New York (CNNMoney) – Washington awoke with hair on fire Wednesday after media reports - many of which later required corrections - suggested that the Democratic Party was suddenly split over extending the Bush tax cuts.
Bill Clinton's interview Tuesday on CNBC came first. The former president suggested that a temporary extension of the tax cuts would be an acceptable - and indeed the most likely - outcome of talks over the expiring tax cuts. (He soon walked his statement back.)
Forget the Bush Tax Cuts. We couldn't afford them in 2000, we can't afford them now. We need to get real about the relationship between revenue and deficits. Once these are off the table and gone, we need to look at the top tax rate. 36% is a joke. The top tax rate from the Eisenhower years sounds about right.
The timing of the election plays a big role in this calculus. A sweeping victory for either party in November could propel them to a position of power when negotiations start in earnest.
Translation: When the shellacking started in 2010 is completed in November, Democrats will not be able to raise taxes on Americans and spending cuts will be accomplished responsibly. And the American economic recovery will finally work it's way to Main Street. ( Obama's 'recovery' seems to be stuck on Wall Street )
The bush tax cuts help out people not making hundreds of thousands, but with this huge debt crisis approaching depression levels, we need to cut spending and cut debt.
"Give her husband a 'chance to finish what we started'."
.......I AM READY TO PAY A BIT MORE.................as long as the 1% pay their higher share.......................
It do present a problem dont it. Kinda like getting rid of a dead elephant. Do you know how hard it is to get rid of a dead elephant?
Debt is OK if it comes from Tax Cuts.
It's only a problem if it comes from helping Americans in need.
Why do Americans think our country is so worthless? If you believe something is worth much, you expect to pay for it.
Why doesn't he just shut-up and let the president do his job? I guess being a "son of the south" he feels the president is not man enough to handle the job. Keep talking Bill and you'll find out AGAIN black people are worth more than a vote for the Clinton's.
God Bless You Mr. President with all you have to deal with .
The tax cuts should slowly be eliminated. There is no reason to keep these because there was so much debt created by the tax cuts, cost of wars and over spending by a Republican Congress. I agree that some of the tax cuts should be extended for the lowest income people; income under $40k.
Maybe we'd be better off allowing the tax cuts to expire. If Republicans want economic failure what difference does it make? If Senate Republicans filibuster every initiative and the Tea Party members of the House just play political games who cares if the country goes under a little faster? If we are unable to compromise on anything why even make the attempt? Maybe we should all send our money offshore – like Mitt Romney.
Billionaires need to remember... when things really go TU their money will only go so far in insulating them from the masses. The poor will only do without for so long... Look at the histories of all other democracies.