In defense of the wealthy ...

The President is at odds with his own Party on one aspect of the tax rate "deal." Extending the current tax rates on the upper 2% of earners. In fact the president readily admits he doesn't even like this portion of the deal, but, its the best he can get given the necessity of keeping the middle class cuts in place. Why does he think those cuts necessary? Because the extra money in the economy will result in an estimated 2 million jobs in 2 years, and he even dispatched his top economic advisor, Larry Summers, to the Hill to convince Dems this deal is necessary to avoid a "double dip recession."

I think the GOP has a stronger hand then they assume. This deal should be for a permanent implementation of the current tax rates, not a temporary (2 year) extension. We don't need a temporary economy. And more to the point, isnt the President & his Party sorta trapped by their own rationale? The top 2% provide roughly 50% of federal tax revenue. If keeping half of the money that would otherwise be taken in taxes, in the private sector creates 2 million jobs, then why not create 4 million by allowing the upper 2% to keep their money? See, once you cop to the fact that lower taxes helps repair a damaged economy, you cant then say "but only this group's money will."

But, if it is to be only a temporary extension, I can think of no better time to have this debate again then in 2 years.