. In fact, my first suspicions that we were being misled into invading Iraq were based on the resemblance between the campaign for war and the campaign for tax cuts the previous year. And sure enough, that same trademark deception and dishonesty is being deployed on behalf of tax cuts for the wealthiest Americans.

"So, for example, we're told that it's all about helping small business; but only a tiny fraction of small-business owners would receive any tax break at all. And how many small-business owners do you know making several million a year?

Or we're told that it's about helping the economy recover. But it's hard to think of a less cost-effective way to help the economy than giving money to people who already have plenty, and aren't likely to spend a windfall.

"No, this has nothing to do with sound economic policy. Instead, as I said, it's about a dysfunctional and corrupt political culture, in which Congress won't take action to revive the economy, pleads poverty when it comes to protecting the jobs of schoolteachers and firefighters, but declares cost no object when it comes to sparing the already wealthy even the slightest financial inconvenience."