In the next day or two, the House is expected to vote on tax legislation (H.R. 8) that would substantially increase the federal deficit while doing the following:
- extending all the Bush-era income tax cuts, including those that exclusively benefit the richest two percent of Americans;
- extending the 2010 temporary estate tax cuts that exempt all but the richest 0.3 percent (estates up to $10 million per couple); and
- ending tax credit improvements for low- and moderate income families enacted as part of the American Recovery and Reinvestment Act of 2009 (ARRA).
In contrast, the bill introduced by House Democratic leaders, H.R. 15, would limit the tax cuts for the richest two percent (who would still fare very well), while extending the Bush-era tax cuts on income up to $250,000 per couple ($200,000 for a single taxpayer) and also extending the ARRA tax cuts for working families.