Analysis: Throwing America's Future Away

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Throwing America’s Future Away “The greatest threat to America is not someone hiding in a cave in Afghanistan or Pakistan, but our own fiscal irresponsibility”-Former Comptroller General, David M. Walker (Clemmitt). The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, and the Jobs and Growth Tax Relief Reconciliation Act of 2003 also known as the Bush Tax Cuts, are two major Bush era tax cutting bills set to expire January 1st 2011 (Fox). These two bills lowered the tax rates for every tax payer in the country and created a new 10% tax bracket for those making less than $8,025 a year. Along with those major changes and re-structuring the tax brackets, it also changed the Child Tax Credit from $600 to $1,000 per child,…show more content…
Our debt is higher than it has ever been and grows larger every day. People are losing their jobs and unemployment is rising, along with costs due to unemployment benefits. Now is not the time for us to be selfish and demand that the government take care of us and our infrastructure without being willing to roll up our sleeves and pitch in. Nobody likes paying taxes but it is something we have to do if we are to keep our country and our economy strong. Without taxes we would have no police or fire support, our roads would be hazardous to traverse, not to mention no community hospitals or public schools. It’s an integral part of our society and something we should all be willing to do as Americans. So extending the Bush Tax Cuts when we are in such dire straits and need every penny we can get seems disastrous to me. Through a combination of careful budgeting, cutting pork barrel spending and frivolous, unnecessary government programs and agencies, and by allowing the tax cuts for the top 2% to expire, we should be able to recover from the mess that we’ve spent the last 10 years getting ourselves into. This will allow us to return to being the one and only true world superpower. As John F. Kennedy said in his Presidential inaugural speech “Ask not what your country can do for you-ask what you can do for your…show more content…
"The Wisdom and Folly of the Bush Tax Cuts - BusinessWeek." BusinessWeek - Business News, Stock Market & Financial Advice. 05 Aug. 2010. Web. 01 Nov. 2010. <>. Fox, Eric. "How Will The Expiring Bush Tax Cuts Affect You? -" - Business News, Financial News, Stock Market Analysis, Technology & Global Headline News. 22 July 2010. Web. 01 Nov. 2010. <>. Gale, William G. "Five Myths about the Bush Tax Cuts." Washington Post - Politics, National, World & D.C. Area News and Headlines - 30 July 2010. Web. 01 Nov. 2010. <>. "Here We Go Again: Bush Exaggerates Tax Cuts." 20 Feb. 2004. Web. 01 Nov. 2010. <>. Klein, Ezra. "Ezra Klein - CBO: Extending the Bush Tax Cuts Will Hurt the Economy, Reduce Incomes." Blog Directory ( 28 Sept. 2010. Web. 01 Nov. 2010.

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