For the past few months we have heard a lot of talk regarding the Bush tax cuts. Well, Congress finally took some action regarding this issue. The U.S. House of Representatives passed a measure yesterday that would work to extend tax cuts for the lower two federal tax brackets, leaving the upper tax bracket's rates to rise as of January 2011. Any individual making or $200,000 or couple making a combined $250,000 a year is going to see a big increase in their taxes. This was a horrible mistake by our lame-duck Congress.
We hear today that unemployment has risen to 9.8%. How can the democrats see these numbers then think raising taxes on job creators is a good idea? Businesses are already struggling as it is, and many of them just aren't going to make it after this tax hike. If they are able to keep going, then they may even have to sacrifice further employees to keep their doors open for business. This is in no way going to help create jobs in the country, but it is going to help destroy them.
If Congress does not act quickly to preserve current tax rates, or even drastically decrease tax rates as well as reckless spending, we are going to be heading into a financial disaster like we have never seen before.
