Wednesday, September 8, 2010

Bush Era Tax Cuts Not Extended By Obama

Bush Era Tax Cuts likely won't be extended by Obama, according to reports issued.  Barack Obama has always been vocal about wanting to keep taxes low on families that make under $250,000 per year while raising taxes on the wealthy and big business.

Adjusting the tax law is like a two edged sword.  On one hand, you need to get money to pay for all the social benefits we are entitled to as Americans.  On the other hand, it is wealthy individuals and businesses that create jobs - and raising their taxes could make them less likely to do business in the US or promote various endeavors.

The Republicans, of course, want to extend the tax cuts - and Obama could have a difficult time with his agenda in a couple months after the mid-term elections.

According to the New York Times, Obama "will be partisan as he seeks to sharpen the contrasts between Republicans’ record and efforts by Democrats to create more jobs."

Will the failure of Obama to re-extend the Bush era tax cuts cause an even greater divide between Democrats and Republicans?

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