There is a debate hitting our congress that may make or break the reelection chances of some incombants. Both sides of the aisle, for the most part, agree that we can’t rais taxes in a time of economic hardship that our country faces today. Yet the debate will rage on, fueled by the white house, when it comes to who should keep their share of the Bush Tax Cuts.
Republicans suggest that we should renew the Bush Tax Cuts in their entirety and take more mesures to cut spending to ensure the stability of the financial markets. The Democrats want to let the Bush Tax Cuts expire then push forward with new cuts directed toward the “middle class” and other “targeted” groups. In doing this they want to, in essence, rais taxes on earners of $250,000 or more. This will include many small business owners who gross $250,000 as a sole proprietors, a large majority of small businesses. Tim Kaine, the Democratic National Committee boss, was on Fox News Sunday this week arguing for the Democrats plan. He argues that the they have passed 8 targeted tax cuts already since Obama took office and that this has made a big difference in spurring the economy.
It will be hard to sell the American people on the fact that the Democrats have made a positive affect on the economy at this point. More targeted cuts to special intrest and class warfare wont help the fact that our debt is growing out of control. The Tea Party has been advocating for tax reform and measured spending cuts to help spur the economy and create a more fair system of taxing, but don’t look for anything that radical to come up this year.
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