House, Senate Democrats: no tax cut extension over $250,000

Name: Robert
Posting: #2
Period: D
Topic: Leaders
Title: House, Senate Democrats: no tax cut extension over $250,000
Writers: Alan Silverleib, Dana Bash, Deirdre Walsh, Evan Glass, and Ted Barrett
Publication Date: December 2nd, 2010
Length: 1075 words
http://www.cnn.com/2010/POLITICS/12/02/tax.vote/index.html

On Thursday December 2^nd, there was a clash between Democrats and Republicans over the extension of Bush-era tax cuts. Earlier, the House of Representatives had passed a measure to allow the Bush-era tax cuts to expire December 31^st, for incomes over $250,000. The tax cuts for lower incomes and the Alternative Minimum Tax limit would remain unscathed for 2 more years, this was supported by Democrats and staunchly opposed by Republicans. The Republican Senators decided on Monday to halt the final vote on legislative business, until Congress has “prevented the tax increase that is currently awaiting all American taxpayers.” Democrats including President Obama however argued that the tax cuts would cost $700 billion and would be irresponsible of the country. House Speaker Nancy Pelosi even accused Republicans of pushing tax breaks for the wealthy. Republicans argued back that the taxes would halt economic progression, especially in a recession. However, economic studies have shown that the demographic being targeted for tax breaks, would more often than not invest in stocks or other assets rather than invest in creating new jobs. If the measure were to pass, Democrats are attempting to force the Republicans to make concessions. These concessions would include extensions of unemployment benefits, extension of college tuition tax credits, extension of “make work pay” tax credits, and the extension of tax credits for businesses that hire unemployed workers.

In conclusion, the argument between the Democrats and Republicans is about the Bush-era tax cuts, and whether or not to extend them. This is just another example of partisan politics at it’s best, neither the Democrats nor the Republicans are currently willing to make any concessions, simply for the sake of arguing. With the economy in the state that it is currently in, the effect of losing the Bush-era tax breaks it still for the most part unknown, and it’s up to our leaders in the Senate to decide what course to send America on.

Personally, I believe that these Bush-era tax cuts for incomes over $250,000 should’ve expired long ago. People who make over $250,000 have more than enough money to support themselves and pay taxes, it’s the lower incomes of struggling families that needs to be taxed lower. On top of the logical argument, there is also the factual argument. If the people getting tax breaks aren’t going to invest in the nation’s well being, then they shouldn’t be receiving exorbitant tax breaks.