Harry Reid has indicated when Congress returns in September, it will make a decision on the Bush Tax Cuts extension. Politically they want to put the Republicans in a tough spot by supporting the tax cuts and thus further increasing the deficit. Democrats also want to campaign back home on the fact they extended them. They believe this will help in the elections.
Enter a Congressman from NY who will propose a bill he calls ” A Tax Equity Bill”. His bill, if passed, would force the IRS to index cost of living in a region to decide who is wealthy and would be eligible to pay additional taxes.
Others call it the Blue State Bill. It seems it would only affect states like California, New York, Massachusetts, Illinois and other similar states. By some large coincidence they are all traditional Democratic voting states. A Coincidence? I wonder!!!!
I Hope this helps you to remember ‘November is coming……..”