Bush tax cuts have expired, no law has replaced them
Now that the Bush tax cuts have expired, the negotiating ground has radically shifted. Or should have.
Update: You can still try to screw this up in the House if youíre so inclined. Phone numbers here.
Snarky headline, but I thought you needed to hear that, since apparently no one else on the planet has noticed. No, a handshake between Joe Biden and Mitch McConnell is not a new law, despite what youíre reading in the papers. And yes, the negotiating ground has changed, despite what youíre reading in the papers.
So with the Bush tax cuts already expired and out of the way (Iím going to bold that expression every time it appears, just so you know it actually happened), U.S. citizens are now subject to a tax increase. So starting from here ó now that the Bush tax cuts have already expired ó letís see how we can get a real middle class tax cut passed Ö you know, like we discussed a thousand times before, almost a thousand years ago. Hereís my pretend-Obamaís letter to the Republicans:
1. Absolutely. The Bush tax cuts expired at midnight last night.
Any tax cuts for an individual up to $400,000 or a couple up to $450,000 are OBAMA PERMANENT tax cuts. Over $400/450,000 the tax rate MOVES UP to a Clinton-era 39.6%. Obama didn't give in on rates, not even a tenth of a point.