If Democrats Repeal Bush Tax Cuts for the Wealthy, We Could Bring Back the Economy

[babsbunny]

If Democrats Repeal Bush Tax Cuts for the Wealthy, We Could Bring Back the Economy

http://blog.buzzflash.com/contributors/3835

Submitted by BuzzFlash on Sun, 07/18/2010 - 4:51pm.

* Guest Commentary

STEPHEN PIZZO FOR BUZZFLASH

Most days, these days, I am torn over which party to be more upset with, the Dumbacrats or the Repuglicans. But, when November rolls around and I have chose which chad to punch, I pick the least of evils and vote Democrat. Why? Well duh. If Al Gore had been sworn in a decade ago instead of the Bush, do you really believe we’d of invaded Iraq? Of course not. And do you think Gore would have given the rich a couple of trillion in tax cuts? No way. Imagine how much lower our federal deficit would be today if Gore had won instead of Bush. Remember that the next time some conservative starts spouting off about fiscal responsibility.

[dkf]

1. I don't see how raising taxes in and of itself fixes our economy.

How does that translate to good paying jobs?

[zipplewrath]

3. Unborrowed money

An economy is much better off if it works on less borrowed money, and more on the wealth it actually creates. I'm not one of those "never borrow" types, but if we pay for more of what we spend with current revenues, it makes it possible to use credit for things far more deserving of credit use, such as infrastructure development.

[dkf]

4. I agree it is better off but that doesn't scream job creation to me.

I wouldn't even say that we are crowding out investment because banks have the funds but won't lend.

[zipplewrath]

5. An improving economy will create jobs

I think you're right that the taxes wouldn't be anywhere near the largest thing we could or should be doing. But the markets are very nervous about a debt levels and would love to see them come down. That would help create jobs. But Germany and the UK doing some stimulus would be vastly more effective.

[Statistical]

2. Why would we repeal them. They expire in January.

Simply easier to let them expire automatically.

You got three scenarios
a) do it now. gets signed maybe August-September. Right before the election in Nov and Republicans to paint Democrats as tax raisers.

b) do it after election. So you are going to repeal it in Dec when it expires automatically in January?

c) let it is expire 01 JAN 2011 it happens automatically. Republicans don't have close to the 60 votes needed to extend it so it is as good as a done deal.


The bigger question is will the Democrats step up to the plate and push for extend of the tax cuts for poor and middle class? If not many middle class Americans will be waking up to a much larger tax bill next year.

[eilen]

6. I think its pretty obvious they will be used

as a bargaining chip with Republicans and extended. Otherwise they would be repealed by now if someone was really concerned with deficits and the economy. H1B's would also be stopped as would tax breaks for corporations that offshore.

[gratuitous]

8. Yes, this could be the easiest change ever

Simply say, "We choose not to disturb the legislation passed so long ago." Let the tax cuts expire, just like the Founding Fathers of 2001 envisioned. The reason the Republicans had to do that, of course, was because of the rules they themselves instituted about tax changes not adding to the deficit. So the cuts for the overrich had to expire in 2011 or they couldn't be passed in the first place.

Now that the 10-year party on the Treasury dime is about to come to a close, there are those who haven't pocketed quite enough money who want it to go on and on and on. "Give me all the benefits of the American System without paying for it! Waaaahhhhh!"

[mmonk]

7. Not completely. It is a matter of control of legislation also,

not just control of the tax rate.

[Xenotime]

9. Anything we do to reverse what bush did would be a good thing.