The supposed tax cut extenstion is not a cut at all, it's a loan we'd have to pay back with interest

[grahamhgreen]

Let's get this right.

When the country is running a deficit, any tax cut that might be granted or extended is really just a loan that we will have to pay back to China (or whoever) with interest.

In fact, it forces me to take out a loan I don't want.

Correct me if I'm wrong.

That is all.

[midnight]

1. I thought a tax cut was you keeping your earned income and

not paying it to china.... I hope I'm not wrong....

[ejpoeta]

2. i think of it this way. johnny has a job. he makes the same amount every week.

he has rent and utilities and food bills. and he has some credit cards. now, johnny spends every penny he makes on his rent and his utilities. he's even on a payment plan for his electric because he got behind. now johnny wants to feed himself. so he uses his credit cards to do it. and put gas in his car to get to work.

[pinboy3niner]

3. It's not a personal loan

And it adds to debt only if--and to the extent that--government spending exceeds revenues.

Personalizing it may not be the best way to view it. Even if taxes should be raised in the future for deficit reduction, many "eligible" taxpayers will not have to pay more. Someone living on non-taxable disability income, for example, will still have no taxes to pay, even if taxes go up.

Preserving your current tax rate doesn't increase the national debt. Political decisions in Washington do--or do not--depending on how those budgeting and spending decisions fall.