The Republican Party said Saturday it is gearing up to wage an all-out effort to ensure that tax cuts instituted by former President George W. Bush will become permanent, halting President Barack Obama from effectively imposing a massive tax hike on Americans.
“After 18 months of runaway spending, bailouts and takeovers, Washington Democrats are poised to allow the largest tax increase in American history to take effect next year," Rep. Mike Pence, R-Ind., said in the GOP's weekly radio address. “The American people know we can’t tax and spend and bail our way back to a growing economy. House Republicans will oppose this tax increase with everything we’ve got.”
The tax cuts at issue were imposed in 2001, and are scheduled to end in January. According to TheHill.com, the president and his Democratic allies have vowed in the past to extend some of the tax breaks, but not those that effect Americans earning more than $200,000, or couples who make $250,000. But because of the fragile economic recovery and the prospect of voter backlash in November, Democrats also are discussing an extension on the tax cuts for the wealthy, TheHill.com, reports.
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4 comments:
How can you keep these tax cuts and then say you are for a balanced budget? We are living through the debt caused by these tax cuts.
Hey 11:32-Economics 101. Debt is caused by unfunded spending-not tax cuts.
4:05 Like Bush's medicare drug plan, but we don't hear anything about repeal.
But you guys aren't for real spending cuts. You've been fooled into believing that "welfare queens in cadillacs" are pulling us down.
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