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Title: Blog by Novelist William S. Frankl, MD

The Political Follies Are Now Playing At The Lame Duck Theater

The political follies (the errors, the absurdities, and what appears to be the performance of a play without any rehearsals) are upon us even in the so-called “lame duck” status that the Congress is in.

Let’s start with “extending the Bush Tax Cuts.” This means keeping federal tax rates at their present levels––income tax, taxes on dividends, taxes on capital gains, etc.. If these are extended beyond 12/31/10, no one will be getting “extra money.” Everyone’s tax bill will be calculated at the 2010 rate. No financial bonanza for anyone.Taxpaying Americans will just fail to lose lots of money to our spendthrift government, which failure to extend the so-called Bush tax rates will do, since all tax rates on everyone will rise.

The Republicans wish to extend these tax rates for everyone, whatever their income, for at least 2-3 years since we’re still in a very ragged economy.

The Democrats, despite their recent electoral debacle, continue to play the class warfare card and wish to keep the tax rates the same for those with incomes of  $200-$250,000 per year, and raise them for those above this income level, most of whom are the job creators in the private sector.

Raising taxes on anyone during a recession, or a very slow recovery, is madness. It always worsens the economy and increases the unemployment rate. But Obama and his Congressional Democrat statist allies, who are still in power until 2011, are either too stupid to understand this or wish to see the economy destroyed. You decide which.

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