American Voters Speak: No Tax Cuts

Nov 11th, 2010 | By | Category: Senior Finances

Senior Citizen Journal has written a number of articles about federal tax issues related to the election just past.  The articles include information about the ‘Bush tax cuts’, distortions that created a number of misconceptions about federal taxes,  and documented facts (with references cited) about federal taxes.  We seniors have had a long history of dealing with taxes, and it’s not easy to fool us.

A great thing about the American system of democracy is that the people ‘speak’ when they vote in elections, and the people spoke on November 2, 2010.  This is what they said:

  • exit polls revealed public opinion is not in favor of extending the Bush tax cuts;
  • only 39% of Americans think the entire package should be extended;
  • 37% think only middle income tax cuts should remain (tax cuts for wealthiest 1-2% of Americans should disappear)
  • 15% believe none should be extended;  

Based on exit polls from last week’s election, the majority of Americans are not supporting extending the Bush tax cuts beyond the end of 2010.  There is no mandate for the new Congress to extend the federal tax cuts, and to claim there is is a misrepresentation of what the people said.  Another distortion.

Exit polls also revealed the number one priority of American voters is reducing the deficit.  The deficit has been with us for decades, but the out-of-control rampage it’s on now is troublesome for most Americans.  Most of us senior citizens know what happens when we keep spending more money than we take in, and have to continually borrow to pay debts.  It’s called bankruptcy, and none of us wants that for our country.

Spending to create jobs is the second highest priority revealed in the exit polls.   Only 19 percent of Americans think cutting taxes should be the highest priority.  Nineteen percent is not a majority folks, and it’s certainly not a mandate.

The President’s position on eliminating tax cuts for the top two percent of wealthy Americans would accomplish both #1 and #2 priorities indicated by American voters in the exit polls.  The deficit would be reduced and there would be money available to create jobs. 

This sounds like a no-brainer.

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