Sunday, September 19, 2010
Why not extend Obama's stimulus tax cuts?
This op-ed piece discusses much of the controversy and debate surrounding the current status of George Bush's tax cuts. The author also mentions the lack of attention surrounding the progressive tax cuts that Obama included in his stimulus package. For the most part, he chastises Democrats for their timidity in having a strong stance against Bush's tax cuts and letting Republicans dominate the discussion and claim the moral high ground. Bush's tax cuts mainly benefit millionaires and people in the high income-bracket while Obama's tax cuts are more focused on the middle-class. The author decries the disproportionate attention being placed on only one of two very important tax policies. Democrats are missing an opportunity not only to gain political capital, but also to benefit more middle-class and lower-class Americans.
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I believe that the government can not afford to keep the Bush tax cuts. Their deficit is too big. Looking what happened to Greece the U.S. can not afford another hit in the economy.
ReplyDeleteHard to believe that our deficit just shot up from the surplus of Clinton's era to now, almost $14 trillion in debt. It's about the equivalent of US's GDP. We should start considering the ways to reduce our debt without harming our economy. This should be very interesting for the next 20 years.
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