ABC News Explains What The Tax Cuts Extension Means

18 Dec, 2010 by William Teach

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In Reality World, the article would be extraordinarily short, with the full text reading something like

What do the Obama tax cuts extensions mean for you? Nothing. Nothing is changing. Thanks for stopping by ABC News.

And, yes, ABC News did actually entitle the article the “Obama tax cuts extension” at some point. Check the way the permalink reads. Anyhow, they really work the spin in Obama’s favor

When President Obama officially extended tax cuts enacted by his : predecessor in a Rose Garden ceremony today, he ensured the average : American will pay about $2,000 less in taxes per year for the next two : years.

What, is this the Democratic Underground or some other unhinged Lefty site, where they can’t even write Bush’s name? You know if they were mentioning “tax cuts for the rich” they’d mention his name. Furthermore, no one is going to pay anything less. They are going to be paying the same amount they’ve been paying for almost a decade.

The tax cut extension means big bucks for the super-rich. LeBron James, : who makes $14.5 million each year, will save more than $600,000 in taxes : for this year. A family making $100,000 per year will pay about $6,000 : less in taxes than if the tax cuts had expired. The average savings for : all Americans, according to the non-partisan Tax Policy Center, is about $2,800.

So what? He’s the one who earned it. Well, based on the way the Heat are playing, maybe not, but, it’s still his money.

While Americans will have less money taken out of their paychecks by : Uncle Sam the next two years, the tax compromise will result in lost : revenue to the government of between $450 : and $600 billion in 2011. That will be added to the nation’s $13.8 trilllion deficit.

Well, then they will just have to make do. It’s not theirs. They can cut back and spend wisely, like the rest of us do.

Of course, the bill will also add $900 billion to the nearly $14 : trillion national debt, money that future generations will be : responsible for paying back.

ABC News’ Jake Tapper, Sulen Miller, Bradley Blackburn, Alan Farnham and the Associated Press contributed to this report.

Interesting. They weren’t all that concerned with what all the Obama era legislation and spending would do to the national debt, nor that future generations would be responsible for paying it back.

Crossed at Pirate’s Cove. Follow me on Twitter @WilliamTeach. sit back and Relax. we’ll dRive!