Tax cuts have, historically, required both political and economic maneuvering. (Truthout.org/flickr)
The Bush-era tax cuts will be high on the agenda when the lame duck Congress reconvenes today. The cuts are scheduled to expire next year, but Republicans are pushing for the extension of both the "middle class" breaks, as well as those for couples earning more than $250,000 a year. They cite the huge budget deficit and a shaky economy as reasons to keep the cuts. Similar arguments led to prior historic tax cuts, from two politicians of different eras, parties and temperaments: John F. Kennedy and Ronald Reagan.
Joining us to analyse whether the fallout from those previous tax cuts could be an indicator of success this time around is Joel Slemrod, professor of economics at the University of Michigan and author of “Taxing Ourselves: A Citizen’s Guide to the Debate over Taxes." Washington correspondent Todd Zwillich explains the upcoming debate in Congress to get some or all of the tax cuts extended before January and the new Congress.
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Comments [3]
I find it interesting that a president (JFK) that was in office for such a short time made such a big impact on our country. I recently picked up a book called <a href="http://www.kennedydetail.com/">"The Kennedy Detail"</a>. It's written by one of JFK's secret service men (Gerald Blaine) who reveals the true story in order to tell the truth surrounding the assassination of JFK. It's an excellent book!
"Bush's Tax Cut" for the rich means more tax on the middle class. Average Americans must not listen to The Republicans who on the one hand, say no tax increase and on the other hand, want to keep Bush's borderline crime tax cut intact. Common sense people, common sense. Do not listen to the hypocrite Republicans-they are your real enemy. If not today, you will see it when it is too late, tomorrow. More than a decade of their Economic policies put American Economy in this calamity. Enough is Enough.
It hasn't changed, "Most people would rather protect the possibility of becoming rich than face the reality of being poor." How can you, on one hand complain about Wall Street Bonuses, while on the other grant tax breaks. The top 2% is double dipping.
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