Sunday, December 5, 2010

Tax Deal: What Does It Say About the GOP and To Our Kids?

For many people in America, they can be thankful this holiday season that there is an apparent deal in the works to deal with unemployment benefits and tax cuts. During an economically troubling time, generally speaking, tax increases or cuts of things like unemployment benefits can be economically troubling.

However, it does show somethings that are significant:

First, the claims of focus on the deficit by the Republicans during election season were a token campaign promise at best. They are about to agree to maintain $700 billion in debt for the top bracket of tax cuts, while adding to spending by extending unemployment benefits. Deficits should not be the primary focus during economic troubling times, but it does show the dishonesty of the Republican's approach.

Second, it shows how Republicans think of the richest among us. They have held hostage tax cuts for everyone else and unemployment benefits for those who are unemployed in hard economic times (not lazy people, but people who are simply struggling to find a job). They seem to believe that the rich are struggling too, and that those making over $250k and $1 million per year need lower taxes as much as those who can't find jobs need unemployment benefits to survive. That much is evident as they held up Democrat bills that have renewed unemployment benefits and tax cuts for everyone under both of those levels.

Republicans ran on the idea of all deficits are passing on the costs to future generations for today. I can understand the ideas of running deficits for people to keep them from starving to death and spending the winter on the streets in the cold.

I have to wonder how they explain to their children why they are going to pay $700 billion plus interest on future debt so the richest among us can pay 3% less in taxes.

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