let all of the tax cuts excpire

[mosholu]

We all seem to accept as a given that the tax rate will increase incrementally as you make more money. What bothers me about this whole discussion that everyone seems to believe there is some logic in the incremental rate increases stopping at 200/250G. The Republicans have done a great job as selling this as a middle class/small business issue. Only 2.9% of the country are over the 250G mark. There should be increases in the rate as your income goes up with maybe a cap at 50% at the level of 20 million. It will not significantly change the deficit picture, which must be addressed by spending cuts and elimination of subsidized tax breaks, but it will bring a level of fairness to the process.
The biggest thing that will effect all of us and was left out of the compromise announced by the President was any extension of the Build American Bond program. Over 20% of state and local government debt issued in the last year took advantage of this program. If it goes away, as the Republican insist, state and local governments are going to be hard pressed to raise the money they need any any break we get from the Feds will not cover the state and local tax increases.