Comparing Democratic and Republican tax plans

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The Republicans' plan to extend the Bush administration tax cuts for the wealthy would cost $36.6 billion more than the Democrats' plan. Data from the nonpartisan Joint Committee on Taxation has shown that Families who's salaries exceed $1 million a year would enjoy close to $36 billion in tax breaks under the Republican tax plan in 2011, that will give each wealthy house hold an average tax cut of over $100,000

The data by the taxation committee also indicates that the tax cuts implemented by the Bush administration will cost the Treasury Department $238 billion in 2011. President Obama and Democrats want  to extend the Bush tax cuts only for families making less than $250,000 a year and individuals making less than $200,000.

Households making less than $250,000 a year and individuals making less than $200,000 constitute  98 percent of ALL American taxpayers. Just the amount of money in tax cuts that the richest top 2 percent of Americans take right now is more than double the average national per capita income.  So there are a lot of Republican party members who either are not tuned in to reality or love the rich and the big corporations.

It is fair to note that due to the soaring national debt, many economists see both proposals unaffordable. Former Fed chairman Alan Greenspan, and Ronald Reagan budget chief David Stockman, have asked  lawmakers to let the bush tax cuts expire and allow income tax rates to pop back up to their levels during the Clinton administration.