During the Lame Duck session of Congress Nancy Pelosi was able to pass Middle/Working Class tax cuts through the House of Representatives. Officially 168 Republicans voted against permanently extending the tax cuts for the middle/working class; basically voting for a tax increase for the middle class!
This permanent Middle/Working class tax cut will be voted down in the Senate; the problem is that Democrats do not have the 60 votes necessary to protect this tax cut from a filibuster. Harry Reid will bring this version of the tax cut and other versions up for tests votes to se which version of the legislation will garner the most votes.
Here are some versions that will be brought up for test votes
- The House passed permanent middle/working class tax cuts for those who make less than or equal to $250,000
- Senator Schumer (D-NY) has proposed a middle/working class tax cuts where the cap would be raised to $1 million dollars. Meaning if you make less than or equal to $1 million you will receive a permanent tax cut.
- Senator McConnell (R-KY) make tax cuts for upper wealthy and middle/working class permanent
- Permanently pass middle/working class tax cuts and temporarily pass tax cuts for upper wealthy fo the next 2-3 years.
Senator Reid could bring this up for vote starting Friday; more than likely #4 will be the version that will receive the most votes. In my opinion Sen. Schumer’s proposal is the most fair offer as it will not only give th middle/working class the tax cuts they so desperately need but it will also cover more people making up to $1 million dollars. While at the same time still being fiscally responsible.
Unfortunately, Republicans will continue their obstruction ways… and they will continue this until they have enough votes to pass what they want. Republicans will support permanently pass middle/working class tax cuts and temporarily pass tax cuts for upper wealthy fo the next 2-3 years. In 2 years Republicans will then have another election to gain the necessary votes to permanently extend those temporary tax cuts.
With out of control debt there is only 1 solution to ensure another $700 Billion is not added to our already $13 trillion-dollar debt. I think the president should take a stand and show everyone who’s the boss; let all the tax cuts expire, it would be a risky move on his part but it would be a position where he could stand and show he has the proverbial balls to make tough decisions that would start bringing down our debt.
I highly doubt he will do that…
Meanwhile here is video of Nancy Pelosi on the floor of the House talking about Middle Class Tax cuts:
If there is something to be said, “It’s On Broadway” to step up and say it!!!