I am personally mighty happy that tax cuts will expire in a couple of months

[ThomWV]

I think all tax law should be structured such that each Congress must establish the tax rates that will coincide with its term - make the bastards stand up and name some numbers and vote on them, make them take some responsibility. And be sure of one thing, the great Republican lie will soon be exposed - when tax rates go down so do tax revenues, tax cuts do not lead to increased tax revenue no matter how many times a supply-sider tells you they do.

So if all tax rates are temporary, good for only two years, then every Congress would have to set its own rate and would have to live with the consequences in the next election. This coming January would be a good time to start the practice.

[doc03]

1. I agree, both parties need to take responsibility n/t

[gmoney]

2. "Oh, the UNCERTAINTY!" >>clutch pearls

The huge talking point of why we HAVE to keep taxes low for the rich, have to give Wall Street billions in bailouts and zero regulation, and have to kill "Obamacare" and any other progressive idea is that it will lead to "uncertainty" for business and investors. Because we all know that great fortunes have always been built on absolute certainty, and that nobody EVER got rich when income tax rates were higher than they are now.

The rich are keeping all their money out of the game these days because they don't want to risk ANY sort of economic growth that might reflect well on Obama's presidency. They don't want to lend, they refuse to spend, even if it could mean greater profits NOW because they're playing the long con. They want 10 more years of lower taxes and zero inheritance taxes assured, and they'll still hold on to the money until after November 2012 (or even 2016 if necessary).

Wall street and "entrepreneurs" are supposed to be risk takers by nature, who don't play it safe, who aren't fettered by uncertainty because of a belief in themselves and their ideas and methods. Nowadays, they must all have guaranteed double digit returns, or they won't play. It doesn't hurt them... it hurts the average worker and the public at large.

They can't even be called capitalists now... socialize risk, privatize profits, with no tax consequences.

If tax rates were likely to fluctuate every couple years, these lightweights would just flee for some tax haven where they can buy off the government and get labor for slave wages. Like they've been doing for the last 20 years. Or was that 40 years?

[hendo]

3. if every congress set its own taxes

that lasted for the rest of the term nothing would ever be accomplished. Both sides would spend so much time fighting on tax issues that it would take most of their term just to set them. It would be a big disaster.