It looks like we will have a showdown in the near future.
The White House has stated, as clear as they can, that Obama will not support an extension of the Bush Era tax cuts for Americans making more than $250,000 a year. Period.
And Republicans have sworn to not “raise” taxes, even if it isn’t an actual raise, but is really just letting what was passed as a temporary tax cut expire. The Bush Tax cuts were instituted right after Bush got us into two very expensive and long-lasting wars. He and the Republicans promised that cutting taxes would improve the economy, but instead the economy tanked and the deficit went through the ceiling. As Bush himself put it, we won’t get fooled again!
Republicans even claim closing loopholes that allow multinational corporations to not pay any taxes at all are tax increases. This madness has to stop! Even without the Bush era tax cuts, taxes are already lower than they were under Reagan. And Reagan raised taxes when he had to. Grover Norquist complains about Bush Sr. raising taxes, but somehow fails to mention that Reagan raised taxes (more than once).
I am very glad that Obama is drawing a line. He has already compromised on this and all it did was delay our economic recovery. The time for compromising on this issue is over.
Of course, the Republicans will make a lot of noise about this. Just look at what they just did with Clinton’s recent remarks. The GOP claims that Bill Clinton said we should extend the Bush tax cuts temporarily, but if you read the full interview in PolitiFact he said nothing of the kind.
Republicans are going to lie about this. They are going to attack Obama. They are going to claim he raised taxes and increased spending, when he did neither. Obama has lowered taxes (especially on the middle class) and has cut spending. When the Republicans were in power, all they did was cut taxes and increase spending. The Republicans are really just complaining because Obama is refusing to give another handout to the only people who don’t need a handout, the very richest 1%. If we do throw even more money at the rich, they will just create a new bubble when they try to find a place to invest it. And the only jobs they will create will be in other countries.
Tell Obama to be firm on this. I am one of those people whose taxes will go up, but I say, it is about time.