The upcoming expiration of the Bush tax cuts is sure to be the hottest political issue once Congress resumes. I would like to offer an alternative solution that could perhaps turn the blunder of going home without doing anything about them into the democrats advantage.
The Democrats by not taking any action on the extension of the Bush tax cuts before the election seem to have backed themselves into a postion that they are considering to totally capitulate to the Republicans demands of massive tax breaks for the wealthiest. This puts the long term fiscal situation of our country in great peril.
Why not offer a compromise that extends these cuts for individuals of up to a million dollars and for couples up to taxable income of 1.2 million? The actual impact to the fiscal situation is not that great particularly when compared to extending tax cuts for all and it would place the Republicans into a position of increasing taxes on 98% of Americans just because millionaires are not getting an additional tens of thouasands that someday our children will have to pay.
Lets face it $250,000 is not super wealthy in all areas of the country. I am sure that in NYC and San Francisco alot of these couples feel as though they are truely middle class. The millionaires will still get a tax cut, it just won't be as large. I for one hope that the Democrats wake up in time to still take political advantage here.