With the Bush tax "cuts" only about a month away for expiring, Congress and the President must act swiftly to preserve current tax rates. Congressional Republicans are advocating that all three current federal tax brackets see a continuation of their current rates. Democrats on the other hand are somewhat willing to maintain the rates of the lower two federal tax brackets, and let the decreased rates on the upper tax bracket expire.
Republicans and Democrats have been butting heads over the issue of the Bush tax cuts. As of today, there is still no word on any sort of a compromise. Republicans and Democrats are holding firm on their positions. With each side holding strong it looks like the tax rates will expire and all Americans paying a federal income tax will see an increase rates.
This is a situation that we cannot allow to happen. With one of the worst economic recessions in U.S. history, and a crippling federal debt, we simply cannot afford to raise taxes on the people who will be creating many much needed jobs. With an underemployment rate hinging towards twenty percent, not compromising is not an option Mr. President.
