Tax Bill

Not quite sure haow I feel about the House passing the bill to continue the Bush tax cuts. On the one hand, it does mean our taxes won't go up on 1 Jan 2011. On the other hand, we'll have to have this fight all over again in two years. At least it will give the folks a reasonable gauge on what their income will be for the next two years.

I am also not liking the "death tax", but at least it was held at 35%. What right does the gov't have to money and property that was already earned and taxed? One congress-critter tried to make the argument that since the person was dead, the money was no longer theirs. True enough. But it has already been taxed once already from a variety of different money-grubbers. The death tax can be a burden on the family who receives the property. If the it is a business or land (say a farm) that is involved, the heirs are required to pay the death tax, which will stand at 35%. If the property owner and the heirs are land rich but cash poor, they will be forced to sell the property to pay off the tax burden. And will they also be required to pay income taxes on the proceeds after the death tax is paid? I don't know the answer to that question but it sure sounds like something the gov't would do.

I wish the republicans had held out for a longer deal on the tax cuts. Maybe they could have put a bill together after the New Year. But the risk would be that President Obama would veto the bill. He is not a fan of the "wealthy", having already stated that at some point you have already earned enough money. So taxing the rich is something he really wants to make happen. But at least it has been held off for a couple of years and can be re-engaged at a later date. Hopefully we'll not wait until the last minute next time around.

I am also not a fan of the unemployment benefits extensions. I know there are lots of people hurting out there and there has to be something to protect them. But we now have people on the unemployment dole for more than two years. There are jobs out there to be had, you just have apply/submit your resume.