The biggest battle in the lame duck session of Congress may well be over whether or not to extend the Bush administration's tax cuts, which are scheduled to expire in January. The fact that this decision has been left until late in the eleventh hour, even though the expiration date has been known for years, tells us a lot about the utter irresponsibility of Congress.
Neither businesses nor individuals nor the Internal Revenue Service will know what to do until this issue is resolved. In a stalled economy, we do not need this prolonged uncertainty that can paralyze both consumer spending and investment spending.
Republicans want the current tax rates to continue and Democrats want only the current tax rates for people earning less than "the rich"-- variously defined-- to continue, with everyone making more than some specified income to have their tax rates rise next year.
What makes predicting the outcome of this battle very iffy is that Republicans won a big majority in the House of Representatives in the recent election, but the tax cuts are scheduled to expire before the new members of Congress are sworn in-- and the Democrats have a big majority in both Houses of Congress in the lame duck session, where this issue will be decided.
Theoretically, the Democrats could win, hands down, since they have the votes. But Congressional Democrats are well aware of how they lost big in the recent election, and some Democrats don't want to gamble their own jobs in the next election by going the class warfare route.
It warms my heart knowing that half of what I make goes into the hands of wise politicians to spend as they see fit. Really makes me want to bust my ass.
outdoor338 wrote: Theoretically, the Democrats could win, hands down, since they have the votes. But Congressional Democrats are well aware of how they lost big in the recent election, and some Democrats don't want to gamble their own jobs in the next election by going the class warfare route.
and you can count on people watching and ready to kick their butts out if necessary.
bumper sticker - honk if you will pay my mortgage
"The problem with Socialism is that eventually you run out of other people's money." attributed to Margaret Thatcher
"A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned - this is the sum of good government." Thomas Jefferson
