Several pundits I've read in the last couple of days are pointing to the expiration of the Bush tax cuts as if they're a done deal; using the fact of their expiration as a way to brighten the aftermath of the debt deal. I think those cuts are still very much in jeopardy of being extended, possibly made permanent.
My fear is that the President won't be presented with the luxury of vetoing an extension of the high-income tax cuts alone; he will be presented with the hard choice of letting all of the Bush cuts expire, or extending them all.
One thing that would greatly set my mind at ease will probably never happen, and that is to hear President Obama state, unequivocally, that he will let all Bush tax cuts expire if faced with such a choice.
I know it would be risky to say he's willing to let the middle class cuts expire, so yesterday I wrote him a letter letting him know I'll have his back if he does so. I'm sure he'll agree that gives him the cover he needs...
My letter to the President, Aug 4, 2011
Dear President Obama,
First of all, Happy Birthday!
Secondly, I want you to know where I am with respect to my support for your Presidency, and my willingness to work for and donate to your 2012 campaign.
I am more than happy to do both, but I need to know the following: If faced with the prospect of having to choose between a) extending the Bush tax cuts, yet again, across the board, for both high- and low-income people, or b) vetoing altogether the Bush tax cuts, in their entirety, so no one gets their Bush tax cut after their currently-planned expiration, you will choose to let them all expire, across the board.
In other words, when push comes to shove, as we both know it will, I don't want to hear you say "This is no time to raise taxes on the struggling middle class, and since Congress has left me no choice, I must agree to extend these tax cuts for everyone, including the wealthy."
That, Sir, would be a deal-breaker.
If I know that you can make that hard choice, then you have my full and firm support.