Yes We Cave! Obama Submits On Taxes
President Obama much to the ire of his own party reached a compromise on the so called Bush Tax Cuts of 2001 and 2003. The deal will keeps the exisitng tax rates in place for all tax payers including the those earning over $250,000 or the often repeated Tax cuts for the rich-representing a huge reversal for the president. In return the President received an exstention of the jobless benefits, a payroll tax reduction and protection from the alternative minimum tax for middle class families. The Republicans gained a victory by keeping the estate tax rate fixed at 35% for two years as well as keeping the existing cuts place for all taxpayers. If the tax cuts were allowed to expire, it would revert back to 55%. The far left wing of the Democratic party has become completely unhinged at this deal. Insisting that the president should have stuck to his guns and forced to the Republicans to to fight for the cuts. Democratic Congressman John Conyers of Michigan to Sen. Tom Harkin of Iowa have