So is this pretty much politics as usual? Do you fault one party and its leaders more than the other? Where do you stand on the issue of extending the tax cuts – should they be extended to everyone or only those under a certain income bracket? Should they be made permanent or just extended a couple of years (so we can go through this all over again!).
“I think that it would be a mistake to raise taxes at a time when our economy is so weak and unemployment is so high. So, what I would like to see is an extension of all the tax cuts.” – Senator Susan Collins
“With all the Republicans’ talk about wanting to shrink the deficit, they would have us borrow $700 billion over the next 10 years to give a tax cut of about $100,000 to folks who are already millionaires.” – President Obama
Two things are set to occur towards the end of the year – the mid-term elections in November and the expiration of the sweeping Bush tax cuts when 2010 turns into 2011.To say this has politicians in a frenzy, is an understatement. President Obama has staked out a position of supporting extending the tax cuts only for the middle-class (generally considered to be those earning less than $200,000 a year). Republicans want to extend the tax cuts for all Americans, even the wealthy.
Democrats accuse Republicans of not really caring about the deficit. Republicans accuse Democrats of not understanding that tax hikes on the wealthy will have a negative impact on job creation and will slow economic growth.
Neither party can decide whether they want to hold the vote before or after the mid-terms. Both profess a willingness to compromise with the most willing to compromise being those running in vulnerable races.
Please share your thoughts.