Our View – Nothing in life is free: Bush tax cuts need repeal

If you listen closely to the lyrics of female rapper Nicki Minaj on the remix of “All I Do is Win” — we know, don’t put the paper down just yet, let us finish — she addresses the fact that wealthy upper class citizens are faced with higher taxes to close the budget gap, ultimately allowing the government to provide more for the lower class. Specifically, she explains to her haters, “talk slick all the way down to the welfare, but ask the IRS, bitch, I’m paying for your health care.”

Earlier this year, Obama’s health care bill passed and highlighted the fact mentioned above. It requires citizens who earn $200,000 or above to pay more in Medicare taxes.

Now let’s pretend we are living in the early years of the new millennium. George W. Bush — remember him? — passed new provisions that set-up current tax brackets and rates for capital gains and estate taxes. In fact, under President Bush an estate tax was non-existant.

Fast forward ten years and things have changed. Bush is no longer around and pretty soon neither will his tax cuts. They are set to expire in January.

The race is on to determine what exactly is going to happen and just as everything concerned with politics goes, it will be a race right down the aisle — pitting Republicans against Democrats.

Will Obama’s plan to extend the tax cuts only for the middle class be the victor? Or will the House Democrats have their way and make it a temporary extension? Maybe Republicans will come from behind and extend everything.

Here at the Daily 49er, we have our own suggestions.

First of all, let’s just completely disregard the Republican idea to renew all the tax cuts. It does sound nice, but it is not realistic. Besides, we shouldn’t be afraid of change — that we can believe in!

Obama’s campaign did say that he would aim to avoid increasing taxes, but we have been told this before by our very own Gov. Arnold Schwarzenegger.

When factoring in a weak economy, we see why there is such a hassle in setting new, higher tax rates. It would be a burden on individuals and families to raise taxes during such hard times. On the other hand, a tax increase would not necessarily burden families who are not struggling during these times. Coincidentally, this ends up being the very wealthy upper class.

This may prompt business owners to hoard money, impairing the economy even further. It is, however, doubtful this will occur if rates are only increased by a small amount — not to 39 or 40 percent like some Democrats want.

Let’s give the wealthy a small break. After all, they work for their money just like any other American. Does estate tax literally need to go from zero to 60 percent? Besides, the middle and lower classes can dream all they want, but there’s no way they’ll be living in the mansion of a deceased celebrity. Let the deceased person’s family have it. The government shouldn’t be inheriting from dead Americans.

Since the economy is a huge issue and it will take a while for it to bounce back, the smartest and most obvious answer would be to reach a compromise that would help circulate more money in the economy from a place the government can get it — high-earners — without creating a poorer America.

If it were up to us, an apology to Ms. Manaj would be in order. It looks like she’ll be paying for a lot more than just people’s health care and if she really did marry rapper Drake, she’ll be paying even more. Both their incomes combined may attract higher tax rates.

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