This really should go without saying. I remain completely unconvinced that tax cuts for the wealthy are necessary, or can be justified. The "Bush Tax Cuts" of 2001 and 2003 were originally implemented because of the budget
surplus we had at the time. They were passed under reconciliation rules, with an intentional 10-year sunset, because they
weren't paid for. They've been in effect for 10 years, and have not proven to "create jobs" at all--quite the contrary--even though that seems to be the sole defense for extending them.
Letting them expire, even if we let
all of them expire, does not amount to a "tax hike," let alone an "Obama tax hike." It simply would revert the tax rates to what they were in the 1990s, a time when rich people were getting along just fine, thank you very much.
Today, the Senate is supposed to vote on 1) an extension of the middle-class (below $250,000 per year) tax cut, and 2) an extension on monies made above a quarter million dollars per year. Republicans are expected to filibuster both of them. I'm curious how they will spin voting
against tax break extensions for the entire country. No doubt, it will still be the ridiculous spin we've been hearing on the issue on the Sunday talk shows for months now. There is
no legitimate reason for them to block these votes. They could simply vote on both--attempt to
extend both--and have
zero political fallout. But they probably won't. So they'll have to rely on their--admittedly effective--considerable spinning skills to save their bacon.
I for one don't really care if any of the tax breaks are extended. For someone in my tax bracket, the savings from the Bush tax cuts is negligible anyway. And if we're being honest, and are
really concerned about the deficit/national debt (I really could use a little help knowing the difference, as could most politicians and pundits)
all of the tax cuts should probably expire. That would save a helluva lot of money, and would make an extension of unemployment benefits a non-issue.