The WSJ is reporting this evening that Congress has decided to delay voting on the status of the Bush tax cuts until after the election. While they lay the blame on Republicans, the truth is that the Democrats are running scared in the late stages of election season and incumbents don’t want their vote to go on record.
This further impacts Americans and small businesses who will have to wait to know how their taxes will be affected next year.
Mark Zandi, chief economist of Moody’s Analytics, wrote last week. “The uncertainty of not knowing what tax rates will be just a few months from now is adding to the collective nervousness.” He called the impact on business decision-making, especially hiring, “discernible”.
The Democrats have proven yet again that they are willing to sell out the wealth and health of our nation’s economy for a few Congressional seats.