Democrats and GOP Brawl Over Bush Tax Cuts

George Bush has been out of office for 4 years but his name continues to be in the conversation. The Bus Tax Cuts have been around for over 10 years and are about to expire. President Obama extended them back in 2010, but refuses to do so again for the top earners. This will be a huge topic until the election in November.

 

The GOP claims that letting the tax cuts expire on the richest Americans will destroy the economy because those are the job creators. They also say that the uncertainty surrounding the tax policy has put a hold on job creation.

 

The Democrats argue that the job creators have had the Bush Tax Cuts for over 10 years and have done very little to help the economy. In fact the last decade was the worst economic period in the history of our country. The tax cuts have cost the government billions of dollars in revenues. It has made the rich a lot richer. The economic divide has never been greater between the haves and have not’s.

 

The President extended the tax cuts once in order to stop middle class taxes from going up. He wants taxes for the very wealthy to go back to the same rate as they were under President Clinton when the U.S. had its best economy in history and a huge surplus.

 

The majority of Americans agree with letting the Bush Tax Cuts expire on the super-rich but the GOP would never agree with that no matter what the circumstance. Republicans in Congress have never made any attempt to pay for the tax cuts and it was devastating for the country. Hopefully the two sides can come together and make a deal.

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Posted by on Jul 10 2012. Filed under Featured News, World. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

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