Should the Obama tax cut be extended?

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In summary, the conversation discusses the possibility of extending the Bush tax cuts and the impact it may have on individual paychecks. One person mentions receiving an unexpected refund as a result of the tax cuts, while another states that it was already extended for two years and suggests waiting to see if it should be extended further. Another person expresses their desire for the tax cuts to expire in order to save money and lose weight.

Should Obama's "Making Work Pay" tax cut be extended?

  • Yes

    Votes: 1 25.0%

  • No

    Votes: 2 50.0%

  • What Obama tax cut?

    Votes: 1 25.0%
  • Total voters
    4
  • Poll closed .
  • #1
jtbell
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We have a poll about extending the Bush tax cuts, so I thought it might be interesting to have this one to go along with it. :smile:

Your paycheck is about to shrink

My wife and I must be among the few people who actually saw this "stealth tax cut" because we got an unanticipated refund for it.
 

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  • #2
I thought it was already extended, in that it was designed to be implemented both last year as well as this year. If you are asking about an extension beyond the second year, my response would be that we should wait and see.
 
  • #3
Considering all it amounts to is lunch money - let it expire - I want to lose a few pounds.
 

1. Should the Obama tax cut be extended?

The decision to extend the Obama tax cut is a highly debated topic. Some argue that it should be extended to continue providing relief for middle and low-income families, while others believe it should expire to help reduce the national deficit. Ultimately, the decision will depend on various economic factors and political beliefs.

2. How will extending the Obama tax cut affect the economy?

The impact of extending the Obama tax cut on the economy is a complex issue. On one hand, it could stimulate consumer spending and boost economic growth. On the other hand, it could contribute to a larger national deficit and potentially lead to increased taxes in the future.

3. What are the arguments for extending the Obama tax cut?

Proponents of extending the Obama tax cut argue that it will provide much-needed relief for middle and low-income families, who may struggle with the rising costs of living. They also argue that it could stimulate economic growth and create jobs.

4. What are the arguments against extending the Obama tax cut?

Opponents of extending the Obama tax cut argue that it will add to the already growing national deficit and could lead to future tax increases. They also argue that the benefits of the tax cut primarily go to the wealthy and do not effectively target those in need.

5. What is the potential impact on government programs if the Obama tax cut is extended?

If the Obama tax cut is extended, it could potentially lead to cuts in government programs and services in order to reduce the national deficit. This could affect various areas such as education, healthcare, and social security. However, the extent of these potential cuts would depend on the overall economic situation and the decisions made by policymakers.

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