The Obama administration and Congressional Democrats are struggling for a strategy to deal with the soon-to-expire Bush-era tax cuts, each side uncertain whether the other is up for a fight with Republicans in the wake of the Democrats’ election trouncing — or whether they could win, in any event.
That has both parties betting that the most likely outcomes could be either a truce that extends the tax cuts for all income levels for perhaps a year past their scheduled Dec. 31 expiration, or a stalemate that lets them expire temporarily, in either case delaying the battle until 2011.
Nice article. I think the main point of this article was whether the rich people should get tax cuts or not and keep the middle class's tax cuts extended.
ReplyDelete"Some Democrats suggest as a new bargaining position an income cutoff of $1 million instead of $250,000"
This is difficult to determine whose income should get tax cuts or not, there should be a system that would solve for this problem but again this is really about the equality between the individuals in terms of income. Democrats seem to strive for the inequality (towards the rich) while the Republicans do the same towards the middle class (generally). When will inequality ever stop?
I feel like geographical locations somewhat determine what economic status one holds because in some cities in the US the $250,000 or above income could lead a rich individual's lifestyle whereas in other cities it might not be enough. There are many factors to consider while modifying or extending or even completely terminating the Bush Tax Cuts and that is what makes this decision so hard.
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