Tax Cut Extensions...Good or Bad?

Wow, look at all the “Obamanites” jump off the boat! And for what? TAX CUT EXTENTIONS…for everyone!!! You heard me correct tax cuts not tax increases! Pres. Obama is in the fight of his life battling the GOP in a “lame duck” Congress (which is fruitless anyways). He’s placed in a terrible position because his Party just about lost every seat in Congress, yet he’s tasked with still defeating a very strong and united Republican Party. As we speak Mr. Pres. is negotiating the details of a framework agreement to extend the Bush Tax Cuts from the early 2000’s. It seems he must have reverse Roe vs Wade?! The Democrats, Pundits and just about everyone I know (on the left) are just about ready to make V.P. Biden the Pres.

Here’s one good ole boy’s opinion. None of us (and I do mean none) are as smart, insightful and strategic as Mr. Barack Hussein Obama. If you believe you are, I highly recommend you place your name in the hat for the 2012 elections because we surely need you!!! So, I suggest we all take a step back and allow the Pres. That was elected to do what he knows he must do. Let him finish the painting before we start saying “that doesn’t look like me”? I’m just glad someone is doing what’s best for us instead of what could get them brownie points for the upcoming election. Did anyone catch all the bologna rhetoric those Congressman were saying in order to get elected?!!

There’s no doubt in many folks minds that the Bush tax cuts for the rich are unjust. Yet, if they were not extended millions of Americans would have been minimized at a time when an extra $1000.00 could be the difference between barely making it and “HOMELESS”. It’s funny because many of you don’t even know what tax bracket you’re in anyways?! Let’s do some research shall we?

Bush Tax Cuts (circa 2001)

Everyone knows that Pres. Bush was a serial tax cutter. He helped establish 2 major tax bills that all had a sunset provision in them (they had a termination date).

1. E Economic Growth & Tax Relief Reconciliation Act

2. J Jobs & Growth Tax Relief Reconciliation Act

They cut taxes for earned income, long-term capital gains and dividends. They also expanded child tax credits, got rid of the marriage penalty and other changes to the tax code. Not that bad huh? The only problem most Dems have is that the underlined benefits are mostly for the “rich”. But hey isn’t everything in America?

Tax Brackets

The EGTRRA created 6 tax brackets: 10%, 15%, 25%, 28%, 33%, & 35% based on income (If the extensions where to be canceled, we would revert back to the pre-2001 rates). The 10% would go away and everyone would jump up to 15% who is under $34,550. Then you would have…28%, 31%, 36% & 39.6%. EGAD!!

The $1000.00 per child tax credit would drop back down to $500.00. Currently, marriage couples can file together and receive deductions twice that of a single person (kiss that goodbye)!

Now, by agreeing to this compromise Pres. Obama secured 13 more months of unemployment benefits (which don’t seem like much unless it’s you that’s on unemployment). Currently there are more than 6 million folks who would be eligible for this assistance. Many have said we can’t continue to help people who are in need. To this I say first, we have no problem financing two… billion dollar wars; and second, if we still have 6 million Americans out of work in 2 years the last thing Pres. Obama will have to worry about will be Tax Extensions!!! There are also a few more compromises to this new extension….small business tax credits more we probably haven’t even heard about yet. Hell, of course it would have been great to kill the Tax Credits to the “Rich” (unless you are rich), but that’s not going to happen folks.

Who do you think controls America? Who do you think elects Presidents and Congressmen? If you’re so damn mad about the current state of things stop voting based on talking points and TV sound bites. The GOP is strong because they do a lot more than talk! They write their congressmen, they show up for rallies, they are united in a single goal and they fight! Remember this…everyone (even the Pres.) in Congress is “Rich”….why do you think you have a fair representation in Washington anyways?!

Milano flascucci~