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Tuesday, December 7, 2010

Presidental Tax Cut deal

The President has just proven that not only is he not "Change we can believe," he's also a political whore. He's struck a deal with the Republicans to extend tax cuts to all Americans, including the wealthy, but the Democratic Party is in open revolt to the idea. No kidding! After he gets done campaigning on ending that crap, he wants to turn around and approve it all. He flip flops more than John "Voted for funding before against it" Kerry. The deal has payroll cuts that would cut the Social Security tax rate by 2 percent. (So why are politicians complaining about the lack of funding for it?) Republicans, in exchange, will renew jobless benefits for 13 more months without paying. So, if the two year extension doesn't bankrupt us first, then we will have this debate in 2012, and he better not say the words "End Bush Tax Cuts." The president has portrayed it as a way to get middle class benefits while, of course, blaming Republicans. The truth is, at this point, the President is just enabling the Republicans.  He has  proven, once again, that the Democratic Party of the United States has no spine, that it isn't willing to fight for what it believes, much less what's right. If the President is so concerned with the deficit, if the Republicans are so concerned, then why is this going through?  It's almost as big as the Stimulus package, which wasn't paid for either. Among the Democratic Party's concerns: Senator Kyl's renewing of the estate tax at 35 percent, with the first 5 million dollars safely exempted. Businesses can write off all of next year's investments as business expense, and therefore not pay taxes on them. Meantime, House Democrats are very concerned about this deal, as are the Democrats of the Senate, and they should be. They have spent how long saying they would end the high end tax cuts? Thankfully, there is at least one Republican who is willing to vote against this monstrosity that, quite frankly, the President created in his capitulation to the  Republicans. So what happens now? Well, if you think like the CBO, and look to future effects, then you will find that the deficit is about to see another massive increase. Over ten years, the United States Treasury will lose 4 trillion dollars. It's honestly a wonder that the Chinese government doesn't own us yet. So if you are a sane individual, please, call and/or write your congressperson and ask them to vote against this plan.

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