In an effort to extend fairness to the American families who are struggling to make ends meet, President Obama called for Congress to extend the existing tax cuts for all except those who earn over $250,000 per year. Of course, the immediate Republican response was a negative one when it involves taxing the wealthy, and as in every other plan the President has tried to implement, the GOP leaders will have none of it.
Although the evidence showed under the Clinton administration, that what the President is suggesting would greatly improve the economy, the Republicans are entrenched in their own vision, and neither of them has any attention of wavering from their stance when it comes to any of the President’s policies. Republicans continue to spin this as an excessive tax hike on the American people, although the plan would only affect the wealthiest of our citizens.
The debate is also a soft spot for Republican Presidential candidate Mitt Romney, who while campaigning around the country on low taxes, remains embroiled in the secrecy of his tax returns and allegeed accounts he has stashed in Swiss Bank accounts, Bermuda and the Cayman Islands. While no one accuses Romney of any wrongdoing, the fact is he won’t release his tax info or explain exactly what is going on with these overseas bank accounts.