Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend  
Printer Friendly Page Save As Favorite Save As Favorite View Article Stats
1 comment

OpEdNews Op Eds

Bush Era Tax Cuts Due to Expire in December, This Falls Big Political Battle

By (about the author)     Permalink       (Page 1 of 1 pages)
Related Topic(s): ; ; ; ; ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

Headlined to H3 7/25/10
Become a Fan
  (16 fans)

opednews.com

The lead headline in the New York Times this morning read, "Next Big Battle in Washington: Bush's Tax Cuts."[1]

The Bush tax cuts of 2001 and 2003 are due to expire at the end of this year.

This being an election year both parties obviously will be maneuvering to develop a strategy they believe will be most advantageous to them in November, while casting aspersions toward the other side.

With the issue being tax cuts, it is hard to imagine Republicans repealing any cuts, even for the highest wage earners, traditionally their most favored constituency.

For Democrats, it should be a no brainer. Continue the tax cuts for the middle class (those earning less than $200,000) while restoring taxes to the pre Bush era levels for those above $200,000 ($250,000 for couples).

Two per cent of American households are in the highest tax bracket (which would be taxed at the higher, pre Bush era rate starting next year). Traditionally, the rich don't vote for the Democrats. What is there to lose for the Democratic majority to let the Bush era tax cuts for the rich expire in December?

Certainly, those in the middle class need no tax hikes and in an election year with this great recession, it is unimaginable for that to happen.

But for the rich, does anyone believe they pay their fair share (except for them of course)?

The highest income levels in America pay less in taxes than any of their counterparts in any other country in the world. Add in tax shelters, off shore tax havens, foreign bank accounts, reduced taxes on dividends, capital gains and estates, the rich in America receive all but a free ride.

The canard that tax cuts for the rich stimulate the economy and add jobs is a hoax perpetrated by them and their sycophants in Congress.

When factories close in the U.S. (while these corporations receive tax breaks to move their operations to 3rd world countries) only the American worker gets stiffed while the corporate executives continue to live high on the hog.

Getting back to the Republicans in Congress, they will portray the Democrats as "tax and spend" regardless of what the latter actually do. As Republicans are so fond of screaming about the size of the federal deficit, how can they justify increasing the deficit (an estimated $2 trillion) if all the Bush era tax cuts remain in place indefinitely? But facts never seemed to get in their way before and this paradox should be no different.

Lastly, though tax cuts and the deficit will be the focused issues this fall, the supreme irony is the 800 lb. gorilla in the room all these political blowhards (Democrat and Republican alike) ignore, which is the bloated defense budget. It accounts for well over $700 billion yearly in fiscal (government) spending and contributes mightily (and unnecessarily) to the nations exploding debt.

That's really where the focus on reducing the nation's debt should be. But of course, cutting the defense budget won't even be part of the discussion. They'll all be mum on that one.


[1] "Next Big Battle In Washington: Bush's Tax Cuts", by David M. Herszenhorn, "The New York Times", July 25, 2010

 

dglefc22733@aol.com

Retired. The author of "DECEIT AND EXCESS IN AMERICA, HOW THE MONEYED INTERESTS HAVE STOLEN AMERICA AND HOW WE CAN GET IT BACK", Authorhouse, 2009
Add this Page to Facebook!   Submit to Twitter   Submit to Reddit   Submit to Stumble Upon   Pin It!   Fark It!   Tell A Friend
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact Author Contact Editor View Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

An Ominous Foreboding, Israel vs Iran

The Evolving Populist Political Rebellion in the Arab World

A Nuclear War Would Be Insane

The Rich Get Richer, the Poor Get Poorer, While the Middle Class Gets Decimated

Iran Offers 9 Point Plan to end Nuclear Crisis, U.S. "No thanks".

The Danger of an Israeli Attack on Iran

Comments

The time limit for entering new comments on this article has expired.

This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.

Comments: Expand   Shrink   Hide  
1 people are discussing this page, with 1 comments
To view all comments:
Expand Comments
(Or you can set your preferences to show all comments, always)

that are due to expire while allowing the high inc... by John Sanchez Jr. on Monday, Jul 26, 2010 at 7:20:59 AM