December 11, 2010

Obama / GOP Tax Deal - The Good, Bad and Ugly

Bill Smith, Editor, ARRA News Service: I am just one voice and will give my opinion on the "tax deal" later. Yesterday, it was identified that "Both Conservatives and Democrats Are Divided Over Supporting the Tax Deal" and identified some of the people and organizations weighing on the "Obama /GOP Tax Deal." Also posted the article "'Tax Cut' Rhetoric Doesn't Cut It" by Dr. Thomas Sowell.

Everett Wilkinson and his team at the South Florida Tea Party have put together some good information and the following simple synopsis of the Obama / GOP Tax Deal called
"The Good, Bad and Ugly":
Good - Individual Tax Rates Remain the Same
Good - AMT Remain the Same
Good - Capital Gains Rates the Same
Fair - Estate Taxes Go Up For Some ($5 Million Exemption)
Bad - Only Good For Two Years
Bad - Unemployment Benefits Extended
Ugly - $200 Billion in Stimulus Spending
Ugly- Dozens of Earmarks for Special Interests

Obama / GOP Tax Deal:

01 & 03 Bush Tax Cuts $364 billion
AMT Patch $137 billion
Payroll Tax Holiday $112 billion
Estate Tax Change $68 billion
Unemployment Extension $56 billion
Tax Extenders $55 billion
2009 Tax Relief $43 billion
Expensing Provision $22 billion

While we need the tax relief to prevent a recession and giving Washington more of our money, in my mind the deal being cobbled together every day is questionable with its numerous earmark spending programs added by the liberals as their cost for agreeing with  "the deal." First, this is not a tax cut, but is in fact a massive tax increase. Second - Heck! the liberals are not buying into anything; they just want to spend more of OUR money even if it runs us into more debt. That is why, I used the picture yesterday of the "Obama Debt Star."

What do you think we should do? The South Florida TEA party has a simple poll to provide feedback on your opinion. I suggest doing so at their site. It gives you the following options to the question:
Do you support the "Bush Tax Cut Deal" between Obama & GOP?
  • No - We don't want any deals - keep the tax rates the same without any "deal" and accept job losses & possible major recession.
  • No - We can make a better deal between now and January.
  • No - We can make a better deal with the new Congress in 2011.
  • Yes - We can't afford to have a tax increase January, we can cut out the PORK in 2011.
  • Let's wait for a Bill before we pass judgment
Whether you take their poll or not, I would still like your opinion.
I promised to share my opinion. To keep from biasing you in your opinion any more than I may have done, I will post my choice as a comment to this article on the ARRA News Service.

Tags: tax deal, Barack Obama, Republicans, Democrats, South Florida Tea Party, poll To share or post to your site, click on "Post Link". Please mention / link to America's Best Choice. Thanks!

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