A Tax Compromise? Umm…Not So Much

Posted: December 7, 2010 in Political Commentary, The Blog!

So there you have it. After what seems like years of debating back and forth between the farthest of the right to the farthest to the left, the new tax plan is finally announced. With record-breaking filibusters and with what seems like nothing more than duck tape over their mouths and a big sign reading “NO”, the republications were able to weaken the Obama agenda and negotiate the “Bush Tax Cuts” into a compromise that looks more like a fat kid sitting on one side of the sea saw and the skinny kid on the other. First you need to understand what a compromise is. When two people do not see eye to eye, they both give up a similar amount and meet somewhere in the middle. In the new tax plan, President Obama, under the blackmailing of the GOP, has extended to the Bush Tax cuts for two years, as well as the new provision on estate taxes which is included in the tax package. On inheritances higher than $5 million dollars, the rate would be 35 percent. What did President Obama and the Democrats get out of the deal? An extension of unemployment benefits for 13 months. So the rich get richer for at least 2 mor years, people with high inheritances don’t get taxed at the highest level and in return for a hair over a year, people will keep their unemployment benefits. Now don’t get me wrong, keeping the unemployment benefits is important, so many people can’t find a job today. The economic tax cut and jobs bill, otherwise known as the “stimulus” has created and or saved 3.6 million jobs, Though the recovery hasn’t happened nearly as fast as we all hoped for, it did plug the whole and stop our economy from sinking. The unemployment rate is just below 10%. 1 in 10 Americans are without work, a number that is much to high. However, that rate would have been climbing to 13, 14 maybe even 15 percent if it wasn’t for the stimulus bill.

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