In case you have not heard, President Obama is 100% committed to allowing the Bush tax cuts to expire, especially for upper-income earners, at the end of the year. The President is equally committed to keeping the tax cuts for the middle-class, which would a welcome relief in the current recession. Obama’s decision is telling in an election year, drawing a clear policy contrast with Mitt Romney’s tax plan. According to the Tax Policy Center, his tax plan would add $600 billion to the deficit.
The link I have added details the role the Bush tax cuts had in creating the current deficit. Over the last decade, the tax cuts have added $1.8 trillion to the debt, more the the wars in Iraq and Afghanistan combined (which added $1.4 trillion). The tax and spending policies of the Bush Administration clearly were detrimental the fiscal direction of the country. The President’s commitment to get Congress to let the Bush tax cuts expire, which promises to be a huge partisan battle following the election, as Obama will have nothing to loose, regardless of the result in November, is a welcome step to gettting our rising debt and deficit under control. There still needs to be tax reform, but I like the President’s decision.
Sportocracy 