THE END OF THE BUSH TAX CUTS.
The Senate vote must favor the middle class instead.
"Let the wealthy pay their fair share in taxes," still does not resonate with the Republicans in the United States Congress, where the Senate is slated to vote on the Bush era tax cut for some households to be extended for one year; but they (Republicans) are maintaining that the tax cut extension must cover everyone.
Well, President Barack Obama's plan is for households earning $200,000 to $250,000 to be spared any tax raise at the end of the year, and most small business owners fall in or fit into that range or far below it. However, those earning higher incomes will see their taxes go up to defray the large deficit that the country must deal with.
If the tax cut is extended to include the wealthy Americans, who mostly do not need it, then where will the money come from to reduce the deficit, which was making the National debt to soar by the minute?
The Democrats want the Obama plan that covers the middle class to have a tax break for a change, which makes Sen. Chuck Schumer (D-NY) to say this about the Republicans,
“They care about reducing taxes to the highest-income earners in America,” and “They’re willing to hold middle-class tax cuts hostage … and they put that priority over deficit reduction.” (Politico.com, 7/25/12).
Senate Minority Leader Mitch McConnell's approach is to extend the tax cut to include those, who are really earning in excess of a million dollars a year; and it will be nice to say that all tax payers need a break, but the deficit that his group keeps hammering the Obama administration about is left standing out in that approach.
That gives the average American a snapshot of what is happening in Congress, that both sides of the aisle are rooting for one section of society or the other. Yet, the question remains as to who has the best interest of the majority of people at heart; and also having a simple way to deal with the reduction of the deficit to dramatically affect the huge National debt of 15 trillion dollars (and counting)?
It is likely that the Democrats will get the 60 votes needed for the bill to pass, in favor of the Obama plan in which the middle class features more than any sector, to have a respite, in the form of "tax credit for college expenses and an expanded version of the Earned Income Tax Credit for lower-income earners." (Politico.com, 7/25/12).
The country is divided along party lines due to the fact that 2012 is an election year; and that president Obama, who is seeking a second term, is in a tight contest with the presumptive Republican candidate Mitt Romney; but the scene in the Senate is one that depicts more of the discomfort emanating from how difficult it is for lawmakers to reach a compromise these days on almost everything.
However, to many people, the tax cut has to end for the wealthy, so that there will be room to handle the deficit that is harming the country's fragile economy.
The Senate has the responsibility to go at the issue in a bi-partisan way, if it chooses, by the parties compromising with each other in today's vote, for the benefit of all Americans.