The last President to authorize the “Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)” AKA the Bush Tax Cuts, was President Obama in December of 2010 when he signed into law, “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, or H.R. 4853”, AKA, the Obama Tax Cuts! Why are we still calling these tax cuts the “Bush Tax Cuts”? Because it is better politics for Obama and the media will help him to keep Bush’s name associated with these tax cuts. Why, Bush is the fall guy for the Obama regime’s abject economic failures that have kept this nation, and the world, mired in a dogged recession bordering on a depression.
In December of 2010 Obama flat-out defended the tax cuts as something that has to be renewed and maintained or we would risk deepening the recession. He was proud at that time to “own” the Obama Tax Cuts but today, in July of 2012, he is back calling them the Bush Tax Cuts. Why is this important? It is important in that by allowing Obama to rename reality, he gets to sidestep ownership and responsibility. It also allows him to now to claim that by not supporting a BUSH tax policy rather than one he adopted in 2010 and now owns!
You would think that someone who used the word “I” or “Me” 117 times in a speech in Sandusky, Ohio on July 5th would at least want to have a tax cut named after himself! Not if you are a died in the wool socialist who has not seen a tax code that is progressive or confiscatory enough to suit his tastes! He is ready to let the Obama Tax Cuts expire on January 1, 2013, and burden you and I with another $494 Billion Dollar Annual Tax Increase! This will allow the Federal Government to continue expanding while bleeding the private sector dry. You can argue all day that this is just rescinding the tax breaks for the rich but the bottom line is that 60% of the “Bush Tax Cuts” went to middle and lower-income people who will now be paying an additional $4,200 and $1,200 respectively. And this is during the worst recession since the Great Depression!
Start calling the tax cuts what they are, the Obama Tax Cuts of 2010! Make Obama and the left take ownership of killing their own tax cuts and stop them from invoking the bogey man Bush. Remember, the 5 of the 18 new Obamacare tax hikes will also kick-in in 2013 with the other 13 kicking-in in 2014. If you reelect Obama in 2012, you are in for a tax ride of your life. Unfortunately you won’t be able to afford a life raft to keep you afloat. You will become a passenger on the USS Obama!