O-mama - Opinionated Moms

Photo newscom UPI/Roger Wollenberg

Update, 12/17/09:  Tax cuts passed, Obama signed the legislation.  Now unemployment will be extended for another year, there will be a payroll tax holiday, Obama middle class tax cuts extended for one year, Bush tax cuts extended another 2 years.

Original post 12/16 - The Senate passed the tax cut package proposed by the President, who is now urging the House to do the same…and quickly.

The bill will put more money in everyone's pockets by extending the Bush tax cuts for two years, extending the Obama tax cuts, reducing Social Security taxes and extending jobless benefits.  The tricky part might be for liberal Democrats to go for the measure, as their argument is that Bush cuts didn't create jobs and it will add to the deficit.  Some conservative Republicans are balking, too.

Democrats have said that they want to take a swipe at the inheritance tax exemption for the first $10 million and will be taxed at 35 percent on any amount over that. Some Republicans are looking for ways to pay for the unemployment extension.  However, it seems that the House is expected to pass the bill. 

Obama said that,” I know there are different aspects of this plan to which members of Congress on both sides of the aisle object.  That’s the nature of compromise.”  Wow!  We tell our kids that “you can’t please all of the people all of the time,” sometimes we have to compromise and be flexible. According to an NBC/WSJ poll, 60% of Americans agree with the tax cuts...at least MOST of the people are pleased.   Do you MAMAs think that this deal represents a compromise that will help or hurt the economy in the short-term?  How about the long-term?