Monday, December 6, 2010

Two Year Extension of the Bush Tax Cut is CRAP

Bipartisanship is not what voters want. There should not be a compromise. The GOP won, and the Democrats lost. The voters did not want bipartisanship because compromising a solution only confuses the outcome. The Democrats strategy for the economy is awful. If Democrats start having doubt in their ideology, they are contradicting a belief and that is a fatal character flaw.

The agreement is another 2 year extension on the Bush tax cuts. It has remain another game among politicians to throw the American public a carrot for future potential votes. These morons that represent us are self serving jerks. The American people want a permanent solution; not a temporary fix. Therefore, after 2 years, the American people will have to endure the same crap all over again. Of course, it will occur during another election cycle. The American people will have another chance to put their representatives on notice again. We need to get rid of these career politicians. The public is completely aware that politicians are manipulating their lives, and doing so will anger them ever more.

(Wall Street Journal) President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Mr. Obama acknowledged that the agreement marked a significant reversal for him, as he has long argued that income tax cuts for couples earning more than $250,000 should expire. If the political stalemate continued and led to a broad tax increase, Mr. Obama said, "that could cost our economy well over a million jobs.''

The deal would extend a raft of business tax breaks, including credit for spending on research. It would extend current tax rates on capital gains and dividends for two years, including for higher earners. It would also maintain protection for middle-class families from the alternative minimum tax.

As part of the deal, the White House is proposing a provision to encourage more investment in plant and equipment, by letting companies claim deductions on 100% of most kinds of investment.

Under the agreement between the White House and congressional Republicans, the estate tax rate would be set at 35% for two years and would apply only to estates over $5 million. Under current law, the estate tax has lapsed for 2010 and is set to spring next year to 55%.

White House officials will now try to persuade Democrats to back the agreement, but anger on the left suggests that Mr. Obama might need to rely heavily on Republican support to move legislation through Congress.

Republican leaders spoke highly of the agreement. In a statement, House Republican Whip Eric Cantor said, "No one gets everything they want in a deal, but our top priority is to restore certainty to the private sector so that businesses small and large can start hiring again."