Give Mitch McConnell some credit for this one. He is introducing a bill in Washington that would prevent anyone from paying a higher tax rate next year than they do this year. This would effectively extend all of the Bush tax cuts for another year .. and give a new congress the chance to straighten this mess out.
Democrats, in the meantime, are pushing this absurdity that only 3% of small business owners would be hit with the tax increase. That figure is meaningless. The fact is that 48% of the income that would be hit with the tax increase would be small business income.
Why send one dime extra to Democrat dreams and schemes, like TARP for the banks, or Stimulus for state/local government unions and their pensions? Our deficit is 4 times larger for two years running, than any deficit ever before.
I say instead, let the money stays in the hands of the businessmen who earned it where it can be used to grow businesses and actually hire new people.