It is my understanding that President Obama intends to support the extension of the "Bush" tax cuts, but not to anyone making more than $250,000, then in the next breath he says that they should not be for anyone making more than $100,000. It seems like this target continues to move and I think we should all be ready for the inevitable, the "Bush" tax cuts are not going to be extended unless something amazing happens. The truth is that the Republicans are not going to bargain on this because of their perceived victory in the fall elections. I am beginning to agree with many who say we should throw them all out of Congress and just start over. I will stay off the political soap-box, but the truth is that neither party has any great ideas for how to get us out of the position we are in and the more they meddle with the free market, the more turbulent the economy becomes. The sad reality is that right now many of my business clients want to expand their business, hire new employees, purchase new assets, but they simply don't know what to expect expect next. It will be interesting to watch the political theatre for the next two months. My bet is we hear much, but as normal not much is done. I will keep everyone in the loop with the impact these "proposals" will have on the bottom-line.
Here is a great article http://www.foxnews.com/opinion/2010/09/08/john-lott-economy-unemployment-rate-cleveland-tax-law-obama-stimulus/