On Tuesday morning, the President and both parties of Republican and Democratic leaders are having a debate on the expiring of Bush era tax cuts issue. Each side is having their own opinion on the subject; it’s difficult to determine a common ground. The House Republican Whip Eric Cantor announced “one of the biggest hurdles to job creation is uncertainty in the business community over tax policy.” In addition, Cantor believes that this is not the right time to raise tax on everyone especially when the government wants to create more jobs. Obama believes this meeting will have a solution to sold the economic recession and provide a better life for American citizens in the future. Eric Cantor agrees to cut taxes on middle-class families and small business because it allows them to have a better chance to stay in business or job. To conclude, each side is reluctant to find a common ground on the subject, so the meeting will continue progress in the future. In my perspective, the Bush era tax cuts have been created close to a decade but the problem is still remaining the same. The unemployment’s rate has increasing than the previous year and other small business had gone bankruptcy. For example, GM motor is one of the largest autos –maker in the United States has to IPO their stock to pay for debt and other stakeholders. Therefore, I believe, the government system must find another method to solve this economic rather than deducting tax.
I agree with your statements. The tax cuts are a complicated issue, as one small change to any program or policy dealing with the economy can either have unforeseen or dramatic consequences, or do nothing at all. The economy is one of the parts of our government that is in a state of constant flux, not only because of the free market system it employs, but because taxes are the income of our national government, and after each presidential election, the new guy along with Congress have the chance to make any changes. They can update the tax policies to reflect an economic downturn (such as a recession) or a particularly good economic state. However, the government can also alter the taxes to increase their own income and therefore the money they have available to spend, or just to reflect the wishes of the elected's party. I definitely agree with you, nobody really loves taxes, but they are essential to the running of our country and they ensure we get the protection, education, and other freedoms we enjoy in this country. However, I agree with Obama's and the Republican's opinion that the current administration should extend the Bush Era Tax Cuts. My reasoning is thus: Taxes are fine, but raising them is not the best or the only solution to our country's poor economic status. I say the government should not force citizens at all levels of income (the cuts do not only benefit the wealthy, but apply to the middle class as well) to pay more in taxes to provide the government with more spending money. Instead, I think a better solution would be for the national government to look at itself, and find ways to reduce its current spending to provide money to help pay of the dept and for other government programs. Alas, though, you were correct in that this is a difficult decision with no clear answer. The choice will determine or at least affect which way our economy turns for the next few years, and both sides of the debate will have to work together to come up with a solution that is best for the country.
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