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THE STATE OF OUR UNION: Opinionated MAMA's Perspective on "Keeping It Together"

When the honeymoon is over and the day-to-day grind of real life begins, it takes a lot of hard work to create a healthy, happy...more perfect...union. Whether we are talking about the state of our country or the state of our own marriage and family, the message is the same. We need to take time to evaluate what is working, what isn’t and figure out how to adjust accordingly. If we are in a dysfunctional relationship it is hard to deal with any problems, big or small. Never mind an economic crisis, healthcare crisis,...

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EXPIRATION DATE: Tax Cut Debate

Congress is debating whether to extend or repeal Bush’s tax cuts, set to expire at the end of this year.  Analysts report that this issue is likely to be significant in shaping midterm elections this fall. Republicans argue that the cuts should be extended, even though this will add $2 trillion to the federal deficit over the next 10 years.  Democrats are clamoring that Republicans have a hypocritical agenda, claiming that Republican rhetoric unilaterally focuses on the elimination of the deficit, yet they support policies (i.e., extending tax cuts) that will only increase it.  Most Democrats, including President Obama, continue to prescribe expiring cuts for the upper 2% bracket of income earners in the U.S. (individuals making more than 200,000/year and families making more than $250,000/year), while extending them for middle class and small businesses. Democrats are hoping to repeal the Bush tax cuts at the end of the year, although some economists characterize any tax increase in this fragile economy as unwise.

MOMism: “You can’t have it both ways.” O-MAMAs tell our kids that something has always got to give.  There are sacrifices that we make, whatever way we go.  If our KID-Os are invited to a birthday party on the same day that they have a soccer tournament, they need to follow through on their long-term commitment to their team...even though they know the birthday party is going to be really fun!

The same goes for our leaders.  If Republicans want to extend tax cuts to the rich (a.k.a., the top 2%), they must do so with the understanding that it will increase the deficit.  If Democrats want to repeal tax cuts for upper-bracket income earners, they must understand the risk of further stinging the fragile economy.  There is no perfect answer, and unfortunately we can’t have it both ways. What are your opinions MAMAs?

Yahoo News- Dems Propose Tax Cuts
Moneymorning.com-Bush Tax Cuts
Top US Marginal Income Tax Rate, 1913-2003
Huffington Post
WSJ
whitehouse.gov
politifact

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  • graminator

    As someone in that top 2%, I am supporting the abandonment of the tax cuts. Those who make this kind of money are doing fine, are blessed and can afford to pay the taxes. As a small business owner, I am in a place to see how our contribution to the economy is significant and sustained.
    on 08/07/10
    Reply

  • lenore

    Good one Street Wise.
    on 08/03/10
    Reply

  • lenore

    The tax cuts for the wealthy need to expire. It is the middle class that run the economy and start the small business's. Many of the very wealthy spend their money building multiple homes, some not even in this country which means they spend money there not HERE.
    on 08/03/10
    Reply

  • zenmommy

    This is a tough one. But I have to say I am in favor of repealing the tax cuts. It seems to me that we have to pay for 2 wars and take care of business on the home front. We can't do that while extanding tax cuts. We all have to make sacrifices. If the republicans are going to harp on the democrats for a budget that "increases the deficit" by trillions, they should be doing everything in their power to decrease the deficit. By extanding the tax cuts and adding trillions to the deficit, they are being extremely hypocritial. And that is something this country can no longer afford.
    on 07/29/10
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  • StreetWise

    WE have to start paying for what we spend. Tax cuts to the rich do not stimulate the economy. The cheapest people I know all have money coming out of there wazoo's. It's the middle income that will stimulate the economy. Oh but wait, the rich have laid all of them off... Hmmmm. I guess those tax breaks they get are really working for our economy!
    on 07/28/10
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