IF, and ONLY IF, the administration presses for, and congress votes for, letting 100% of the Bush tax cuts expire.
Do you really think that is the administration's goal? Those conservative radio talking points must taste great! If so, I've got some wonderful real estate deals for you!
I work full time at a job that is 5 minutes from my house, so I don't even turn on the radio in my car most days. I haven't been listening to any talk shows and I often go two or three days in a row without watching television. I get most of my news from a wide variety of sources online - conservative, liberal, libertarian, etc.
As I pointed out, the tax cuts expire in four months. This is a huge, huge deal with implications for nearly every American. It will probably require lots of debate and discussion before a vote.
I predict the actual voting will take place AFTER the November elections. I wonder how many members of Congress will cast an unpopular vote THEN, but give vague or misleading answers about their position BEFORE the elections. Should be interesting.
This administration, like the others before it, has doublespeak down pat. Obama can say what he wants about the budget, but he knows that Congress votes for or against the tax cuts extension or expiration.
It's a well orchestrated dance.
"Democratic leaders on Capitol Hill say they will consider the fate of those tax cuts--due to expire at year's end-- just before the congressional elections. Nearly three-quarters of households will pay more in taxes in 2011 than they will this year if the Bush tax cuts expire and the Alternative Minimum Tax (AMT) is allowed to bite millions of middle-income households. With the economy still on uncertain footing, do we want to raise anyones taxes next year?
Stalemate means the Bush tax cuts expire for everyone. For most households, that will feel like a tax increase."
Will Congress let the Bush tax cuts expire? - CSMonitor.com
Listen, I hope that the tax cuts are kept in place - across the board.
Let me give you a little insight into how this affects people in those upper ranges.
If the tax cuts expire, I will quit my job. That's because our tax rate will go up so high that I will be working for less than my time is worth - plus it will become counter productive for me to work when I factor in the expenses of work and the tax increase.
So - that will be fewer tax dollars going into the federal till. We will also spend less money in our local market because of our personal budget cut, so that's fewer taxes raised locally. The effect of the tax hike will be the OPPOSITE of the desired effect.
You will see this scenario played out in many upper income families and businesses across the nation. If people are going to basically take a pay cut, they are going to either scale back their spending, or in the case of small businesses, scale back their operations, hiring, etc. and/or raise prices to cover their rising expenses.
