Power of Story Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
OpEdNews Op Eds

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

By       Message Dave Lefcourt       (Page 1 of 2 pages)     Permalink

Related Topic(s): ; ; ; ; ; ; , Add Tags  Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 7/25/10

Author 40828
- Advertisement -

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.

- Advertisement -

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).

- Advertisement -

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.

- Advertisement -

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.

Next Page  1  |  2


- Advertisement -

View Ratings | Rate It



Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

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

CIA in the Crosshairs

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