We gave the Republicans every advantage, great leverage, in the recent election. They are repaying us with more same old, same old. Get with the program, recognize the message. Let us test the Obama Compromise. First, the Bush tax cuts. If they expire in total, everybody agrees the country is in for a heap of hurt. Therefore, up or down, should we let the tax cuts expire? A two-part question, middle class [sic] and filthy rich. There is virtually unanimous consent on the so-called middle class tax cut so keep it, don't let it expire. The so-called millionaire's tax cut? No consensus so let it expire and judge the consequences when the new congress is seated. If necessary, and I think it will be necessary, reinstate it.
Memo To Republican Congressmen: Handle the tax issue yourselves. Here are some thoughts. Let the Bush tax rates expire. But, start in the House with a new GOP plan. 1.Retroactive to January 1, 2011 the 2010 rates on income and capital gains continue until a future congress changes them, 2.Eliminate the taxes on estates under $20 million. 3.Take the advice of Obama's Deficit-Commission and lower corporate income taxes to between 23% and 29% 4.Implement a 5% tax on repatriated corporate profits. In a Wall Street Journal op-ed piece Cisco's John Chambers estimates this would entice about a trillion dollars to flow into the US economy and generate $50 billion for the treasury.