Coming up for January is the expiration of the Bush-era Tax Cuts. Many people do not understand the controversy behind this. Do you like your money being taken away from you by the government, especially one which re-invests your money in political schemes? During the presidency of George Bush Jr. there was a tax cut bill signed in 2004.
The benefits of any tax cuts are great; the basic principle of you being able to keep your money is good. We already give over 50% of our profits to our government - we deserve to regain some of that money. Another benefit is that we can personally spend that money, taking it to the free market instead of allowing the government to spread that money to its political infrastructure. Thirdly, the combination of these two ideas allows for an unstable economy (or a 'certain one' in a depression...) to begin to have more money to regrow.
Now for the political aspect... the Obama administration wishes to milk our country of all of its wealth to redistribute it to pet projects, unions and supporting officials. If Obama does not pass a measure to continue this legislation, then taxpayers will feel Obama's taxation even more so. We do not want Obama to create legislation like this tax break bill, because he will most likely not read it like the Socialized Obamacare bill and have loopholes and earmarks in whatever he creates.
These tax breaks could help our country, in relation to how horrible our economy currently is. We need the extra money, and less taxable profits that can be wasted on things like Obamacare and the Dream Act - (see next post)...... Pray for these tax cuts!