Monday, August 23, 2010
Bush Tax Cut:: Just Say No
Now history is about to repeat itself. Why? Because Obama promised during his campaign not to raise the taxes on people making less than $250,000. If the Bush Tax Cut is allowed to expire at the end of the year the middle class will see a rise in their taxes also. Hence, some legislation is needed. The question is will the Democrats have enough spine to pass the legislation to exempt the middle class, while allowing the handout for the rich to expire.
If the Bush Tax Cut is not allowed to expire, the wealthiest 120,000 people in the United States ( you probably don't know many of them) will be given three million dollars each over the next decade. Overall, that's 680 billion dollars of revenues that disappears from the federal budget. The Republicans will tell you that making the Bush Tax Cut permanent will stimulate the economy. Bull shit. It means a lot of rich people, who already have everything under the sun, will just stick some more money in their pockets.
The Democrats need to step up to the plate and provide some protection for the middle class. But, when it comes to making the Bush Tax Cut permanent, JUST SAY NO!!!!!!