Saturday, July 24, 2010
Republicans promise to fight to expand the deficit.
They are gearing up to keep the tax cuts of their junior varsity saint and part time scut boy, W. The Democrats, on the other hand are dithering about their position with the "deficit hawks" quivering in fear at the thought of "raising taxes". The rest are mumbling about keeping the "middle class" tax cuts forgetting that the middle class is a vanishing breed thanks to Republican tax policies of earlier years. Also, as I remember it, the cuts for us in the bottom 95% of wage earners was somewhere between doodly and squat, and I was in a higher bracket then. And the dividend, capital gains and estate tax cuts didn't do us much good either.
The White House policy seems straight forward enough.
At this time we do know that extending all the tax cuts is bad and will blow the deficit sky high, keeping some of the cuts is wishy-washy and doesn't have a noticeable effect on what people worry about. If only the Democrats had a couple of good cage fighters and their own news network, they could rip the heart out of the Republicans on this issue.
The White House policy seems straight forward enough.
We do not buy into the theory that because the economy is still recovering, extending tax cuts for the highest earners is a necessary or effective policy responseThe middle class tax cut extension is just a pander to voters, but it would be better to turn the Republicans deficit arguments back on them by pointing out the $2.5 Trillion deficit increase if all the tax cuts are extended. Let them expire and that becomes deficit reduction, just what the GOP says we need.
At this time we do know that extending all the tax cuts is bad and will blow the deficit sky high, keeping some of the cuts is wishy-washy and doesn't have a noticeable effect on what people worry about. If only the Democrats had a couple of good cage fighters and their own news network, they could rip the heart out of the Republicans on this issue.
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