The deal worked out between President Obama and the Republicans to extend Bush-era tax cuts for the richest Americans is the latest demonstration of the dictatorship America’s financial aristocracy wields over the government and its poli cies.
The agreement will extend $150 billion in income tax savings to the wealthy over the next two years and hundreds of billions more in the form of cuts to taxes on corporate profits, capital gains, and the estates of multimillionaires.
Obama has capitulated to the demands of the financial elite, expressed openly in the solid Republican support for continuing the tax cut for the wealthy, despite large Democratic majorities in both houses of the outgoing “lame duck” Congress. More...
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