An old Politician I knew in bygone days once said that gaining a Majority on any political issue was like starting a barbecue; you first must start the coals glowing. Congressional Democrats, deeply influenced by lobbyists, refused to bring the issue of Tax Cuts forward before the Election. They did not realize that this denial left them without a platform. Democrats, if they lose this Election, lost it through timidity. The Vocals in Congress could have energized a Democratic Voter as no other, and a Republican block of any final Vote on the Issue would have solidified Democratic cohesion. The reason Democrats did not bring the Issue forward was likely the fact that they did not want to tax themselves and their Class to any greater extent than the current faulty Tax spread.
I myself oppose any extension of the Bush Tax Cuts. My last Post on this site explained my hesitation such type Stimulus. The damage has always been greater than any immediate benefit, bodes to inflict catastrophic injury in the Long Run. The loss of tax revenues cost Us a share of the additional federal debt, and contributed to the concept currently in vogue of No Interest on federal extension of Credit to financial institutions. There has been a channeled Fan to rob both Depositors and Investors of a rational rate of Return. Low and Medium Incomes have had their profitable venues of Investment canceled–which is a studied taxation of low Incomes. Income channels for Investment have been redirected towards sources of Investment which enhance the profitability of higher Incomes through management manipulation at much greater rate than what is granted to normal Investors. Business leadership, rather than Stockholders, maintain their high Incomes through control of the mechanisms of Investment operation.
The Owners of the traditional portfolios find their Returns sequestered at any point where there is likely to be a Profit. Refusal or minimized provision of Dividends, excessive Executive Pay Packages, business deals delayed until corporate Executives can buy a cheap position in the Stock expected to advance, and stocking of Executive Pay Packages overseas. Courts have defended Corporate Boards from revelation to Stockholders of Pay Packages, degree of Corporate liquidity, what percentage of Profits which Dividends actually comprise, and the largesse of liquid funds unused by the Corporation in investment. The situation becomes worse each year, and the rate of Return on Investments decreases for the average Investor every year. It is time for a Change. lgl