Senate Rejects Obama's Plan to Raise Taxes

Posted: December 4, 2010, 4:33PM

►Senate Rejects Obama’s Plan on Extending Tax Cuts

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EXCERPT:

Republicans voted unanimously against both proposals, and Democrats said it showed that they were siding with “millionaires and billionaires” over the middle class. Republicans said they were refusing to let taxes rise on anyone given the continuing weakness in the economy . . .

If Congress does not act, the tax rates will expire for everyone on Dec. 31, meaning an increase across the board. The rate in the lowest bracket would rise to 15 percent from 10 percent, and in the highest bracket to 39.6 percent from 35 percent.

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Gridlock that would cause the Bush tax cuts to expire would not upset Obama and the Democrats. In fact, it may very well be their political strategy. Once Bush's tax cuts expire, they can then blame the Republicans for increasing taxes on the middle class.

Obama and the Democrats will then present legislation to Congress for an economically insignificant tax break for the middle class that will force the Republican Party who are now in control of the House to vote for the bill thereby giving the Democrats and Obama a political victory.

They will also hand President Obama the Obama Middle-Class Tax Cut on a silver platter.

 Chuck

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