Richest Americans could buy a $83,000 Mercedes every year if Bush tax cuts extended, or light 800 pricey cigars with $100 bills #p2 #gop #tcot

from http://www.rawstory.com/rs/2010/11/richest-percent-americans-buy-83000-mercedes-year-bush-tax-cuts-extended/

Florida Democrat Alan Grayson is at it again.

In a little-noticed speech on the House floor Wednesday, Congressman Grayson -- who lost his re-election bid and is slated to depart Congress at the end of this session -- detailed just how much money the top one percent of earners would keep if the Bush tax cuts were allowed to continue: $83,347.

The Bush tax cuts reduce the top federal income tax rate from 39.5 percent to 35 percent. The tax cuts are scheduled to expire this year, and Republicans in both the House and Senate want them extended.

The top one percent of earners in the United States make $1.4 million dollars or more. If the Bush tax cuts were allowed to continue, those who earn this sum would get a tax break of $83,347 a year.

Grayson explains just how much of a break the richest one percent of Americans would get. ThinkProgress summarizes Grayson's list, which includes a top of the line Mercedes, a bottle of wine from 1787 and an expensive cigar for both morning and night that can be lit each time with a $100 bill.

rest at http://www.rawstory.com/rs/2010/11/richest-percent-americans-buy-83000-mercedes-year-bush-tax-cuts-extended/