Earlier this morning I received an email from a reader who confessed that they really weren’t sure how the Bush tax cuts would affect them and wondered if I could give a quick summary of what all of this really means for taxpayers. It’s an excellent question and I’m on it… Check back later in the day for a down and dirty summary of what’s in stake. In the meantime, you can follow what’s happening in Congress with some of my prior posts here:
- Congress Throws a Tantrum Over Tax Cuts
- Vote on Tax Cuts Expected This Week
- Black Friday, Indeed, for Congress: Vote Looming
- Lame Duck, Lame Duck, Goose!
- Post-election tax predictions
(UPDATE: Due to what was a looong, long day, I’m posting this tomorrow.)
Kelly, you have to do a post on the Senate votes today (Saturday). They tried to move two proposals to extend the tax cuts, but were blocked twice. First, Republicans blocked the proposal that extended the cuts for those making $250K or less. Second, the Republicans blocked the proposal that would extend the cuts for anyone making $1,000,000 or less.
The line in the sand is just ridiculous, particularly when the deficit is in the shape it is today. I have heard lots of arguments that $250 isn’t rich, (at least in some places) but no one can argue with a straight face that if you make $1,000,000 in a single year that you are having a hard time making ends meet.
These same Senators blocking these votes are going to be the ones talking about how the deficit is out of control. And probably the same ones who will refuse to look at the places real cuts in spending can be made, entitlements and defense spending.
I am a Gen Xer, and I feel that despite all of the political talk of not passing the debt on to the next generation, the politicians in charge are going to be too afraid of losing the baby boomer vote to make the hard decisions needed so that my generation (who has had little to no control of the problem) isn’t stuck with the bill.