Bennet Is Now In Favor Of Extending Current Tax Rates, Sort Of

According to the Coloradoan, Sen. Bennet is now in favor of a brief extension of current federal income tax rates:

 “What I have said on that is my priority is an extension of the middle-class tax cuts, that I would be willing to support a compromise that extended all the tax cuts for a year,” Bennet said in an interview with the Coloradoan Tuesday after meeting with campaign supporters in Fort Collins.

“One of the reasons that I’ve said that is that I think it’s very important for us to have a conversation about how we’re going to pay for these tax cuts. And that is a conversation you may have noticed that really isn’t being had right now,” he said. “They’re having a debate about which tax cuts to let go forward, but they’re not actually discussing with the American people what they’re prepared to cut to pay for it.”

Better than we might have hoped, I guess.  But it shows that Bennet remains clueless and a spineless.

First, there is nothing to “pay for.”  There is no tax cut involved.  None.  Nada. Zero.  The current tax rates have been the tax rates for nearly a decade.  They are the status quo.  You do not have to “pay for” a maintenance of current tax rates. 

If the current rates are allowed to expire, the status quo will be changed and tax rates will increase.  That’s right, we are talking about whether Democrats will force a massive tax increase. 

And Bennett’s proposal doesn’t solve the essential problem.  Small businesses and others who are the targets in the Democrats’ class warfare argument would certainly prefer a one-year reprieve rather than an increases in their taxes right now.  But it will not change their behavior and encourage more work, more reinvestment in their businesses, expansion, or hiring. 

That is because they will have no certainty for another year.  An uncertain tax picture in a year is not much better than a certain increase now from a business planning standpoint.

Finally, we have a spending problem, not a taxing problem.  With the help of Senator Bennet, we have increased spending over less than two short years faster than any other period in U.S. history.  And you, Senator Bennet, never stopped to ask how we were going to pay for all these nifty programs few of us wanted but you helped force on the citizenry when it mattered.

It is not your money, Senator Bennet.  Sadly, your close call this election cycle did not teach you that basic fact.

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Published in: on November 9, 2010 at 4:39 pm  Leave a Comment  

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