Democrats Missed Their Chance to Have This Tax Fight

Democrats should have a fight with Republicans when they can win.

By SHARE

OK. We don’t like the $100k average rebate a year for millionaires. We don’t like letting them off the hook so they can shower more money on their heirs who haven’t earned it.

But, you know, if the Democrats in Congress wanted to have that battle they should have had it in the spring or summer--when many of us urged they take the fight to Republicans before the elections.

After all, it isn’t like this hasn’t been coming for the past nine years!

Now, Democrats are in danger of forming a circular firing squad (again!) and setting themselves up for a big fall if this spills over into January and families are hit with a paycheck hundreds of dollars less than they budgeted to pay their rent and their grocery bill.

[Read 10 Things You Didn't Know About the Bush Tax Cuts.]

Meanwhile, the economy needs to grow, and grow fast. Otherwise we will see the predictions of high unemployment and companies sitting on their profits, instead of expanding and hiring workers into 2011-2012, will prove fateful. With over $1.6 trillion from the big firms alone, and record 3rd quarter profits, gathering dust on the shelves why not give them confidence that Washington “gets it?”

Then, Democrats can get their act together and live to fight another day when these breaks expire in two years, just in time for the 2012 elections.

There is a lot in this package to like--extending unemployment, tax credits for college, family tax credits, the 2% cut in the payroll tax that puts money in people’s pockets who really need it.

Democrats should have a fight with Republicans when they can win, not when they will get their heads handed to them by the American people, which is exactly what will happen if they blow this deal up.

  • Read 10 Things You Didn't Know About the Bush Tax Cuts.
  • Read more about the deficit and national debt.
  • Check out a roundup of political cartoons on Democrats.