A massive bipartisan tax package preventing a big New Year's Day tax hike for millions of Americans is on its way to President Barack Obama for his signature.People on both ends of the political spectrum didn't like this bill. Conservatives and liberals both were railing against it, so I guess this could be considered a success for those who are always demanding bipartisanship.
The measure would extend tax cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage.
In a remarkable show of bipartisanship, the House gave final approval to the measure just before midnight Thursday, overcoming an attempt by rebellious Democrats who wanted to impose a higher estate tax than the one Obama agreed to. The vote was 277-148, with each party contributing an almost identical number of votes in favor (the Democrats, 139 and the Republicans, 138).
Is it going to be effective in helping turn the economy around? That's still questionable. Conservatives didn't like the fact that the rates were only extended for two years, thus keeping a degree of uncertainty in the economy and guaranteeing another fight just in time for the 2012 election. Liberals were mad because they don't think rich people are getting raped quite enough through both income and estate taxes. Both sides will be fighting over that again in 2012.
It's certainly better than not passing anything and allowing rates to rise on every taxpayer. However, the pork in the bill will not have a stimulative effect at all and will likely just pile up more debt which our kids will have to pay.
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1 comment:
Why aren't the rich people in congress ponying up to the table? They could all write checks for the economy!
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