I've written to my Senators and Representative every day this week asking them to vote no o this tax compromise. Today's letter:
SENATORS AND REPRESENTATIVES - VOTE NO ON THIS TAX COMPROMISE
Mr President,
Polls have shown that people have more faith in the Republicans than the Democrats in handling the economy. I don't (didn't) agree with that. Now, however, you tell us that if Congress doesn't pass the Obama/McConnell tax plan then we will have a double dip recession. I guess the polls were right and Republicans have a better plan for the economy than the Democrats.
BULLSHIT! (excuse me, but I am really mad). Republicans DO NOT have a better plan. Don't you remember that they drove the car into the ditch and we cannot afford to give the back the keys? Now you are giving them not only the keys of unaffordable tax cuts and trickle down economics but also the premium fuel of lower estate taxes and have repealed the speed limit with payroll tax cuts that we also cannot afford. And there is no tow truck in sight because you will never get another stimulus package passed.
What are you thinking?
And you think this is the best deal you could have gotten. When did you ever put the kind of pressure on the Republicans that you are putting on Democrats now? When did Mr. Summers ever tell the public that there would be a 2nd recession if the Republicans didn't compromise? When did you ever go to the public and ask them to call their Senators to break the filibuster? When the Republicans said they would absolutely never come off their position did you ever draw a line in the sand and threaten to veto a bad deal? All I can remember is a bunch of wimpy speeches that basically said "I would really like to extend just the middle class cuts, but let's talk - I can be had". And you have been.
As for the stimulus elements of this bill:
UI needs to pass on its own merits. We have never failed to do this in any prior recession and it has always been unfunded "emergency" spending. You should not concede the point that it is different now. This is a terrible policy precedent. And you left out the "99ers" who have already used the full benefits extension - not at all a trivial oversight given the length and depth of the recession. Keep bringing this to the table, unfunded and with no tradeoffs, until public pressure (and any residual conscience that they may have) makes the Republicans agree.
The payroll tax holiday will almost certainly become permanent - tax cuts almost always are, and you've just seen how hard it is to reverse a tax cut once it is in place. Payroll taxes should be going UP not down if SS is truly in jeopardy - we cannot place SS benefits on the table this way. It may be a good deal for the next few months, but it is a huge risk longer term. I don't think that's a good tradeoff at all.
Making work pay expires - taxes go up below $40,000, even with the payroll tax cut. You cannot cannot honestly claim that "nobody will see a tax increase"
Estate tax - not a stimulus at all. This applies to a tiny percentage of the wealthiest people in the country. Concentration of wealth at the top is already terrible and this makes it even worse. Another terrible precedent, this time with no stimulus benefit at all.
On top of this, you didn't get an increase in the federal deficit ceiling, so everything is back on the table in 90 days. Adding almost $1T to the deficit with this tax plan is just fuel for the fire in 90 days when we debate HCR funding and all the other spending programs (ie when the Republicans tell you what scraps you may keep).
Senators and Representatives - Mr. Obama is correct that you share a lot of the blame because you wouldn't do this before the midterms. However, you have a last chance to redeem yourselves now - VOTE NO ON THIS TAX COMPROMISE PACKAGE.
Sincerely,