New York City Mayor Michael Bloomberg is arguing once again that all the Bush-era tax cuts, including those on the first $250,000 in annual income, should be allowed to expire at the end of 2012.
Bloomberg said it was folly to argue that the economy was in too fragile a state to absorb such a hike. In a phone interview with The Huffington Post, he also made the case that voters would reward President Barack Obama with a landslide victory in November if he called the Republicans' bluff on the matter.
Agreed. The tax cuts should be terminated at the end of this year. Maybe a tax cut for those making below $250,000 should be explored.