End Tax Breaks for the Wealthy

President Obama on Wednesday opposed extending Bush-era tax breaks for the wealthiest Americans. Sen. Bernie Sanders agreed. “I think President Obama is right.  At a time when we have a $13 trillion dollar national debt, we should not be renewing huge tax breaks for the wealthy.  This would cost the treasury over $1 trillion in a 10-year period,” Sanders said. “In my view, we should use half that money for deficit reduction and half that money should be invested in rebuilding our roads, bridges and rail systems which, over a period of time, could create hundreds of thousands of good-paying jobs.”  Obama and Sanders favor extending tax cuts for the 98 percent of households with income below $250,000 for couples and $200,000 for individuals. For the top 2 percent – those with incomes above those cutoffs – federal income tax rates in 2011 would go back to their pre-2001 levels.  What do you think?