HopeTracker| President Obama’s new budget is firm in its resolve to allow the Bush Administration’s tax cuts expire. Returning to the tax rates in place at the end of the Clinton Administration will put a much-needed $1 trillion in America’s coffers in the next 100 years. The Wall Street Journal breaks down the specifics and impacts on individual households.
Opponents of the expiration call the event a ‘tax increase’. Others see the Bush Administration’s massive tax reductions for higher-income Americans as a historic redistribution of wealth in America, over the last decade.
At the end of the Bush administration, America faced a massive deficit, which worsened in the recession. America’s check book was totally out of whack.
There’s not a lot of sympathy for cries of ‘foul’ and ‘poor us’ for America’s high-income Americans. The rhetoric is really about terminology. Read on: Budget Would Raise Tax Rates on Wealthy, Limited Deductions.