2 years only? I'm not sure why they didn't make it permanent. They still have a majority.
Extending it for 2 Years allows the issue to be used again in the 08 election. The Republicans have finally learned a few things from the Dems.
There's an election in two years.
Color me Not Surprised.
It is a majority in name only. There are plenty of Republicans who do not want taxes cut becuase it reduces the pie that they can use to insure their re-election. They have learned from their Dem Brothers how you hold on to power. You do it the old fashioned way - you buy it with the peoples own money by promising to give it back to them. What fools we are for getting ourselves in such a mess.
Might be some "strategery" involved here. The Democrat Presidential nominee in 2008 will have to answer the question if he/she would want to extend the Republican cuts if elected.
Tax laws cannot circumvent the Senate filibuster unless part of the budget, and the budget cannot go out more than 10 years. Thus tax cuts cannot be made "permanent" unless team Reid signs off on them, as a practical matter. Myself, I would dump the 15% capital gains and dividend rate that is enriching me, to do away totally with the AMT, which is just getting a minor fix in this Bill. The odd thing about hte AMT is that it soaks the upper middle class in high tax states, but not the rich.
While they still have a majority they ought to pass the FairTax...this is a win/win with respect to immigration...presently aliens pay no tax. The Fairtax provides a rebate on the sales taxes paid up to a certain income level. Those aliens not in the system, have to pay the tax. Once thety get citizenship, they get the rebate. Opposite of what we have goin' now. Maybe someday the Pubbies will learn to walk and chew gum.
b ecause NOW it becomes an issue for the 2008 elections ......
Dumb as a fox, I say....