ran 3.2 miles
Today was a historic day in Barack Obama’s presidency and America’s future. Although our president will receive full credit for taking the initiative to extend the Bush tax cuts, it is important to realize that this decision would not have been made had American voters not shown up and spoken so loudly on November 2.
The Senate finally capitulated on the bill and here are some of the details about the compromise struck between apprehensive democrats and energized republicans:
1,826.1 miles to go.
Today was a historic day in Barack Obama’s presidency and America’s future. Although our president will receive full credit for taking the initiative to extend the Bush tax cuts, it is important to realize that this decision would not have been made had American voters not shown up and spoken so loudly on November 2.
The Senate finally capitulated on the bill and here are some of the details about the compromise struck between apprehensive democrats and energized republicans:
- The bill will cost $858 billion, but, unlike Obama’s stimulus package, most of this spent money is instantly retained in the pockets of every working American. It is not Monopoly money and it rewards working Americans with money they earned and deserve to keep.
- The advancement of the bill required sixty votes and passed 83-15. Obviously, many Democrats who would rarely ever characteristically vote for a fiscal decision of this magnitude succumbed to its demands.
- The legislation will extend all expiring income-tax reductions through 2012. Barack Obama swore during his campaign that tax cuts for families earning $250,000 or more would expire. While it is a good decision for him to change his mind, it is also a great example of how unrealistic and radical his principles are. If he had committed to what he had promised his voters then America would have further spiraled down into more economic devastation and immense voter discontentment.
- The bill will cut payroll taxes by 2% during 2011 and extend unemployment benefits throughout 2011. Unemployment benefits are a sensitive issue surrounded by much debate. While many people take advantage of the system and grow accustomed to government handouts, losing all initiative to contribute to society, many others genuinely do need it for whatever amount of time it takes for them to get back on their feet.
- Companies will be allowed to write off 100% of their capital investments and dozens of other business tax breaks, which had expired in 2009, will be revived.
1,826.1 miles to go.
