The Bush tax cuts are set to expire this year.  There has been whining by Republicans that this is bad for the recovery.  Their claim is that doing a tax increase will affect the recovery.  Let's be clear.  The proposal being discussed is to only let the tax cuts expire for the top 2 percent of earners.  Do you make less than 200 thousand a year?  If so, you will not be affected.  Let me say that another way, taxes will only increase if you make more than 200 thousand a year.  That means the tax cuts only apply to 2% of earners.

The Heritage Foundation, a conservative think tank, agrees that keeping the tax cuts in place will not add jobs.  They are trying to make the case that there would be loss of jobs.  I don't buy that for a minute.

Giving tax cuts to the top 2% does not add jobs.  It only concentrates wealth.

Leaving the tax cuts in place would add 4.4 trillion dollars to the deficit over the next 10 years.  I don't understand how anyone claim to be against increasing the deficit and at the same time be in favor of keeping these tax cuts for the top 2%.  If you are against increasing the deficit, then you should be in favor of letting these tax expire.

We all know that Bush somehow managed to make a budget surplus to disappear, the graphs below shows how that happened.  This is from the non-partisian Congressional Budget office.

If the tax cuts are allowed to expire as originally planned by Republicans, taxes for the top 2% would go from 35% to 39%.  They won't be hurting, I promise you.  They might have to cut back the size of their yacht or something.  Other than that, they will be fine.