Why should Obama allow the Bush tax cuts to expire next year?

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  • Daisy
    Lv 7
    9 years ago
    Favorite Answer

    First, President Obama wants to continue tax cuts for the middle class. People making less than $250,000 a year will see no tax increase.

    Second, the government needs revenue. Bush left Obama the largest Federal deficit in my memory and it continues to grow. Letting the tax cuts on the richest 1-3% of people in this country expire will bring in a lot of money to help cut the Federal deficit.

    Republicans are fighting tooth and nail to keep the tax cuts for the rich by refusing to continue tax cuts for the middle class. When you hear one of them talk about "tax increases on Americans", they're talking about the rich. Because the middle class won't see a tax increase. And when you hear them moan about the Federal Deficit, you can wonder why they're not willing to let the rich pay their fair share of taxes. I think we all know the answer to that one:

    Republicans are the party of the rich and big business. If you don't fall into that category, they don't have much use for you.

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  • c
    Lv 4
    9 years ago

    Because G. W. Bush had his own agenda and the only people he helped with his tax cuts were those in the $250,000 and above bracket.

    Just like McCain wanted to pass a law that got rid of inheritance tax for anything under something like 10 million dollars, which, coincidentally, is what his wife is worth.

    I am not a republican nor a democrat, but the republicans clearly take care of their own and to heck with everyone else. On the flip side, it sometimes appears that the democrats want to help everyone, but they want the wealthy (mostly republicans) to pay for it.

    I am not opposed to a flat tax. It is what is fair to all, but of course, the wealthy will find a way to make it look like they don't make quite so much and those who are getting minimum wage will still need public assistance. But FAIR is a good start.

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  • 3 years ago

    Capital features will circulate from 15 to 20 %.. company features tax will circulate from 15 %. to 39. the marriage penalty may well be returned. Inheritance tax will circulate from 0 %. to fifty 5 %.. The Obama care tax will take result. Cap and commerce and the various taxes they have thought up. that's no longer any ask your self the economist are affirming the financial gadget will provide way. It has by no capacity extra suitable revenue to the government by utilising increasing taxes. No u . s . has ever taxed itself into prosperity. we are seeing the examples in Greece, Spain and something of Europe and that's what Obama and the socialist Marxist progressives want for u . s . a ..

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  • Anonymous
    9 years ago

    Should: better for business in general. Well if we plan on making these cuts permanent, then we have to make some serious cuts to spending. No, cutting NPR or arts funding wont balance the budget (sorry). This will include cuts to social security, Medicare, and the military.

    OR

    Shouldn't: We like our pork and entitlements. We let the cuts expire (like they were meant to do... why else were they not permanent :P ) and balance the budget through less extreme measures.

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  • Tom R
    Lv 7
    9 years ago

    thank you so much for asking this question. they will add 782 billion to the budget with little if any stimulus to the economy.. on the other hand the republicans said 12 billion was too much to spend on extension of the unemployment benefits past xmas. such nice guys lets cut their money before christmas. i think its a conflict of interest for the gop to be voting for this. the average congressman earns around one million a year. .so are you surprised that they are trying to vote to give themselves a tax cut. democrats on the other hand are trying to give the middle class a tax break an not one for themselves. . the thing is its spent money that stimulates the economy. middle class an poorer people will spend it . the rich arent likely to.

    Source(s): what do you think would stimulate the economy more 100 people with a thousand to spend or one guy with 100,000
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  • Anonymous
    9 years ago

    Plenty of cuts right in Washington. You don't cut military for any reason. Lose the power, lose everything. Libs think too much is spent on military, they just don't get it. They won't until it's too late. Like education, child raising, health care, etc., etc. that's just how out of it they are. I can't believe people would follow agendas that will ruin childrens lives. Oh that's right, selfish, caring only for numero uno. But they still have kids for tokens. Patetic

    Source(s): Life
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  • 9 years ago

    It would be nice if every able bodied american was employed;it would nice if we were obedient of the golden rule;it would nice if we all had self respect and respected others.

    Unless those in position (employers) make a profit( they cannot hire new employee) .

    Big government cannot solve all of our nations ills .

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  • 9 years ago

    He needs the money to pay for his HCR fiasco... and he can blame repubs for it, even though a logical person would realize he could still get them passed if he he truly believed they were needed for the middle class... no, he wants the money, he planned on it...

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  • because it didn't help the economy. We need the services from the Government such as DMV and all. The Rich do need to pay taxes.

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  • Anonymous
    9 years ago

    They are scheduled to die a natural death, at the end of THIS year.

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