Saturday, September 11, 2010
Dems may punt on Bush tax cuts
While the argument can be made that raising taxes on anyone during a recession is a bad thing I have to say it is harder to make that argument when that "anyone" that we speak of is the top two percent of income earners in the nation. While these super wealthy retain their decades long Bush tax cuts, which don't appear to have been particularly stimulating, lower income Americans are struggling everyday with simply putting food on tables and making mortgage payments. If some in Congress want to have a temporary extension of these tax cuts they should first take in mind the suffering of the average families in their states, not just the wealthy who contribute heavily to their re-election campaigns. Republicans enjoy arguing that small businesses are where the vast majority of jobs are created, so if that is true then they should be advocating for the repeal of these tax cuts so all that money can be put back in the pockets of small business owners. That way it can be put to the most good so that businesses can feel safe about re-hiring again and let the economy recover faster.
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I completely agree that the Bush tax cuts need to be phased out. Our deficit this year alone is staggering at $1.260 trillion dollars. Eventually we need to start focusing on our national debt and the only way to do that is to either raise taxes or reduce spending. Since PResident Obama's entire fiscal economic plan revolves around increased government spending to stave off recession woes the only other viable solution I see is to raise taxes. And considering our country is in the midst of one of the worst economic crises in American history raising taxes on anyone other than the super-rich would be foolhardy in both an economic sense and political one.
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