No Time to Extend Tax Cuts But Congress is Busy

The House of Representatives has adjourned without extending the current income tax rates, that have been in place since 2003.  If Congress does not act all tax bracket rates will go up January 1. The per child tax credit will be cut in half.  Every American who pays income tax will be hit with a substantial increase.

Speaker Pelosi says there is no time left for taxes. But there was plenty of time – hours – for speeches on resolutions that are not laws and merely express the opinions of the Representatives, but apparently could not wait until Congress reconvenes next year.  Included were:

  • A resolution calling for someone, anyone to protect religious cites and artifacts in Turkish occupied areas of Cyprus.  Turkey invaded the Greek island of Cyprus 35 years ago, has occupied parts of it since then, and according to the resolution most of the religious cites and artifacts in question were desecrated or stolen long ago.
  • A resolution “expressing support” for the 33 miners who are trapped in their mine in Chile.
  • A resolution to tell the world of the politicians’ “Support for the goals and ideas of the The Inaugural USA Science and Engineering Festival,” to be held in Washington in October.
  • A resolution to “recognize” the 40th anniversary of the aborted Apollo 13 Moon Mission

We first posted the table below last week.  It illustrates what taxpayers will face if Congress does not act, the Bush tax cuts expire, and all tax rates revert to their previous, higher levels.  While the President and Democrats claim this is a top priority issue they have had no time to deal with it, even though they’ve known the deadline was approaching for almost seven years.

1 Comment so far

  1. melogos on September 29th, 2010

    The Bush tax cut should be voted up or down prior to the November mid-terms. Politicians are rarely timid when it comes to spending hundreds of billions of Americans’ hard-earned money. Who has the courage and fortitude to exhibit their convictions during an election year? Unfortunately, many have demonstrated cowardice and wanton disregard for the wishes of the American people. It is obvious that they fear the up or down vote because that vote would be a career changer for some. Most citizens realize that it was politicians from both sides of the aisle whose spending decimated the economy. See “Squandering America” at http://www.christianretirement.com Now is the time for truth telling, integrity, and courage of conviction. Our economy has complex problems. Out-of-control spending must cease. Assuredly, taxes will rise in the future. As Arends concluded: “…Deficits, after all, are merely deferred taxes.” However, mid-recession tax increases seem ludicrous.