After the offer was made, the Obama Administraion quickly turned it down saying it was merely a promis to lower rates on the wealthy and take away from the middle class. "Independent analysts who have looked at plans like this one have concluded that middle class taxes will have to go up to pay for lower rates for millionaires and billionaires," The White House stated.
In a time of fiscal emergency, it still seems like it is hard for both sides to reach any sort of agreement. Both sides have presented their solutions and neither side wants to back down from their own policies in order to get something out before the Bushera Tax Cuts expire. One can only wish that the two sides can agree before the looming "fiscal cliff" comes racing in. How should the sides solve the problem? How do you think things will eventually play out?
3 comments:
I think that Republicans should stop trying to push trickle-down economics. Research has proven that cutting taxes for the rich doesn't actually help the economy. This website(http://www.faireconomy.org/research/TrickleDown.html)has graphs that show that there is almost no correlation between cutting taxes on the rich and growth in the US economy. The correlation coefficient between them is 0.03 which means that the two have barely any correlation.After seeing this research, I don't understand how they can keep pushing these plans when our country is so desperately in need of economic relief. I hope that Republicans in Congress are able to look past their party's support of the trick-down economics theory and are able to reach a compromise with the Democrats in Congress that will provide solution that our country needs.
I feel that both sides need to realize that nothing will get done if neither can compromise. I feel that there are areas which both can meet each other halfway. Maybe Republicans should let up a bit and let some taxes occur and allow for a compromise there with Democrats. Furthermore, maybe Democrats can bargain with Republicans about healthcare reform. This way, both sides are satisfied. However, it is apparent that something needs to happen or else we are in trouble. The only way to do this is if both sides can come to an agreement.
I agree with Katie in that Republicans in the House need to "reach a compromise with the Democrats in Congress." With the end to the Bush era tax cuts quickly approaching, a bipartisan effort is greatly needed. Not later, right now. It is time that these "representatives" start representing the interests of the American people. Is this not their job? The people recognize the disastrous effects that higher taxes will have on their families. Congress claims that they do as well, but I don't see any evidence of compromise. It is high time that both Republicans and Democrats, Republicans especially, get together and start solving this problem. I think I'm accurate in saying that many Americans will be a little peeved if our government can't get it together and start compromising.
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