Critics on the democratic side have had a lot to say about President Obama’s decision to give in to republican demands and extend the Bush tax cuts to the wealthiest Americans.
The compromise bill seems like a one sided deal to democrats. Republicans held their ground and got exactly what they wanted, despite the fact that the electorate did not agree. According to recent polls, less than 40% support extending the Bush tax cuts to the top 2%. Additionally, the millionaire tax cuts will add some $450 billion to America’s debt, which will have to be borrowed from the Chinese and other creditors.
Political pundits agree, the high end tax breaks will not create jobs as republicans pledged, and it raises the deficit, which is an issue the GOP campaigned against. The Bush tax cuts will put an extra $104,000 per year into the pockets of those with incomes of 1 million dollars.
The compromise deal has not yet been finalized, but few expect Lame Duck democrats to attempt to block Obama’s agreement with republican lawmakers.
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