Tax Cut Compromise Smells Bad

Get Liberty

By Douglas V. Gibbs

The Liberals are pretty pissed off. They think that Obama has moved to the center. The leftists want to raise taxes so bad, the compromise which could result in an extension of the Bush Tax Cuts for two years, makes them feel betrayed by Obama - and they hate the fact that the jobless benefits were used as a bargaining chip.

Since the Democrats still control both houses of Congress until next month when the freshmen are sworn in, if the liberals have their way, this compromise won't make it to Obama's desk.

Last weekend, on the Political Pistachio Radio Revolution, I told my listeners I had a feeling the Bush Tax Cuts would expire, and with the higher taxes on the horizon, the stock market was going to experience a sell-off.

The compromise smells bad for Conservatives too. With the tax rate freezing in place for the next two years, it does nothing for the economy. Investors and businesses aren't going to take a chance with only two years of a frozen rate, well knowing that the Democrats will be working hard to raise taxes in 2012. We need a permanent tax rate reduction, and for the government to quit paying people not to work with the unemployment benefits.

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