Obama's not really a socialist, he's an anti-colonialist - read the current Forbes magazine cover story if you're not sure what that entails. I'm sure most $250,000+ income households don't feel like fat cats, or one of the 1-3% privileged Americans that President Obama classifies them as. All this administration wants to do is spend their money!
But honestly, it's not about them, or me. It's about the economy. Since Obama & Co came to power, the administration has made one note-worthy accomplishment (besides the great health-care debacle): stunting growth in the private sector. During the past two years, we have seen significant growth in the size and scope of the federal government, and forecasts say it will get much worse with an 83% increase in spending over the next decade. They continue to wastefully spend, and fail to recognize that the Keynesian economic policies have done little to improve the economic condition of the United States. These are the same economic policies that have brought the United States less growth and higher levels of unemployment in the past! It is imperative that we do not continue along this growth-impairing path, and a good first step would be to extend the Bush tax cuts for all.
The president continues to criticize and punish those who create jobs and growth in this country. The massive impending tax increase will significantly hinder small business’ ability to create jobs. A common misconception is that because the tax hikes are only applicable to 2-3% of the population, the effect on growth and employment will be minimal. However, economists estimate that this 2-3% is responsible for a quarter of the nation’s consumer spending and is comprised of a third of the nation’s small business owners. It is very simple. If you cut small business profitability, you reduce their ability to hire. This is exactly what the current administration is planning on doing. Even thirty one house democrats wrote House Speaker Nancy Pelosi saying that raising taxes in the middle of a recession would be a mistake! The Bush Tax cuts did not put America in this long, drawn out recession. It was policies like those created by the CRA that encouraged everyone to be a home "owner". The government functioned as an enabler for Americans to live beyond their means.
I’m just a trader, but the choice seems pretty obvious- extend the Bush tax cuts for everybody in order to promote job growth.