This time around Republican's took the House of Representatives. Big deal? Not really. They think it is, but they're wrong.
Not only do they not have a mandate for conservative social policy, they don't have a mandate for pro-corporate conservative economic policy. If any politicians believe the typical American voter wants to see multinational corporations and their executives continue to make more money for themselves instead of using revenue increases to employ more American workers at decent wages and benefits, they're delusional.
Anyway. It appears now that both parties are ready to screw around with the so-called "Bush Tax Cuts." That's because finding someone with any imagination or talent in Congress or the White House appears to be an impossible task.
In my August post Taxing the "rich" and "not-rich" I offered "My Plan" that involves letting the "Bush Tax Cuts" expire and, instead, adopt the following:
- Triple the exemption for the filer (the "Yourself" box on the 1040 form) from $3,650 to $10,950, double the exemption per additional person ("Spouse" and dependents) from $3,650 to $7,300, and index that credit to the CPI for the future, a policy that has been needed for years.
- Institute for businesses an Investment Tax Credit for tax years 2011 and 2012 with a carry over of unused credits into 2013 and 2014, up to a maximum total of $120,000, and only on purchases of new business equipment and rolling stock manufactured in the United States.
- Institute for businesses an Employee Expansion Tax Credit for tax years 2011, 2012, and 2013 equal to the amount paid on the employers' share of Social Security (FICA) on jobs newly created and continuously filled for more than six months (compared to the September 2010 reported positions).
- Institute for businesses and individuals a Newly Constructed Building Purchase Tax Credit for tax years 2011 and 2012 of $5,000, allowable on purchases of residential and commercial buildings constructed during the period of 2008-2011.
We won't get any policy changes. Just more name calling.