Monday, November 15, 2010
Tax cuts: Obama wants a deal
The White House has indicated that President Obama would be willing to negotiate a tax cut extension before January 1, so he has called both sides of Congress to meet on November 18 to discuss the economic agenda. He hopes that "we're not going to play brinkmanship but instead we're going to act responsibly." Obama continues to believe that it is important to extend the cuts for businesses and middle class families, as well as extending the unemployment insurance benefits (set to expire on November 30). The Republicans will continue to push for a permanent extension of all the tax cuts, but many believe that both sides will have to bend if any conclusions were to be made before the new year. Two Washington Tax analysts believe that the cuts will be extended for one to two years. If a bill extending all tax cuts made it through the Senate then they also believe that Obama would not veto the bill. We'll just have to sit tight until after November 18 to see where the circus takes us next..
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I think that it would be ridiculous if the tax cuts were extended for upper-income families. Like the article suggested, our current economy cannot afford to let off millionaires and billionaires in the name of tax cuts that should not have been initially implemented at those income levels anyway.
ReplyDeleteI think it's not fair for the upper income families to be taxed since they consume more than single filers usually and will hurt them more in the long run by being forced to conserve more money. I do agree with Megan that our economy cannot afford to let off wealthy people on the list of tax cuts, but at the same time, they would argue about the principles of equality.
ReplyDeleteRight now, we need to think about the economy and not the principles because delaying the process of implementing anything will further devastate the economy even more.