Congress's lame duck session started yesterday and the media have been focusing on the likely fights in store over the renewal of Bush's tax cuts, which are set to expire at the end of the year if no action is taken.
President Obama and most Democrats would like to renew the tax cuts only for those making under $250,000. The Republicans, of course, along with some Dems, want to renew the tax cuts even for the wealthier people making more than $250,000.
Repealing the tax cuts for the wealthy would help to pay down the deficit. But the deficit hawks in Congress would rather cut services to the "little people" (if indeed they do want to balance the budget rather than just shout about it). They don't work for us, they work for the CEOs.
Will Obama and the Dems cave in to the Republicans? Rumors abound, but only time will tell for sure.
This is an opportunity for Obama to show some leadership and work hard against extending the tax cuts for the wealthy. If all else fails, he could let the extensions expire for everyone and we would all end up paying more. The Republicans could be blamed for that, due to their stubbornness and unwillingness to compromise on the side of true fiscal responsibility. That could ultimately translate into some campaign points, if only Obama and the Dems could get that message across in the next campaign cycle.
But, alas, I think we all learned this past election season that the Dems don't have a flair for effectively getting their message to the people.
No comments:
Post a Comment