But are they going to pull a bait and switch by letting the Bush tax cuts expire and then give us tax cuts that are smaller?
ding ding ding - we have a winner
The Bush tax cuts do not expire until the end of 2010.
Basically.
If you just let them expire, you get called on “the biggest tax increase in history”; if you let them expire and then cut them to higher levels than they were before, you can call it a “tax cut”.
Also, remember Obama’s tax plan essentially is a plan to have those of us who make over the current FICA cap basically pay the social security for those who make below it (social security levies, somehow, aren’t considered “taxes”). So, I pay a much higher FICA levy, which is used to refund the FICA levies to somebody making less than I am, and it gets called a “tax cut” for that guy, but not a “tax increase” for me since, as I said, somehow FICA levies aren’t tax (we’ve been guilty of being slippery about that, too, honestly — if you give either party a chance to call money they get something other than a tax, they’ll take it).