Now the sad thing here is that I’m sure every derelict in that crowd agreed with him. I don’t even know where to start. He actually wants that crowd at that rally, and anybody else who hears this, to understand that he and Obama can’t wait for a trillion-dollar tax increase on the wealthy. (Biden impression) “Come on, man, my heart breaks for ’em. Screw the rich, which is what we intend to do. Come on, man, my heart breaks. Guess what? We’re gonna let that trillion-dollar tax cut expire so middle class doesn’t have to bear the burden.”
All right, let me tell you what’s gonna happen, ’cause here’s what he’s talking about. If nothing happens, the current tax rates on everybody expire. The current tax rates are erroneously called the Bush tax cuts. They are 11 years old. They are the existing tax rates. What is it, 35 for the upper bracket? And it’s gonna go up to 39.6, basically 40%. If the Bush tax cuts expire, everybody’s tax rates will go up to what they were in 2001. Not just the rich, everybody’s.
But let’s for a moment say that only the rich rates were gonna go up from 36 to 40. I want to know from people who are not in that tax bracket, how does somebody experiencing a rate increase from 36 to 40%, how in the world does that matter to you, in terms of your back pocket, your take-home pay? Because Biden says here, “We want to let that tax cut expire so the middle doesn’t have to bear the burden of all that money going to the super wealthy.” See, you are supposed to be satisfied that the increased tax payments from the rich go to government. That’s supposed to make you happy. The rich are getting screwed. That’s what they want you to think. “We’re really showing ’em the shaft. We’re screwing ’em, 5% tax increase, 4% rate increase.” It’s not coming to you. This whole notion, this is just obscene to me, and it’s pathetically stupid.