For years, we heard about the Bush tax cuts for the rich.
Of course, Bush did not cut taxes for the rich......he cut taxes for people who pay taxes and that's a lot of rich people in the US.
In fact, the top 10% pays about 65% of our federal income taxes.
Like closing GITMO and holding meetings on CSPAN, a lot of Dems are now figuring out that running for office is a lot different than governing.
The WSJ has a great editorial today:
"In Democratic Washington, it's supposed to be an article of faith that the Bush tax cuts "on the rich" were a disaster and must be allowed to expire at the end of this year.
However, that means socking the economy with a record tax hike next January 1, and some Democrats are beginning to have second thoughts.
Harry Mitchell, a second-term Congressman from Arizona, wrote President Obama last week to urge him to extend the 15% tax rate on capital gains and dividends that will revert to 20% and 39.6%, respectively, next year.
He also doesn't want the 55% confiscatory rate on estates restored, as it also would be in 2011.
"Given the unique economic difficulties we face as a nation, this is the wrong time to raise these taxes.
We need to retain these tax cuts that encourage investment that stimulates growth and job creation," Mr. Mitchell wrote."
OK.....what is the left going to say about this one?