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News Link • TAXES: Federal

Extending Tax Rate "Cuts" & Unemployment Compensation For Political Gain

• Free Patriot Press
It is being reported there is “compromise” between the Republican & Democratic members of Congress to extend the IRS tax rate cuts from 2001 & 2003 that were set to expire at the end of 2010. The Washington Post reports, “Faced with unified GOP opposition, Obama didn't get what he really wanted: the end of Bush tax cuts on household income of more than $250,000 and continuation of the rest. Instead, he went along with emboldened Republicans to extend even the top-tier cuts for two years in exchange for unemployment insurance and other measures intended to boost the economy.“ It is yet to be seen if the Congress will cut spending (actually reducing the amount spent, not to be confused with a "spending freeze" or a smaller increase called a "spending cut") or how the Congress will pay for the extension of unemployment compensation. Additionally, no one seems to be asking (or answering): how will extending unemployment compensation for another 13 months “boost the economy and create

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