Monday, April 16, 2012
Too Much Online newsweekly, April 16, 2012
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THIS WEEK: George W. Bush resurfaced in New York last week, for a speech on public policy. What has George W. upset enough to rejoin the public debate? He's worrying that Congress will let his tax cuts for deep pockets expire at the end of this year.
“If you raise taxes on the so-called rich,” Bush told his audience, “you’re really raising taxes on the job creators.”
Yahoo CEO Scott Thompson certainly qualifies as rich. He started at Yahoo this past January with a $27 million annual pay package. But he hardly rates as much of a job creator. Earlier this month, Thompson announced he’ll be axing 2,000 of Yahoo’s 14,100 workers, the sixth mass layoff at Yahoo since 2009.
The U.S. Senate will be voting this week on a first step to undo George W.’s generosity to job creators like Scott Thompson. This first step, the “Buffett rule,” aims to mandate at least a 30 percent federal income tax rate on taxpayers who make over $1 million a year. What makes this first step — and many more — so desperately necessary? In this week’s Too Much, we share some answers.
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