It's amazing what reality & 9% unemployment will do to a candidate who told millions what they wanted to hear.The Dallas Morning News, a newspaper that had the good sense to endorse Sen McCain, has a message for Pres BO: Extend the Bush tax cuts, temporarily
"Reasons to extend the 2001 and 2003 Bush tax cuts for all income levels:
• 75 percent of small-business owners use individual tax rates for federal income taxes.
• Small businesses that pay at the two top two rates are estimated to employ 25 percent of the American workforce.
• Small businesses create 66 percent of net new jobs.
• In 2011, 750,000 taxpayers with net business income would pay the highest marginal rates. Their returns would include about 50 percent of the $1 trillion of total net business income.
• In 2011, 750,000 taxpayers with net business income would pay the highest marginal rates. Their returns would include about 50 percent of the $1 trillion of total net business income.
If the Bush tax cuts expired, some small businesses would pay a tax rate higher than Fortune 500 companies.
• Small businesses create more jobs than major companies."
It's simple.
You can't have a tax increase on January 1, 2011.
It'd devastate the US economy and kill any chance for a recovery.
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