Don't Count on Those "Tax Cuts"

We know that at this point Democrats are unwilling to make time to vote on the extension of the Bush tax cuts.  After all, they're too busy bringing comedians in to testify before congressional subcommittees. They're promising to take care of the tax cut extension after the November election

Really?

Does anyone believe that will really happen?

What would be their motivation to keep tax rates at all levels from jumping up on January 1st?  Are they going to do it to reward the voters who just threw their party into the minority in the House and took away a number of Senate seats?  Hardly.  The Democrats who return in November will be madder than wet hens at the voters, and many of them will be packing up their offices and laying off their staff.  That won't make for a very happy Capitol Hill.

And let's say that by some miracle they do go ahead and pass legislation to extend some or all of the tax cuts.  That's not the end of it - Obama still has to sign the bill.  How motivated will he be to reward the voters who just thumped his party and rejected his policies and programs?

We know from other incidents that Obama is an arrogant, thin-skinned man who has spent his life being told that he's a god-like creature.  He doesn't take criticism well and is known to lash out at those who oppose him.  I think there's a 50/50 chance that he would veto the bill if it made it to his desk.

The presidential election is still two years away and he may already see the handwriting on the wall regarding his chances for re-election.  With nothing to gain from signing the tax bill, and knowing that it will make it easier for Congress to cut funding for his pet programs, I think he'll veto it and let the voters scream.

So, when you're planning your 2011 budget you better add in a little (or a lot) extra for additional income taxes.

Oh, and if you're really rich, you need to die before Dec. 31.