should bushs tax cuts be continued or not?
President Obama's own former Budget Director, Pete Orzag, has come out for a renewal of the Bush Tax Xuts.
In a New York Times op-ed this week, Orzag argues that the Bush tax cuts should be extended for a full two years.
He even favors extending them for the so called "wealthy" — if it means getting GOP support for such a renewal in Congress.
Here's what Orzag said: “Ideally, only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it.”
Orzag is no conservative.
But he isn't crazy either. He know what's at stake.
Raising taxes on the most productive citizens right in the middle of the worst recession since the Great Depression could spell disaster.
“No one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned,” Orszag writes.
Now for the bad news.
Obama is mad.
Just this week he lashed out against his own former Budget chief and a growing chorus of Democrats who want to fully renew the Bush Tax Cuts.
Obama vowed to end the Bush tax cuts for anyone making over $200,000 or more.
He repeatedly refers to such wage earners as "millionaires" — which is an out and out lie.
His idea that folks making $250,000 or more are rich just is not supported by the facts.
Consider a husband and wife living in a big U.S. city. One is a teacher and the other police sergeant. With a few years on the job, combined both make $250,000 a year.
Are they "rich"?
Under Obama they will be zapped -- eventhough they have a high cost of living -- and with kids in college are shelling out an additional $30,000 a year.
In fact, such folks likely have NO disposable income.
Now Obama wants to increase their taxes by 10 percent or more!
There is no denying there are wealth people who make more than $250,000 a year.
Many are small business owners.
Does anyone doubt that when Obama's tax hike hits on these hard-working entrepreneurs, they will simply cut spending and even cut jobs at their companies?
Let me remind you, extending the Bush Tax Cuts is not a Republican issue. It's a bipartisan issue that needs to be implemented to save our economy.
- Anonymous1 decade agoFavorite Answer
I'm pretty sure what Americans think just doesn't matter.
Obama wants to rub America's nose in his pile of political crap and that is that. Whatever Obama wants, Obama gets ... even if he has to throw away billions and billions of taxpayer dollars to do so.
Massive New Study Confirms Stimulus Spending On Road Construction Does Nothing To Lower Unemployment (Jan 11, 2010)
So now Obama wants to spend MORE billions on creating NO jobs!! Duhhhhh...
The tax thing is a pretty big fuss about not much.
Anybody making that kind of money can afford to pay a bookcooker a few grand to save a heap, anyways. Lots of 'em don't even pay taxes ... so we found out.
And plenty of well trained bookcookers became unemployed after the Democrats killed the Fannie Mae Golden Goose by sucking it dry ....
It doesn't look as if tampering with the tax cuts will "fix" the economy ...contrary to what Puppet Obama is current rubbing our noses in ....
"Although the cuts were large and drove revenue down sharply, they are not the main cause of the sizable deficit that exists today. In 2007, well after the tax cuts took effect, the budget deficit stood at 1.2 percent of GDP. By 2009, it had increased to 9.9 percent of the economy. The Bush tax cuts didn't change between 2007 and 2009, so clearly something else is to blame."(6)
If the tax cuts didn't cause the deficit, how will undoing them fix the deficit?
Face it ... The White House ain't got a clue about what to do.
One more example:
Sept 2, 2010
"White House spokesman Robert Gibbs said today that there are no plans for a "big new stimulus plan" to goose the sluggish economy."
Sept 6, 2010
"Obama Pushes His New Stimulus Plan"
They just can't get their act together ... No wonder Emanuel wants out!!Source(s): http://www.businessinsider.com/sorry-america-stimu... (6)http://www.washingtonpost.com/wp-dyn/content/artic... http://www.cbsnews.com/8301-503544_162-20015488-50... http://www.dailyfinance.com/story/taxes/obama-lays...
- casimiroLv 44 years ago
probable no longer. They weren't in result throughout the Clinton years, and the economic device did basically positive for the duration of that era. And, we want the money to initiate on a technique to balancing the funds.