Princess Pelosi wants to do something about tax cuts right away. She wrote a letter to John Boehner asking him to immediately bring a permanent extension of middle income tax cuts to the House floor for a vote.

In her letter, Pelosi couldn’t help but beat the class warfare drum: “We must ask the very wealthiest Americans to pay their fair share. Democrats believe that tax cuts for those earning over a million dollars a year should expire and that we should use the resulting revenues to pay down the deficit… It is unacceptable to hold tax cuts for the middle class hostage to extending multi-billion dollar tax breaks for millionaires, Big Oil, special interests, and corporations that ship jobs overseas.”

Increased revenue from millionaires should go toward paying down the deficit? Good grief, I thought we’d put this one to bed by now. But just for kicks, here’s a little lesson for Princess Pelosi, courtesy of Kevin Williamson.

Only 0.2 percent of U.S. households have incomes [above $1 million], meaning that there’s only about 200,000 of them. And like Club 250K, Club 1 is bottom-heavy: There are a lot more $1 million men than there are $6 million men. And there are a whole heck of a lot more $6 million men than there are $60 million men.

You want to tax Club 1 to get rid of the deficit, you have to hit each of those 200,000 households with an average tax hike — not an average tax bill, but tax increase — of $6 million. And a lot of those Club 1 households don’t have $6 million in income to start with, much less $6 million left after the taxes they’re already paying.

Just remember that repealing ALL of the Bush tax cuts is said to get you about $3 trillion … over ten years. Our deficits (under Obama) run almost half that EVERY YEAR.

Princess Pelosi is full of yaksqueeze. This has nothing to do with deficits and everything to do with class warfare.