It is expected that Congress will postpone any action on the cuts. Congress is worried that their necks will be on the line in an election year.
McClatchy: The lingering Bush legacy: What to do about those tax cuts
By passing a temporary extension of temporary tax reductions, the Obama administration and Democrats in Congress can buy time, she said, and the likely outcome is the formation of a study group to examine the kinds of extensive tax revisions that many experts argue are needed.
President Barack Obama has said that he expects to retain most of the Bush tax reductions, letting them expire only for individuals or couples who earn more than $250,000 annually in taxable income.
2 comments:
There was a quote from Senator Snowe about how it wasn't a good idea to point to history. Here's what happens - the Democrats role the cuts back, they get painted as increasing taxes. The media is not in the least little bit compelled to explain that the cuts were horrendous in the first place or that Bush was in it for the top 1%. The Democrats are jumpy over this. In my opinion they have to go, the cuts were bad in the first place, they're not any better now.
Don't let Obama and his gang fool u they might raise taxes on the rich a pt. or 2 but they no more believe in taxing the Aristocracy then the conservs. do.
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