Wednesday, December 8, 2010
Funny Piece on Tax Cuts (Link)
It appears as if the President and Congressional Republicans have reached a compromise on extending tax cuts for the wealthy, with a vote expected in the next few days. The President's idea of "compromise", however, has taken on a whole new dangerous meaning in the aftermath of November's political tsunami. Congress plans to extend tax cuts for the rich and lower estate taxes to levels even lower than Bush imagined, as well as surround the existing tax cuts with bunches of temporary "adjustive" tax cuts supposed to spawn economic growth. So now instead of one temporary tax cut that was supposed to expire this year, in two more the exact same debate will arise but this time with greater political and economic consequences. Not to mention the debt ceiling hasn't been raised as Republicans view the election as their chance to completely eliminate any deficit spending to foster economic growth. In a political climate where extending unemployment benefits for 2 million Americans struggle to pay their bills and heat their homes every day can only be achieved if billionaires are given massive tax breaks, it's hard to see any end to the suffering our country faces.
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