Raising Tax Rates On The Wealthy Vs. Closing Loopholes
What exactly is the difference between raising taxes on the richest 2% and closing loopholes on deductions? Both ideas are supposed to add much needed revenue to help balance the books. Is it merely semantics on the language or does one road deliver us to our destination, while the other road is vague and has no guarantees. If everyone agrees that the added revenue is going to come from the rich, than it’s time to end this silly game and let the “Clinton-Era Tax Rates” return.
Let’s face some cold hard facts. The “Bush Tax Cuts” have been a disaster for the American economy. We were told that cutting taxes for the top earners would make economic growth explode throughout the land, while bringing prosperity to everyone on the economic ladder. This “Trickle Down” theory or “Supply-Side Economics” has been disastrous for everyone except the wealthy. It has given the U.S. serious revenue problems and exploded America’s debt, while increasing the gap between “The Haves and the Have-Nots.”
Speaker Boehner is in a very tough spot. The voters have demanded that Republicans compromise with the President on a balanced approach to avoid going off the “Fiscal Cliff.” That means they want more fairness to the tax code. That does not mean tinkering around with uncertain deductions and loopholes. If that’s what the people wanted, America would have a new President right now. Extending the middle-class tax cuts would be a good start for Republicans to gain back some credibility.
The President and his new mandate have made it very clear to the GOP, “stop holding the middle-class tax cuts hostage.” President Obama has a lot of momentum right now and he isn’t taking any prisoners. He is determined to deliver the voters message of economic fairness. Speaker Boehner has another chance to prove his leadership to the American people. Will he step up to the plate and play ball?
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