Ed Schultz of MSNBC had his shorts in a knot last night. He wanted the President to “fight” and “hang tough” on negotiations with Republicans over the extension of the Bush tax cuts. Schultz may not have noticed that the Senate failed on Saturday to vote for the specific policy proposal he favored. Nor did his angry guest, Sen. Bernie Saunders of Vermont, who also seems not to have noticed last month’s election results.
To be clear. The Republicans are wrong on the merits. They maintain that given the weak economy, it is the wrong time to raise taxes on the wealthy, that the tax increase would adversely affect small businesses that create the most jobs. The fact that the Republicans are essentially lying was proven on the Senate when they rejected a different compromise that would have extended the tax cuts for anyone making less than $1 million per year. If you are a small business and you are earning, net taxable income, $1 million per year, your business may be small but you are way past rich enough to be doing hiring.