Expiration Of Bush Tax Cuts – The Next Phony Washington Battle!

Posted: August 26, 2010 in Current Events, Politics
Tags: , , , , ,

As you probably know, tax cuts implemented during the Bush years are set to expire on January 1st.  There has already been a good bit of teeth gnashing over this on the Republican side, claiming this is yet another step toward Obama’s socialist vision (who knew that as recently as 2002, the United States was a socialist nation?).  Democrats for their part say that we simply can’t afford to let the Bush tax cuts continue.  But what are we really arguing about?  I saw a graphic at The Obtuse View via The Washington Post that demonstrates the substance of the “debate”:

Notice how similar most of those circles are?  So here’s the deal.  Republicans want to extend the Bush tax cut for 100% of all taxpayers.  Obama wants to extend the Bush tax cut for about 97-98% of all taxpayers (Obama would let the upper two tax brackets revert back to 2000 levels, so the next-to-highest bracket would go from 33% to 36%, and the highest bracket would go from 35% to 39.6%.  However, he also would raise the lower level of that next-to-highest bracket to $200,000 for single filers, and $250,000 for families.  All other brackets would remain exactly as they are now.)  You would think that with both sides being this close to agreement that there wouldn’t be much of a battle.  But these days, especially in an election year, every issue is do-or-die, end of the world, the sky is falling, the nation is going straight to hell in a handbasket type of issue.

Lost in this phony battle is a real discussion of whether either side is actually being fiscally responsible.  To really balance budgets and pay down the debt, realistically BOTH spending has to be reduced and taxes have to be increased (and frankly, you probably are going to have to find some of that revenue at lower income levels than just the upper two brackets).  But we aren’t ready for serious discussions yet.  Haven’t you heard? We have a Muslim problem to deal with.  They are hatching a plan to take over, a plan that apparently has been in the making for over one hundred years!



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