White House Gives In On Bush Tax Cuts

White House Gives In On Bush Tax Cuts

www.huffingtonpost.com

WASHINGTON -- President Barack Obama's top adviser suggested to The Huffington Post late Wednesday that the administration is ready to accept an across-the-board continuation of steep Bush-era tax cuts, including those for the wealthiest taxpayers.

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Seems the president is going to accept all the tax cuts, even those for the super-rich. By CNN's estimate it's going to cost $3.7 trillion over the next 10 years. Supposedly the OMB put the figure at $5 trillion over the next ten years.

They were passed at a time when we had a surplus, remember that sweet situation Clinton left behind? So no one put much thought into the 'cost' of the cuts. Until we spiralled into a massive deficit caused by two wars and a lack of revenue.

Most unfortunate of all, the recent debt commission report didn't even factor the tax cuts in. At all. So if Axelrod is right, the tax cuts will continue for everyone and when the economy still falters as a result the republicans can blame some obscure legislation the president signed.

Wonderful.

www.huffingtonpost.com
(visit the link for the full news article)

Ugh! What a disappointment! I imagine if the mid-term elections hadn't changed the balance, we'd be seeing those cuts go away, but as it is, they will continue. It's really too bad. Congratulations to the GOP and TP supporters, though! Good on you!