Insomnia Log

This is what keeps me awake at night???

Who needs sleep? (well you’re never gonna get it)
Who needs sleep? (tell me what’s that for)
Who needs sleep? (be happy with what you’re getting,
There’s a guy who’s been awake since the second world war)

-- words and music by Steven Page & Ed Robertson

Location: Boulder, Colorado, United States

Everything you need to know about me can be found in my posts

Friday, October 08, 2010

W's last laugh

It's not totally correct to blame the pending tax increase on Bush. Although the 43rd President did push for and sign the law, it was Congress (primarily the Republicans) who came up with this clever scheme and wrote the laws that will raise all of our taxes on Jan. 1.

The tax acts of 2001 and 2003 included temporary tax cuts followed by corresponding increases. Republican marketing at the time focused on tax relief, but today's press focuses on the tax increase, conveniently while the other party holds the Presidency and Congress. The GOP gets all of the credit and none of the blame, in an election year to boot. Brilliant.

Of course, at the time there was no way to know Democrats would be in power when the tax increase was scheduled to tax place. That's just happy coincidence.

The sunset provision was purely a political ploy. By keeping the tax cuts in effect for fewer than ten years, Republicans could sidestep rules that would have required paying for them, a tacit admission that tax cuts do not pay for themselves.


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