Sep
18
2012
Financial // Government // Political // Society

Bush Tax Cuts: Expire or Not To Expire. That is the Question

By John Rasmussen 4 Comments

With the upcoming election just around the corner, the Republicans and Democrats are about as far as apart as you can get when it comes to an agreement on what to do with the soon to expire Bush Tax Cuts. One camp wants to extend them or even make them permanent, while the other would like to do away with them all together; or at least let them expire on those making over $250K.

What do you think?

If you recall, President George Bush pushed for the tax cuts in 2001 and 2003 as a means to reform the tax codes and jump start the economy following the disastrous attacks of 9/11.

Initially, the cuts were due to expire in 2010 when it was thought that the boost to the economy the cuts provided should have eliminated the national debt.  However, involvement in two wars and a steadily stagnant economy, followed by a financial crash in 2008, ballooned the debt into several trillion dollars.

In 2010, with a new President in office, the renewal debate turned nasty, with members of the House and Senate voting strictly along party lines.  The divide consisted of those who wanted to cut government cost by program elimination only, and those who favored a tax increase with smaller, less radical cuts. The debate became so rancorous that the international rating agency, Moody’s, downgraded The U.S.’s credit rating, partially because of the debate, but also citing the government’s “inability to raise taxes”.

When a compromise was finally reached, it was a temporary solution.  The debate will start again after the first of the year with the possibility of a new President and a new look House and Senate. No one is predicting the out come at this time.

Where do you stand?

Do you favor keeping the current rate or returning to pre-Bush tax rates? Do you favor a return to a previous or higher rate? If so, should it be an across the board return to the same rate for all income earners, or just those making over $250K?

We’d like to know and appreciate your participation!

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Comments (4) -

Liz Jacobson
Liz Jacobson
October 3, 2012 at 3:50 PM #

For the short term, I favor keeping all the Bush tax cuts becasue increasing taxes in a down economy is not a good thing.  For longer term, I'd like to see the current tax code and the IRS abolished entirely, and replaced with a national flat tax (or "Fair Tax"). The current tax code is ridiculously complex with far too many loop holes for special interests and for those with enough money to hire good tax accountants to exploit them. The IRS has way too much power to seize and freeze assets.
Government needs to reduce spending in general to live within its means,  eliminate waste on pork barrel special projects and quit funding international aid to countries filled with extremists trying to kill us!  Government should be run like any other business, set a budget and stick to it. Government's job is to protect its citizens, not dictate how to run every aspect of our lives or create massive welfare entitlement programs.

Rich Burton
Rich Burton
October 3, 2012 at 4:16 PM #

Thank you for surveying the business sector.  I am absolutely in favor of extending the Bush tax cuts.  Our economy in the manufacturing segment is in the pits. The tax cuts will more easily get the money where it needs to go ............. to those companies that are trying legitimately to survive. But be sure there are no governmental strings attached to the tax extention.

Paul Ulliman
Paul Ulliman
October 4, 2012 at 11:36 PM #

Maintain the Bush tax cuts. Reduce corporate rates. Make every American pay taxes. Stop the tax welfare.

The Blonde Chick in Jackson
The Blonde Chick in Jackson
November 18, 2012 at 10:34 PM #

If my opinion counts at all, I think they should all expire. Even the middle class tax cuts, though we need a strongly progressive tax like we had until recently.

Comments are closed

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