At this point, just let the tax cuts expire

[MadHound]

Frankly I've never been in favor of renewing any of them. I was heartened when I thought that the Dems would actually fight to cut tax cuts for the rich, but that fight was done after a few days and the issue was tabled until after the election(why, I don't know, but that's another story).

But in all honesty, we simply can't afford more tax cuts. Our limited monetary resources are desperately needed elsewhere, like a real jobs creation program, and we simply can't continue to run up our debt load.

At this point any deal to extend middle class tax cuts is going to require us to extend the tax cuts for the rich. We simply can't afford this, so the best thing to do is let them expire, all of the tax cuts. Sadly I doubt that this will happen. Obama is still hell bent on a middle class tax cut and is willing to compromise. Which means that we'll probably be flushing another three-four trillion dollars down the toilet at a time when we simply can't afford to do that.

[uponit7771]

1. Americans care about jobs, could care less about deficits

[MadHound]

4. Then take some of that savings and create a real jobs creation program.

I also think that people care more about the debt than you think.

[kick-ass-bob]

2. But it's not really a tax cut.

Didn't you hear whats-his-name last night?

[thereismore]

3. Dems will not have the guts to do this. They will totally cave on this one. nt

[MadHound]

5. Sadly I think you're right. n/t

[exboyfil]

6. Between the Child Tax Credit and the increase in marginal rates

it will cost me at least $2K, but I think you are right that locking up the process and letting the cuts lapse is the best choice. It will mean that I will put $2K less into the childrens' 529s for college.

What we need is for someone to explain how Social Security really works, and how those making between $50-$105K are carrying the system on their backs. I do not see why higher earners should not also be called on to subsidize the system with a portion of their income over $105K. The ignorance on how S.S. benefits are calculated is really astonding.

My suggestion would be to remove the S.S. cap on all income (labor, dividend, benefits, and capital gains) and adjust the withholding rate to be revenue neutral for at least the next three years. No additional taxes would be collected so how would that strain the economy? After the three years it should go to a pay as you go with drawdown.

[subterranean]

7. Won't the GOP Congress then just pass another tax cut?

They'd probably be able to peel off a few blue dog votes in the Senate to get it passed. Then in the next campaign, they'll be able to take credit for the tax cut while attacking Democrats for the biggest tax hike in history. If Obama vetoes it, they'll still take credit for trying. Of course, we could turn that around by pointing out their massive addition to the national debt, but I think most Americans dislike of taxes outweighs their concern about the debt.

You're right, this issue should have been dealt with before the election. Once again, our party has painted itself into a corner.

[laughingliberal]

10. Yep. How'd that 'punting' thing work out for us? nt

[BeFree]

8. I agree

Let that 10 year old law expire and tell the republicans to come up with a new tax cut plan of their own.

I dare them to offer up a deficit increasing tax cut for the wealthy.

Obama should tell America that bush is history and it's now time for Boehner to use his new found power to create jobs.

[kath]

9. Yep, I'd rather see my taxes go up by a thousand or two, if it means that the rich would be paying a

tiny bit more of their fair share. Raising the top rate from 35% to 39.6% will barely be felt by the rich, and will help the country.