Democrats are turning on President Osama’s plan to extend the Bush tax cuts for families making $250,000 or less. The Bush tax cuts help take the US from a surplus to a $12 trillion dollar deficit created tax relief for big business. No revenue to create jobs for the middle class.
Republicans want to extend Bush tax cuts for wealthier Americans, but the problem lies with the Democrats, especially those who are trying to maintain their seats and do not want to be accused of raising taxes. Those are Democrats in name only.
Democratic congressional leadership has not decided on a course of action on how to address the tax cuts. Obama, Speaker Nancy Pelosi and Harry Reid have all agreed that sticking to Obama’s pledge to do away with the Bush tax cuts for big business is a good way to help create jobs for the middle class and stabilize the economy. Obama used his recent news conference to address “Instead of tax cuts for millionaires, we believe in cutting taxes for middle-class families.”
Some Democrat have already stated they want to extend the Bush tax cuts for those making “$250,000 or more“, calling it “essential not to raise taxes in a bad economy?” This is troubling. Why are we talking about taxing families? Big business created this tax cut disaster. It would make sense providing extension for only middle class Americans where jobs and consumer spending propels the economy.
Democrats like Harry Mitchell of Arizona, and Jim Matheson of Utah, have stated they want to extend tax cuts for all tax rates until the economy is in better shape. That is extending Bush tax cuts for four more years which could put the economy into triple digit inflation.
The Republican base will win back seats controlling congress as expected. They will raise interest rates and pass legislative power to extend Bush tax cuts with no revenue to create a middle class job market but expand big business revenue. This will provide four more years of declining wages, rising poverty, weak job growth, government overspending and a tax policy that could contribute to the greatest fiscal deterioration in history.
Obama, the House and the Democrats will have to move quick before the November 2 election to complete tax cut legislation or wait until next year in 2011 when Bush tax cuts expire at the end of the year provided the Republicans don’t win congress.