The Republican controlled U.S. House once again exposed their foolishness and at the same time their committment to Corporate America rather than the middle class. They voted to make permanent several tax breaks for business that are set to expire by years end. Most of those tax breaks were to write off depreciation over a shorter period of time. The legislation will add $287 billion over 10 years to the federal deficit. The White House says the President will veto the bill if it gets to his desk.
The business community has enough tax breaks and etc. to last a lifetime. We know from the Bush tax cuts and tax breaks first hand how they did nothing to keep the economy moving or create jobs during the Bush years. They only added to the large bonuses of CEO's and their executives. The FICA tax reduction that has expired was not renewed and that was the right thing to do. Now that the economy is generating more revenue and jobs other measures would do better to continue to move the country forward. The minimum wage, immigration reform and the highway construction bill are a few examples.
We always hear how the republicans hate deficit spending but they are at the forefront in doing so. And just remember any time you add to the deficit that raises the national debt and interest has to be paid on that national debt. And guess who benefits from that interest, yeah you are right, the banks. And who are their largest supporters? Right again, the republicans.
This commentary written by John Lucia.
