I find myself in agreement with the wacko Left on killing this bill now. Although for different reasons. Problem with the House version was that the unemployment extensions were not paid for when they could easily have been. That, and they want to tax the dead again. And then there’s the myth that keeping the tax rates the same are going to be a stimulus and create millions of jobs, is pure fantasy. Well, if Obama actually believes that it will, then it is pure fantasy. But I don’t think he believes that it will. Which makes it a lie. No different than the lie that Obamacare was not going to increase the debt, and was going to lower premiums, increase care and coverage, can keep your doctor. All that.
The benefits from ‘the Bush tax cuts’ have come and gone. It took a couple of years for those tax cuts to pay off. They’ve run their course and we’ve spent our way into a recession, and then some. We haven’t gotten trillions into debt by not taxing enough. I’m pretty sure it’s because we’ve spent and borrowed too much.
Now that Harry Reid has the bill, he has made it worse by adding another $55 billion of pork to it. Notice a trend here? If you’re having trouble passing a bill (like with Obamacare), just keep adding pork to it to bribe the votes you need. Where’s that change that Obama campaigned on? From here it looks like more of the same, on steroids.
The best we could do now is to let this bill fall on its face and let the next congress pass one with no pork in it. Making the current rates permanent, if not lower, will help to stop the FUD factor which now is more of a hinderance to growth and investment than the current tax rate itself. Raising taxes anywhere, and especially on those who we expect the growth to come from, will absolutely guarantee that the economy won’t be turning around anytime soon.