The Bush tax cuts...keep 'em?

As the Bush-era tax cuts are set to expire at the end of the month, Democrats and Republicans are finally coming to a consensus, if you want to call it that, as they plan on extending the tax cuts at least for the following year. Democrats are understandably irked that the top 2-3% wealthiest of Americans still benefit from these tax cuts, thus denying the Fed $60 billion, but also will extend unemployment benefits for millions of Americans which would be set to expire. To top it off, the extension of the cuts would save middle-class Americans about $1,000 a year each, which is certainly necessary given the current economic recession.

Obviously, in an ideal liberal society, the wealthiest of Americans would not get tax cut extensions, and middle class families would still get tax cuts, and unemployment benefits would continue. It is highly doubtful this scenario would play out until the next election, about two years from now, given that the Republicans are set to take over the House, and they are certainly pro-tax cuts for all individuals.

Although the tax cuts for the wealthy are difficult for liberals and people like me to swallow, I think extending the unemployment benefits and saving middle class families around the country is a good give-and-take for bipartisanship, and for the economy. If an extra $1,000 was taken off middle class families salaries, our economy would certainly see that, given there are tens of millions of middle class families this would affect. Unemployment recently rose in November, so extending these benefits is crucial to keep families afloat in such difficult times. So, while extending the cuts for the wealthy seems unacceptable, the cuts continue for the Americans who need it the most, and we must suck it up and accept that until the next elections roll around, and hopefully our president's message of change can take full effect.