The Bush tax cuts are set to expire in December and this is at the forefront of issues that the Tea Party/ Republicans are looking to battle with Obama on.
This battle is not merely over the idea of tax cuts, but more importantly, who should receive them. Listen up, because you definitely need to know about this.
For sometime now, the wealthiest in the U.S. have received substantial tax cuts. And, as you would expect, these tax break have been used to—well to keep the rich, rich. At the expense of you and I.
Why do the rich get these tax cuts? No real reason. Tea Party/ Republicans say that these tax cuts help to create jobs. Wrong. There is no research that supports this reasoning. Matter of fact, leading economist have said this is categorically untrue.
But, we don’t need economist to figure that out right? Think about it, if the Bush tax cuts for the rich created jobs, then we would have a booming economy. But, we don’t. We have the exact opposite.
Obama wants to eliminate these tax cuts for the rich and keep these tax breaks for the middle class and the vast majority of small business—the folks who need them.
You will also hear the claim that small business will be hurt if Obama eliminates these tax breaks for the rich, that’s also false. Obama is eliminating tax breaks those that make more than $250,000 a year. The vast majority of small businesses don’t make that much—so
they would not be impacted.
The fact of the
