Chances are you’ve heard plenty recently about the “Bush tax cuts” and how Republicans in Congress are determined to keep them going past their scheduled end date of Dec. 31.
But most people, it turns out, aren’t at all aware of the “Obama tax cuts” — yes, they exist — which so far have put more than $240 billion back into the pockets of American taxpayers over the last 18 months or so.
In fact, these may be the most ignored tax breaks in U.S. history.
The tax reductions were part of the early 2009 stimulus bill championed by President Barack Obama and passed by Democrats in Congress as they tried to stave off a second Depression.
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But the economic recovery has not occurred as strongly as hoped. So critics of Obama and the stimulus bill are unfairly yet successfully labeling it as little more than a “bailout” for unions and Democratic interests.
This carping often comes from one-note GOP candidates on the campaign trail this fall. They never get tired of offering their solution for boosting U.S. economic fortunes with — naturally — tax cuts, completely ignoring what’s occurred already under the Obama administration.
And don’t forget that congressional Republicans as a bloc opposed the 2009 stimulus bill — and the nearly $300 billion in tax breaks it contained for individuals and small businesses.
To read the complete editorial, visit www.kansascity.com.