From the NYTimes:
WASHINGTON – The Senate Republican leader, Mitch McConnell of Kentucky, proposed legislation on Monday to continue the Bush-era income tax cuts indefinitely, even for the wealthiest Americans, testing the willingness of Democrats to vote for a tax increase in a weak economy and making clear that the partisan fight over taxes will extend deep into the campaign season if not beyond. Mr. McConnell’s proposal came a day after the House Republican leader, John A. Boehner of Ohio, opened the door to a potential compromise, saying he would vote for President Obama’s plan to extend the tax cuts only for households earning less than $250,000 if he had no other choice. . . .
“I don’t think it makes sense to raise any federal taxes during the uncertain economy we are struggling through,” Mr. [Sen.] Lieberman said in his prepared remarks. “The more money we leave in private hands, the quicker our economic recovery will be. And that means I will do everything I can to make sure Congress extends the so-called Bush tax cuts for another year, and takes action to prevent the estate tax from rising back to where it was.” . . . .
I have a question or three for Mitch McConnell and Joe Lieberman: If the Bush II-era tax cuts for those in the top tier of income is such a good idea, why isn’t the economy in better shape now? Wasn’t that the point? That those tax cuts for the highest income folks would be good for the economy, for everyone? This approach has been in play for about ten years now. It doesn’t seem to be working. Lieberman says we need to “leave more money in private hands” to speed up the recovery. There’s been a lot more money in private hands for the past decade, and look at the economic mess we’re in. The gap between have-a-lots and have-nots keeps getting larger. Maybe it’s time to try a new approach.