The sweeping tax cuts enacted by former President George W. Bush in 2001 and 2003 are set to expire at the end of the year, and the question of whether to extend them has become a contentious issue in Washington.
Republicans favor extending the cuts, which have mostly benefited the wealthiest Americans. Democrats, meanwhile, favor letting the tax breaks expire for those who make over $250,000 a year (the top two percent) and giving tax relief to everyone else.
The Republicans are refusing to give relief to middle and lower class citizens without also giving the tax cuts to the wealthy. They must realize that while they play their political games, the finances of average Americans are hanging in the balance.
These are the same politicians who have complained about deficit spending. Letting the tax cuts expire would bring in hundreds of billions (if not trillions) of dollars to the government, which would be a huge help in decreasing the deficit.
Defenders of the Bush tax cuts seem to have forgotten that there was a time before those cuts were enacted. If they expire, the rates will go back to the way they were during Bill Clinton's presidency, which just so happened to coincide with a period of a very strong economy.
Whatever your position on the issue, it is important to understand the Republicans' point of view. They feel that people are entitled to the money that they have earned and have no obligation to share it with anyone else. Predictably, most people with a lot of money agree with this position.
With an issue like tax breaks, however, it is always going to be impossible to please everybody, and Republicans must realize that the government must do what is best for the maximum amount of people.
The government should adopt the plan originally proposed by President Barack Obama. Let the tax breaks expire for the top two percent of the population. Help out small businesses and middle and lower class families who are struggling through these tough economic times.
If the Democrats do succeed in pushing this plan through Congress, opponents will likely accuse them and Obama of socialism. That term has been so overused and misused that it has lost any trace of its original definition.
We will likely not know how this situation will play out until after the midterm elections are over, which is just another sign that all hope of getting anything done in government must be suspended during election season. The results of the elections will profoundly impact the decision the government makes.
Many Americans view the Bush tax cuts as at least partially responsible for the recent – and perhaps still ongoing – economic recession. Letting them expire will be another step in the right direction for our slowly recovering economy.
