Former President G.W. Bush, together with a Republican Congress, passed across-the-board tax cuts for all Americans in his first term. However, those tax cuts had a “sunset” clause. During President Barack Obama’s first term, the “Bush tax cuts” were extended but, again, have a sunset clause set to expire Jan. 1, 2013 — the same Republicans that voted for the tax cuts with the sunset clause are now complaining about higher taxes, especially for the higher income earners and corporations.
I find this very strange, as this is precisely what President Obama campaigned on in the recent election. If the Republicans don’t like it, my question to them is: Why did you vote for it in the first place? I hope the president holds the line on higher tax rates for upper income earners and corporations.