The Current United States Government Tax Cuts Will Expire In 2010
Under George Bush several tax cuts were passed. The only problem was that the tax cuts were only temporary and are scheduled to expire in the year 2010. His administration knew that he would not be president after 2010, due to term limits, so like all other government rules, the last laugh is on the public who voted in the tax passing politicians. Now, the question is, with the economy in such dire straights based on other decisions the current administration has made, in addition to the temporary tax cuts, will the next president have the ability to improve the economy and renew the expired tax cuts?
The United States government is spending trillions of dollars on a war most U.S. citizens don't agree on, most people can't afford gas to get to work, food prices are going way up and our jobs are going to China. What is worse? Slightly higher taxes or we all perish from no gas to get to work, no job to go to, and not enough food to eat.
Democratic rivals Obama of Illinois and Clinton of New York both voted to extend only some of Bush's tax cuts while allowing cuts in income tax rates and investments to expire. They joined other Democrats in a 52-47 vote against extending $376 billion of tax cuts.
It was said that most of the previous Bush administration tax cuts benefited the rich anyway. If expiring some of the Bush tax cuts gets the U.S. out of deep debt, and the common, hard-working U.S. citizen out of the financial doom we are in, so be it, let the taxes benefit all of us.
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Lois Center-Shabazz is the founder of the personal finance website, Msfinancialsavvy.com and the author of the award-winning book, Let's Get Financial Savvy!
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