Here is an excellent article from Forbes.com that explains what is going on with the Obama Tax Bill. http://www.forbes.com/feeds/ap/2010/12/09/general-us-tax-cuts_8193413.html?boxes=Homepagetopnews
The Dems are presently fighting it, while the Republicans want it to pass...Seems to make little sense, right?
This is such an important bill for so many reasons, not the least of which is that the unemployment extension package is tied to the rest of the bill. The fact that the Democrats are fighting this bill perhaps gives some insight into how significant the tax breaks for the "rich" are that are found in the bill. So does the fact that the Republicans are willing to support the bill!!
I am no senator, but I say, do whatever is necessary to pass the bill. Extending unemployment benefits right now is essential to our Nation's economy; it would enable millions of Americans to survive, while our Nation continues to recover from the recession that economists say ended some time ago. Suddenly depriving millions of people unemployment benefits when there are not enough jobs out there would be devastating. Yes, the rich get richer under this bill, but do my clients really care right now? No, they want to feed their families. I must say I am surprised the Dems are fighting this; the fact that they have made no counterproposal makes me think they are fighting it to "spite the rich" and their supporters...This type of "principle" will not help my clients keep their lights on....
I am confident the bill will pass, but it is certainly something to keep an eye on in the coming weeks! Until then, all we can do is hope President Obama has enough cache to keep this thing moving forward.
John A. Gallagher, employment Lawyer in Chester County, Pennsylvania. An employment attorney in Philadelphia area trying to help the working person. http://www.johnagallagher.com/.
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