Last night I was infuriated to hear of the tax deal that President Obama struck with the Republicans in Congress. Most of that can be due to the outrage shown by Keith Olbermann and Rachel Maddow. But I agree with them wholeheartedly. This may seem weird, but it kept me awake last night. The more I thought about it, the more uneasy I became. And I wanted to DO something. I implored my friends on Facebook to call Maj. Leader/MD Representative Steny Hoyer and our Senators. I even considered writing an email to everyone in my address book, asking them to do the same and even drafted an email they could submit through their member’s Congressional website, demanding that they vote NO on this tax policy.
I didn’t send that email, though. Not because it would be doing the most (and it definitely would be). I read another article HERE about what exactly was in the tax policy. And then I became stuck between a rock and a hard place. Here’s why:
The GOOD
Obeezy got a lot of stuff in this deal. Not only did unemployment benefits get extended for 13 months (the longest extension so far) but the middle class got to keep their tax cuts. Which is good because I don’t want a Republican-controlled congress spending my tax money anyways. The cuts mean that I will take home about $3,000 more of my salary in 2011. That’s like my entire shoe budget for 2011 so I’m grateful for that. And since Obeezy said he’s freezing federal employees’ salaries for the next few years, this tax cut is replacing the raise they would get.
Additionally, the payroll tax and extension of child tax credits and a bunch of other NEW tax credits for the middle class will benefit the economy. The middle class are the real job-creators. Not through starting businesses, but through their support of businesses already in operation. People on unemployment tend to spend their entire checks, putting that money BACK into the economy, so that stores don’t have to lay off workers and can expand operations to hire new ones. And of course, had this deal not been reached, millions of families would have had one somber, austere holiday season when their only source of income disappeared.
Finally, the quicker we stop arguing about these tax cuts, the quicker Congress can get to repealing Don’t Ask, Don’t Tell !
The BAD
It looks like Obama caved, AGAIN. He has failed to rally his base over the last 2 years, the same base that put him in office, and the same base that may look to another, more feisty Democrat come primary season 2012. This plan increases our ballooning deficit by nearly a trillion dollars. About $120 billion covers the high-end tax cuts and the estate tax cut, $450 billion covers Obeezy’s demands and $360 billion covers the middle class tax cut extensions both parties favored. Also, he got 13 months of unemployment benefits, while Reupbs got 2 years of tax cuts, basically the short end of a 2 fer 1 deal. Wackness. You got served, Obeezy.
I feel Obama should’ve gotten Republicans to cave a little bit on their demands, not just give them everything they want, so we can get SOMETHING. Sen. Max Baucus submitted a plan to raise taxes only on families making $1 million and above, not just $250,000 and above. Sen. McConnell mustve said “f*ck off* to that plan. Which makes me realize that he has the interests of the rich at heart, not most Americans. When Obama says to him, “Really Mitch, you’re hosling the threat of ruining the lifves and holidays of 2million families over my head so you can get millionaires and billionaires more money? How do you sleep at night?” I can only imagine McConnell’s response…oh wait, I already know his response. He said “You’re exactly right.”
The UGLY
“Republicans have held the middle class hostage for provisions that benefit only the wealthiest 3 percent, do not create jobs, and add tens of billions of dollars to the deficit. To add insult to injury, the Republican estate tax proposal would help only 39,000 of America's richest families, while adding about $25 billion more to the deficit." – Nancy Pelosi sums it up pretty well.
I’ve recently read Third World America, Arianna Huffington’s newest book. Combine the knowledge of that book with what happened on the Hill yesterday, and this is what kept me from sleeping last night. The last 10 years, 8 of which Bush was President, we have had ZERO NET GROWTH IN JOBS IN AMERICA.
I’ll write that again. IN THE YEARS THAT THE BUSH TAX CUTS WERE IN EFFECT, THOSE TAX CUTS CREATED ZERO NET GROWTH IN JOBS IN AMERICA.
One more time for good measure:
THE TAX CUTS THAT ORGINATED FROM THE BUSH ADMINISTRATION DID NOT CREATE JOBS.
So, can someone please tell me why the Republicans are allowed to repeat this utter falsehood that giving tax cuts to the wealthy create jobs?
The incomes of the wealthiest 5% in this country have increased over the last decade, while the income of the middle class has fallen. Why is it that WE, the middle class are asked to “tighten our belts” and sacrifice to lower the national debt, whole the wealthy get yet ANOTHER present, just for being wealthy?
It also disgusts me that the main reason Republicans held unemployment benefits hostage is their claim that it’s fiscally irresponsible to add more debt to the nation’s bill without off-setting the cost via some other spending cut. Unless of course you want to give billions to the rich without offsetting THAT cost. Doesn’t that piss you off? It made me so mad, I got a headache last night.
Sadly, we will be right back at this juncture 13 months from now with a Republican-controlled Congress. I can only pray no one I know is amongst the ranks of the unemployed then. Cuz they are shit outta luck in the worst way.
And oh yeh, decreasing tax levels on the Estate Tax…wowzers. Obeezy just gave a BIGGER tax break to RICH PEOPLE WHO INHERIT MONEY FROM THEIR DEAD RICH RELATIVES. AND THAT’S ALL I HAVE TO SAY ABOUT THAT. WHAT THE HELL.
Has anyone ever heard of the 99ers? Apparently there are 5 million people who get no unemployment benefits at all because they have been collecting for 99 weeks. No one has mentioned them at all in the tax policy discussion. I guess there needs to be more room on that boat going up Shit’s Creek without a paddle…
The assault on the middle class continues. And I think Obeezy is still on our side but either lacks the balls to really fight, or his naiveté about the political process Is getting the best of him. Either way, I’m considering a career change. I’m trying to figure out 1. Where the richest people in America live. And 2. What is a service that I could provide and start a business with that would allow me to cater exclusively to the rich? Because having a “normal” job is no longer what’s hot in the streets. Rich people are about to be the only people with substantial discretionary incomes. If you can’t beat ‘em, join ‘em…or at least sell ‘em something.
What’s your opinion on the tax cuts?
