Late Monday President Obama reached an agreement with Republican lawmakers on a two-year extension of tax cuts implemented under the Bush administration, referred to as “Bush tax cuts.”
Republicans praised the president’s actions, calling the extension a bipartisan effort, and in turn pledge to support Mr. Obama’s call for a 13-month extension of unemployment benefits (at an estimated cost of $56 billion), as well as a slight cut in Social Security payroll taxes for American taxpayers.
Congress could vote on the agreement as soon as this week, and a challenge for President Obama may be convincing progressive Democrats to support it.
Kudos to our president and both Republican and Democratic lawmakers for working together on this.
Groups like the Progressive Change Campaign Committee (PCCC) are expressing disappointment over the president’s decision.
“President Obama let down millions of voters who trusted him when he said he would fight for his core campaign promise, ending the Bush tax cuts for the rich,” says Adam Green, Huffington Post blogger and PCCC member, as quoted by USA Today.
Mr. Green may be referring to 2008’s “Obama’s Plan for America,” which in addition to its pledge to implement PAYGO budget rules, force transparency and cut pork barrel spending, also included a commitment to repeal “the Bush tax cuts for the wealthiest Americans.”
But it’s not just Republicans supporting the cuts. The Hill published a list in late September of Democratic congressmen and congresswomen who were in support of the extension, consisting of 36 representatives and eight senators, including Independent Joe Lieberman.
And this was before Nov. 2 election upsets.
Put more money in people’s pocket to spend, versus sending it to the government? Sounds like the American way to me.
Now, I admit that economics and taxation are, well, let’s just say “not my forte.” I’ve had to learn the ropes the hard way, on a smaller scale, balancing expenses and income in my personal and business life. It’s a work in progress.
Common sense and practical means carry weight with me, mixed with an understanding of the founding American principles of self-responsibility, self-reliance, and limited government. On top of that, certain progressive buzzwords and concepts, I just flatly reject.
When I hear, for example, usage of the words “the rich,” “middle class,” and “the wealthiest,” I tune that person out. Class distinction doesn’t sit well with me.
We’re a society that once upon a time encouraged individual effort and hard work to achieve the American dream. If you have the will and the discipline to prosper, and put in the effort, we praised you for that. It’s your life, and if you can achieve it, go for it.
Why turn around and punish you for these achievements? If you make $500,000, $1 million, or even $100 million, frankly that’s none of my business. I am free to pursue happiness through my own choices, efforts, and beliefs, if I so desire. It’s my life, as it is yours.
It is my faith and beliefs that allow me to be happy regardless of my prosperity or lack thereof, and blessings in life manifest in different ways, and in different degrees.
I stop envying my neighbor, and do my best to be a good man, with good intentions.
As William Cobbett said, “The tendency of taxation is to create a class of persons who do not labor, to take from those who do labor the produce of that labor, and to give it to those who do not labor.”
Jim Fogarty can be reached at jim.fogarty.com
Republicans praised the president’s actions, calling the extension a bipartisan effort, and in turn pledge to support Mr. Obama’s call for a 13-month extension of unemployment benefits (at an estimated cost of $56 billion), as well as a slight cut in Social Security payroll taxes for American taxpayers.
Congress could vote on the agreement as soon as this week, and a challenge for President Obama may be convincing progressive Democrats to support it.
Kudos to our president and both Republican and Democratic lawmakers for working together on this.
Groups like the Progressive Change Campaign Committee (PCCC) are expressing disappointment over the president’s decision.
“President Obama let down millions of voters who trusted him when he said he would fight for his core campaign promise, ending the Bush tax cuts for the rich,” says Adam Green, Huffington Post blogger and PCCC member, as quoted by USA Today.
Mr. Green may be referring to 2008’s “Obama’s Plan for America,” which in addition to its pledge to implement PAYGO budget rules, force transparency and cut pork barrel spending, also included a commitment to repeal “the Bush tax cuts for the wealthiest Americans.”
But it’s not just Republicans supporting the cuts. The Hill published a list in late September of Democratic congressmen and congresswomen who were in support of the extension, consisting of 36 representatives and eight senators, including Independent Joe Lieberman.
And this was before Nov. 2 election upsets.
Put more money in people’s pocket to spend, versus sending it to the government? Sounds like the American way to me.
Now, I admit that economics and taxation are, well, let’s just say “not my forte.” I’ve had to learn the ropes the hard way, on a smaller scale, balancing expenses and income in my personal and business life. It’s a work in progress.
Common sense and practical means carry weight with me, mixed with an understanding of the founding American principles of self-responsibility, self-reliance, and limited government. On top of that, certain progressive buzzwords and concepts, I just flatly reject.
When I hear, for example, usage of the words “the rich,” “middle class,” and “the wealthiest,” I tune that person out. Class distinction doesn’t sit well with me.
We’re a society that once upon a time encouraged individual effort and hard work to achieve the American dream. If you have the will and the discipline to prosper, and put in the effort, we praised you for that. It’s your life, and if you can achieve it, go for it.
Why turn around and punish you for these achievements? If you make $500,000, $1 million, or even $100 million, frankly that’s none of my business. I am free to pursue happiness through my own choices, efforts, and beliefs, if I so desire. It’s my life, as it is yours.
It is my faith and beliefs that allow me to be happy regardless of my prosperity or lack thereof, and blessings in life manifest in different ways, and in different degrees.
I stop envying my neighbor, and do my best to be a good man, with good intentions.
As William Cobbett said, “The tendency of taxation is to create a class of persons who do not labor, to take from those who do labor the produce of that labor, and to give it to those who do not labor.”
Jim Fogarty can be reached at jim.fogarty.com
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