“The tax proposal announced by the president clearly presents the differences between Democrats and Republicans. Any provision must be judged by two criteria: does it create jobs to grow our economy and does it add to the deficit?
“The Democratic provisions will create jobs and help 155 million workers through tax cuts for the middle class, helping working families who are struggling and growing the economy.
“The Republican demands would provide tax cuts to the millionaires and billionaires, fail to create jobs and increase the deficit. And 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.
“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...."
(Link to source: http://www.politico.com/politico44/perm/1210/the_speaker_speaks_8c4c8df8-7cce-497c-83df-f7b817e2fd0e.html )
Democratic legislators should draw a line here, and if all of the irresponsible Bush tax cuts expire at year end - so be it. Blame obstructionist Republicans who cater only to the wealthy. (Including for the probable loss of Democratic proposals that help the "rest of us" non-millionaires.)
Hey....more (tax) revenue in 2011 to start to address the massive, Bush national deficit....(George: Cutting taxes while maintaining/increasing spending = burgeoning deficit. Duh.)
One final word: Compromise. (All parties...)
12/13/10 update: Link to 12/13 Reuters story re 'Moody's may cut U.S. 'Aaa' rating outlook if tax package enacted'. (Link to story.)
(Comment: Moody's is "on it"! (Re government debt levels, deficit financing.) But, where were these "guys" (i.e, Wall Street credit rating agencies) prior to the 2008, sub-prime mortgage-induced financial "meltdown"?)
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