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Bush tax cut extension is a current topic of debate and if an extension is not passed, most Americans will feel the effect in their pocket book. Republicans have control of the House and have added seats in the Senate. Republicans state that they need to act on the present tax law. Their stance is to ensure that the present tax law remains unchanged and acknowledge that their is no discussion from the party regarding supplemental legislation to include more tax cut policy, this according to Senator Grassley in a recent public post. Republicans are relaying that they would not vote for a tax cut bill that focused primarily on middle class Americans and the feeling on the Republican side is that many Democrats would, and should, shun this type of bill as well. They believe that this type of cut is not good policy for the economy. Grassley also states that a good rule of thumb is to reduce the marginal tax rates. Grassley believes that there are many people that will have their say on specific tax policy in the near future, but that the most important idea to keep in mind relates to the nation’s deficit. The primary goal should be to pass policy that supports and enables the nation to reduce its national deficit. Author: Stephen Johnson
Increase in Taxes Possible; Bush Tax Cuts Debated; Congress Extension of Tax Policy News Notes Today
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