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[The Bush] tax cuts are set to expire at the end of this year. So, the Democrats and President Obama have a problem. Why is it their problem? Well, currently, they're in charge. And the expiration of these cuts is now getting a lot of attention.
Our economic recovery is shaky at best. If the powers in charge do nothing, they take the risk -- real or perceived -- that raising taxes will slow or end the recovery. I'm not sure what the effect on economic recovery would be if you just raise income taxes at the highest levels. So, as much as I hate "patches," I think I favor a temporary one to two year extension of the expiring income tax cuts for everybody.
There's a saying that I'm fond of: Trying to blow out somebody's candle won't make yours burn any brighter. I'm fully aware of the growing gap in this country between the haves and the have-nots. But building class warfare by arguing that the land of opportunity has changed into the land of the fortunate few is not the answer. The tone at the top matters.
View TaxAnalysts' Chris Bergin's opinion in its entirety on TAX.com.