By snoadmin
The third week of school is typically a realization that summer is over. The first week doesn’t bring this realization because all that happens at school is an overview of the syllabus. Plus, everyone is too filled with excitement to consider summer’s end. Labor Day weekend continues that party attitude —there isn’t even a full week of class. However,by the time the third comes around, professors are diving into schoolwork and quizzes are popping up on the agenda.
In remembrance of the relaxing and stress-free first days of school, this editorial will be an update on the topic we covered during that now sought after first week of classes: Tax cuts.
The Bush-era tax cuts — which cut taxes for all Americans — are set to expire at the end of this year. The deadline to reach a compromise on the issue is approaching. And, just as Cal State Long Beach students don’t want to study everything they learned this semester into the night before finals, we’re sure the Obama Administration wants to finalize a plan for the tax cuts before time is up.
Good news, though. Republicans and Democrats look like they are setting their differences aside and finally agreeing on an issue, but not without pressure from President Obama.
The result of the tax cuts’s expiration could lead to one of two things. A tax increase for all Americans or a tax increase for Americans earning over $250,000.
If the first plan implmented, the deficit may actually increase.
Last Wednesday, President Obama gave a speech in Ohio regarding the economy. He explained that if the U.S. extends tax cuts to the top 2 percent of American incomes, then it would basically be “borrow[ing] $700 billion over the next 10 years to give a tax cut of about $100,000 each to folks who are already millionaires.”
We agree with the president’s pragmatism on this one and reject extending the tax cuts to wealthier Americans. But this time it looks like we have Rep. John Boehner, the senior Republican leader in the House, on our side as well.
So this is what compromise looks like.
Although his full support goes to extending the tax cuts to all Americans, when given the option to extend the cuts to incomes below $250,000, Rep. Boehner says, “of course, [he] is going to do that.”
His initial plan stressed the “need to extend all the current rates for all Americans. He argues that “if we want to get our economy going again … and we want to get jobs in America” then we need to extend all the tax cuts.
Obama blames Congress’ cautious attitude on the upcoming elections. The president insists that no one wants to step on any toes and risk their reelection hopes.
“Well, they might think this will get them where they need to go in November, but it won’t get our country where it needs to go in the long run,” he said.
Despite the fued, this controversial tax issue may be reaching its end. With Obama clearly indicating his preference and Democrats following suit; Republicans have only one logical option. Rep. Boehner and the rest of the House Republicans understand there is no use in prolonging the debate.
Let’s continue this school year in the positive direction. With a Red Bull in hand and a quick 15-minute power nap before any serious studying, the only thing we’ll have to worry about is midterms. And, if the Democrats and Republicans reach a compromise, we can cross higher taxes off of our list of things to worry about.
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