Tue Dec 4, 2012, 12:44 PM
politicaljunkie41910 (617 posts)
So the Bush Tax cuts expire. I can live with that. In fact, I would prefer it.
I have to shake my head and wonder aloud how it is that we as Democrats, find ourselves in a position, where President Obama is using his 'political capital' advocating for continuing permanently the Bush-era tax cuts for 98% and having to possibly concede ground to the remaining 2%. Black has now become White, and Up is now Down.
Those earning more than $200,000 per year benefited the most from the Bush era tax cuts, while the deficits exploded due to two tax cuts, two wars on the credit card, a medicare tax benefit which doesn't allow the government to negotiate drug rates as they do for the VA, and the collapse of the financial industry in 2008 due to lax regulations and speculative gambling in the mortgage industry.
So now those who threw the party, and crashed the market, but continue to benefit the most from it, and continue to prosper from the rigged system, want to do nothing to contribute to the growing deficit while continuing to hide behind the lie that they are the "job creators" a myth which has been dispelled and continues to exist only in the minds of John Boehner and a carefully crafted Frank Lutz focus group.
I would rather have all the tax cuts expire, and force the rates back up to the Clinton era tax rates, capital gains rates, inheritance tax rates, etc. so that we increase the revenue coming in, since no Congress will ever, ever be able to pass a tax increase ever again because it will be politically impossible. This Congress will attempt to balance the deficit on the backs of the working class by eliminating the mortgage interest deduction, and state income tax deductions for those of us in high housing cost areas, further turning our homes into a money pit. If we should survive to age 65 with anything resembling a middle class intact, we will have to fight each other for the remaining crumbs left over, it any.
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So the Bush Tax cuts expire. I can live with that. In fact, I would prefer it. (Original post)