Could Unemployment Extension 2010 & Bush Tax Cut Compromise Hurt Obama?

Could the unemployment extension 2010 and the Bush Tax cut compromise hurt President Obama's quest to be re-elected in 2012? Although the unemployment extension will give him points with the long-term unemployed, getting the extensions passed involved breaking campaign promises.

President Obama vowed not to raise taxes on the middle class - those earning less than $250,000 per year - but he didn't vow to do the same for the wealthiest Americans. Obama wanted the tax cuts put into place by President Bush to expire for the wealthiest Americans.

However, the GOP and the Democratic government were at a stalemate. Would they increase taxes on the wealthy, and use that money to pay for the unemployment extension?

Such would make sense, but that's not going to happen.

And could actually bending on the tax cuts hurt Obama? After all, it's yet another broken campaign promise. However, if it was the only way to pass the unemployment extension, that's great news.

After all, the unemployment extension 2010 will extend the benefits for a full year! This means there's not going to be a need to worry a couple of months from now. Hopefully next year at this time, the job market will be better.

Bush Tax Cuts Extension 2010 Concessions On the Way?

Will the Bush Tax Cuts extension 2010 concessions come? The Democrats may cave on the issue of the Bush era Tax cuts, according to several sources. The Democrats have previously stated that they would only vote to extend tax cuts for those families earning under $250,000. However, they may vote for a temporary extension of all cuts for all incomes.

In reality, the cuts aren't actually cutting taxes - they are keeping taxes the same. The whole issue is this - the government has overspent their means, and the expiration of tax cuts for the wealthiest Americans would bring in much needed money.

Even Warren Buffett claims that he should be paying more taxes.

However, with Congress at a stalemate some concessions will need to be made. The Bush Tax Cut extensions will likely be one of the concessions, as there's no way the GOP is going to vote to allow the extensions to expire for the wealthiest Americans.

We will keep you informed about the 2010 Bush Tax Cuts extensions

Obama: "Room to Compromise" on Bush Tax Cuts

Obama said there's "Room to Compromise" on Bush Tax Cuts, backtracking on a pre-election vow to only extend Bush Tax Cuts for those making less than $250,000 annually. John Boehner and the GOP, those who signed the "Pledge to America" were firm in desiring that all tax cuts be extended.

In what seemed to be a picture out of a Dr. Seuss book, the right refused to budge on extending only middle class tax cuts, whereas the President and his administration, arguably the left, refused to extend all tax cuts.

There may be compromise in the wake of the mid-term elections. Americans have spoken about their desires, which include a change. They're tired of the bail outs for Washington, the healthcare reform and more.

So perhaps now some have essentially lost their jobs Obama's ready to compromise. The question is...will the compromise on the tax cuts happen?

Bush Tax Cuts Cost Americans $21,000 Between 2000-2008

The Bush Tax Cuts are the center of many discussions on Capital Hill. They've garnered a lot more attention than have other measures such as the unemployment extension. Supporters of the Bush Tax Cuts, mainly the GOP, say that they are necessary to promote economic growth. Critics say that it is the very cuts which cost the government billions of dollars, and ultimately lead to the demise of the country's economy.

According to Tax.com, the Bush Tax Cuts may have cost the average American citizen $21,000 between 2000 to 2008. Of course when you use the "average" it takes into consideration the ultra rich along with the poorest of citizens all together. Using the median data may have yeilded a bit more accurate analysis, but without the data they used it would be impossible to draw a conclusion on my own.

The cost of the tax cuts is attributed to the loss of income, as from 2000 to 2008 incomes actually fell. Prosperity through the Bush Tax Cuts were promised, yet not delivered.

Still yet, a lot happened from 2000 to 2008. The 9/11 attacks and the collapse of the housing industry and financial markets really wreaked havoc on a lot of Americans' income. You can read the full analysis at Tax.com here.

Should the Bush Tax Cuts be extended? Or is our economy to the point where we need to actually pay higher taxes in order to ensure we meet our obligations? It's a hard question to answer. What are your views?

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?