The WSJ notes that Democrats are split into the 3 noted camps. I am in a 4th camp: The Bush tax cuts should never have happened. Let them all expire.
For the midterm elections, Obama has begun to focus on jobs a bit too late. I so hate it, and regret the terrible advice he has received to date, but unfortunately, the die is cast.
From The Wall Street Journal:
With the job market stuck in neutral, the Obama administration is moving toward using the revenue from expiring tax cuts for the wealthy to finance about $35 billion of tax cuts for small businesses and workers, administration and congressional officials said Friday.
"We need to take further steps to create jobs and keep the economy growing, including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest," the president said in the Rose Garden Friday, flanked by his economic team.
But Democrats are split into three camps. A small but vocal group wants to temporarily extend all the tax cuts passed by George W. Bush, which expire Jan. 1. A larger camp wants to let tax cuts for those earning $250,000 or more expire and use the proceeds for measures such as a payroll-tax holiday or other small-business breaks. And the third contingent wants to end those top-tier cuts and use the revenue to pay down the deficit.
From The Wall Street Journal:
With the job market stuck in neutral, the Obama administration is moving toward using the revenue from expiring tax cuts for the wealthy to finance about $35 billion of tax cuts for small businesses and workers, administration and congressional officials said Friday.
"We need to take further steps to create jobs and keep the economy growing, including extending tax cuts for the middle class and investing in the areas of our economy where the potential for job growth is greatest," the president said in the Rose Garden Friday, flanked by his economic team.
But Democrats are split into three camps. A small but vocal group wants to temporarily extend all the tax cuts passed by George W. Bush, which expire Jan. 1. A larger camp wants to let tax cuts for those earning $250,000 or more expire and use the proceeds for measures such as a payroll-tax holiday or other small-business breaks. And the third contingent wants to end those top-tier cuts and use the revenue to pay down the deficit.
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