The looming tax increases

While there have been disputes about which of the Bush Tax Cuts to keep, one thing is certain: if nothing is done, there will be a massive tax increase for all Americans totalling over 3 trillion dollars in the next decade. Action needs to be taken to give some certainty to the private sector. Billions of dollars is waiting on the sidelines, unable to preceed with investments because of the uncertainty injected in the system by the failure to act on the tax increases. This mean that hundreds of thousands of jobs that could have been created are being stopped due to the inaction of Congress and the President. Now we get the bad news. According to news reports, Harry Reid is planning not to permit a vote on stopping the tax increases inthe current session of Congress. Reid does not want the Democrats to have to vote yea or nay on these measures prior to the election.

Let me repeat the essence of this point. The leader of the Democrats in the Senate will not let the chamber vote to prevent the looming tax increases for all Americans. He is trying to gain political advantage from this move. As a result of this paralysis, the economy is being hurt, jobs are not being created, investments are not being made, and the country is being seriously hurt.

Congratulations to Harry Reid and the Democrats for putting the good of their party ahead of the good of the country.