In not so shocking news Senate Republicans successfully blocked the permanent extension of the Middle/Working Class tax cuts. This will be 1 of 4 test votes Democrats in the Senate will attempt to see what version of the bill will garner the most votes.
The following versions of the legislation will also be tested:
- 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.
Word is the Senate will vote on Senator Schumer’ proposal next and that is als expected to be voted down by Republicans. The only plan that will more than likely to receive the most support from Republicans will Senator McConnell’s proposal of permanent extension of tax cuts for both Rich and Middle Cass (#2). That proposal will also fail as it will not have the necessary support from Democrats as they do not support tax cuts for the Uber Rich.
The only proposal that will more than likely have enough support from both sides of the aisle will be the 3rd proposal listed above:
Permanently pass middle/working class tax cuts and temporarily pass tax cuts for upper wealthy for the next 2-3 years.
This plan will also be reluctantly be supported by President Obama; he campaigned back in 2008 on letting the Bush Era Tax Cuts expire for he Upper 2% wealthy. Letting those tax cuts expire will bring revenue of $700 billion over the next 10 years. That money could be used to pay down our spiraling out of control National Debt ($13 trillion dollars)
The next couple of days will be interesting in the senate as there will be heavy negotiations to include an extension of unemployment benefits that will soon expire for 2 million Americans at the end of the year.
Republicans are hell-bent on doing whatever it takes to stop President Obama even if that means hurting the nation. tax cuts fo the Middle/Working class would have more of a positive impact on our economy than any tax cut for the Upper 2% wealthy. Extending the tax cut for the rich will set this country back as we will have to borrow $700 Billion dollars from the Chinese so tat the RICH CAN GET RICHER!!
So while Republicans campaigned on lowering the National Debt, in this case lowering the debt is not important when it comes to making sure the Uber Rich can make more money while the rest of the nation suffers.
Republicans will hold unemployment benefits and tax cuts for the Middle Class hostage so the rich can save more money t put into their savings. It’s very simple folks the Middle Class (you and me) drives this economy…
Update: According to White House correspondent Mark Knoller The Senate has also voted against the Senator Schumer’s proposal:
If there is something to be said, “It’s On Broadway” to step up and say it!!!