Why is it called "extension of tax cuts"....

know1

....when it should be called "Tax Increase"????

And I think they just throw Bush's name in there to sway people anymore.

(I do realize that it's because they were set to expire, but let's call this what it really is).

saveyou22

its not a tax increase, it's called extension of tax cuts because that's exactly what it is. It's just an extension of the current tax plan. Which was put in place under Bush.

cincybearcat

Failure to extend all tax cuts is in effect a tax increase. Bottom line.

OutOfBreath

Well, when you put an expiry date on tax cuts, they aren't meant to be permanent. So you should call them "temporary tax cuts", whose extension is up for debate. Thus, it would not formally be a tax increase, since the tax just reverts to the level before the extraordinary and temporary cut was put in place.

So extension of tax cuts is a very correct way of putting it, and the Bush reference is beacuse it was Bush who made these temporary tax cuts in the first place. The result, if the tax cuts aren't extended will of course be an increase in taxes for those affected, but the reality is that they have gotten a break now for years, and they would then revert to paying what they really should all along according to the tax code.

If cutting taxes is supposed to be permanent, the code must be rewritten to accomodate it. If you dont, it IS temporary.

Peace
Dan