Republicans maintain that businesses are holding back on hiring in part because of the uncertainty about whether the Bush tax cuts will be allowed to expire at the end of this year. They argue that ALL of the Bush tax cuts should be extended. Democrats say they agree that we should extend the tax cuts on the first $250,000 of income for everyone including millionaires but that the top marginal rates on of an individual’s income in excess of $250,000 should return to what they were before the Bush tax cuts were enacted.
Republicans and Democrats AGREE that we should reduce uncertainty and that doing so would help with job creation. Both Republicans and Democrats AGREE that the Bush tax cuts on the first $250,000 of income for everyone should be extended, at least temporarily.
All Congress needs to do is pass legislation that ALL members of Congress, Democratic and Republican AGREE should be passed. The Bush tax cuts on the first $250,000 of everyone’s income should be extended.
Once that is done, Democrats and Republicans can continue to debate whether the Bush tax cuts on income OVER $250,000 should be extended or allowed to expire.
Democrats are fully prepared to accept such a compromise. Republicans aren’t. So, who is creating the uncertainty that is killing jobs? REPUBLICANS.