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Dem talking points memo on Bush tax cuts

Tax Cuts

* Middle Class Tax Cuts: 98 percent of Americans face a tax increase January 1. For the typical middle-class American family, that could mean the loss of $2,000 next year. Or if Republicans prevail--the middle class would be saddled with $700 billion in new debt to pay for multi-million dollar tax cuts for billionaires.

* American support eliminating tax cuts for millionaires: A new NBC/WSJ poll shows Americans favor the President's plan. 39 percent say eliminate the tax cuts for those earning more than $250,000 per year, but keep them for those earning less. 23 percent say keep in place the tax cuts for everyone permanently

The Tax Talking Point that's a "Pants on Fire" Lie

* Congressional Republicans claim letting the wealthiest 2 percent pay tax rates they paid in the booming 1990s would hurt small businesses. The nonpartisan Pulitzer Prize-winning PolitiFact labeled that claim a "Pants on Fire" lie. At least 97 percent of small businesses would not pay a penny more due to letting these upper-income tax rates expire for the wealthiest 2 percent of Americans.

*This analysis even overstates the impact on small businesses. Included in that small percentage of "small businesses" affected (2 percent-3 percent) that Congressional Republicans say they are trying to protect is anyone who receives any type of business or partnership income -including hedge fund managers, Price Waterhouse Coopers, athletes, authors, investment bankers, lobbyists, private equity fund managers, owners of large privately-held multinational companies, billionaires like George Soros, partners in major law firms and even President Obama himself.

*This Congress has enacted 16 tax cuts for America's small businesses -- $87 billion of tax cuts to spur investment, access to capital, new starts and hiring, and to afford health care. House Republicans voted AGAINST 15 of the 16 small business tax cuts, and have opposed closing overseas tax loopholes that cost American jobs.

By Greg Sargent  | November 19, 2010; 5:20 PM ET
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