House passes tax cuts for first $250,000 of income

[null0010]

http://tpmdc.talkingpointsmemo.com/2010 ... t-bill.php

Democrats were not united on the issue. Twenty voted with Republicans to kill the tax cut bill, as they hold out for extending additional cuts to wealthy Americans -- though 3 Republicans, including Reps. Ron Paul (TX) and Walter Jones (NC) voted for the tax cut extensions. However the outcome will (and was designed to) allow Democrats to draw distinctions between themselves and Republicans during the 2012 election cycle.

President Obama endorsed the plan many months ago, and continues to support it. But divisions within his party, the White House's soft push, and the new political reality after the November election have made it highly unlikely that this legislation will become law. It would need to overcome a filibuster in the Senate, and Democrats lack the 60 votes they'd need to do that.

[null0010]

(Just to start a discussion, I don't think any tax cuts should be extended.)

[Will Robinson]

(Just to start a discussion, I don't think any tax cuts should be extended.)

It was a tax cut when the rate was higher and they changed them to lower. Bush proposed lower rates and Congress agreed so it became law.
Now the rates are at the level Congress set and the current rate is the current rate.
The only mechanism that can be used to change them is the same as it always was, before Bush and after Bush, it has always been the one thing thing that can change them....the arbitrary decision of Congress to make them change. Any other description of the mechanism is a smoke screen...political bullfeces plain and simple.
So when the rates go up it isn't anything except a tax increase.

With that cleared up it is my opinion that raising rates right now is stupid.

[null0010]

Okay, let me be clearer: Taxes should increase. We should pay more. Rates should go up.

[CUDA]

How about we cut spending so we dont need to raise taxes

[fliptw]

cutting spending and raising taxes is the the fiscally sane thing to do.

Killing the debt faster benefits everyone that isn't a congressmen.

[null0010]

cutting spending and raising taxes is the the fiscally sane thing to do.

iawtc

[Will Robinson]

Raising taxes right now is not a sane thing to do. Wait until the recovery is well under way before doing anything to stall the job creation.
Killing debt does nothing in the short term for the economy.

Think about where that money goes when the government trys to buy it's way out of the recession. We just spent almost a trillion dollars in stimulus. What did it do to help the recovery?!? Now let small business spend just half that on improving their ability to produce and provide service and you get increased payroll AND increased tax revenue!!

[Mjolnir]

Keep the middle class tax cuts, expire the top 2% tax cuts. That is what will actually help the economy, this shenanigans about the top 2% spurring jobs on is a bunch of crap.

Or as Colbert put it... \"To really help us right now, we need to keep everything exactly as it is!\"

[woodchip]

If anyone here is stupid enough to believe the federal govt. will put the increased revenue from taxes being raised to the cutting of the deficit...raise your hand.

[null0010]

Wait... wait, never-****ing mind:

http://online.wsj.com/article/SB1000142 ... 82986.html

President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Other elements of the deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed.

[Lothar]

Obama chose not to raise taxes (except for reinstating the estate/death tax at a moderate level.) Good for him.

[Bet51987]

.

[Heretic]

Yet you say nothing about all the democrats who want to extend the Bush's Tax cuts. Jim Matheson of Utah, Glenn Nye of Virginia, Melissa Bean of Illinois and Gary Peters of Michigan whom have written a letter saying this is no time to raise taxes on anyone have gain more than 2 dozen more Democrats in support of not letting the cuts expire.

http://townhall.com/columnists/DonaldLa ... page/full/

[CUDA]

Obama had little choice in the matter. To get the middle class tax cuts he wanted, he had to give the GOP what they wanted... Continued tax cuts for the rich which is better known as the GOP version of fiscal responsibility.

Bee

ya Funny how the DNC waitied until AFTER the election to address the Tax issue. that way they could play politics and try to make the GOP look bad. instead of doing the correct thing right from the start.

[Will Robinson]

There are some democrat districts where the vast majority of voters are extremely predisposed to manipulation by class envy politics. Tell them you are going to vote to hurt the rich and they accept you as a good person no matter how stupid your actions might actually be with regards to our nations economy or well being.
These democrats will never vote for holding taxes at the current level or god forbid, an actual tax cut because if they do they will lose the support of the voters in those districts and have to run against a replacement true liberal in the primary election. This is what is going to happen to Obama soon.

[Tunnelcat]

Liberals right now are going absolutely apoplectic over what Obama is doing right now. He's actually becoming persona non gratis in the liberal press and talk circuit. People are calling in screaming as to \"why\" did Obama kiss Republican booty, all for a measly year of unemployment benefits and a bunch of other tax cuts that Republicans really wanted in the first place! They're asking why didn't he negotiate with stronger set of demands. He couldn't even call their bluff and let the tax cuts expire. It would have helped with the deficit and I would have supported it. Obama's just another Republican! Here kitty, kitty, kitty, kitty!

You know the Republicans are happy with what Obama's done when you see Mr. Magoo and Boner out there in the press SMILING! Hell, THEY GOT WHAT THEY WANTED and the Dems got screwed! Then they have the gall AFTER they get what they want to b*tch and moan that they can't appropriate money for this and that because of the deficit, all the while giving out the larder with NO MONEY IN THE BANK to wealthy people at the expense of deepening our nation debt! All those who think that these tax cuts will help the economy, all I have to say is sure, the rich and the corporate robber barons will create jobs, just not in THIS country! You can bet that the Republicans won't cut military spending either when it comes down to brass tacks. It'll be Social Security and Medicare that get chopped and this nation will be right back to the late 1920's when seniors ended up on the street, penniless, sick and destitute.

[Heretic]

all I have to say is sure, the rich and the corporate robber barons will create jobs, just not in THIS country!

I thought all you liberals wanted a global economy?

[Spidey]

Republicans got what they wanted…Democrats got screwed…

But, nobody gives a ★■◆● what you and I want.

[Bet51987]

.

[woodchip]

I wonder how much taxes we'd lose if the rich were taxed more and they then moved all their money off shore?

[Krom]

You make it sound like they don't already...

[Will Robinson]

If congress had ever been even just reasonably efficient at using the tax revenue to improve the quality of life for the citizens I'd be willing to listen to their cry for increasing the tax rates but their pleas remind me of a rich kid turned junkie who ran their parents credit card up to the limit buying their drug dealer presents in exchange for drugs and now they are crying that without another credit card they will never be able to afford rehab.

[Avder]

I wonder how much taxes we'd lose if the rich were taxed more and they then moved all their money off shore?

Anyone remember that episode of the simpsons where there was a movie being shot and mayor quimby kept inventing new taxes with the final insult being a "leaving town tax"?

I dunno, maybe the idea has some merit. Could use it against corporations that pull that crap, thats for sure.

[Krom]

You know in Costa Rica there actually is a $26 departure tax you have to pay in order to leave the country (by air)...

[Spidey]

I find the idea that deficits are caused by not taxing people enough, utterly disgusting.

and

Why would anybody pay a “leaving town tax”…lol…see ya…

[Tunnelcat]

The Dems ARE pissed! Finally! Now we'll see if they can keep their backbone straight on this one.

http://news.yahoo.com/s/ap/us_tax_cuts

[Will Robinson]

The Dems ARE pissed! Finally! Now we'll see if they can keep their backbone straight on this one.

http://news.yahoo.com/s/ap/us_tax_cuts

They aren't standing up to fight it they are lining up with their hands out! They will each try to get some pork or career enrichment for their support for it.

[woodchip]

If congress had ever been even just reasonably efficient at using the tax revenue to improve the quality of life for the citizens I'd be willing to listen to their cry for increasing the tax rates but their pleas remind me of a rich kid turned junkie who ran their parents credit card up to the limit buying their drug dealer presents in exchange for drugs and now they are crying that without another credit card they will never be able to afford rehab.

To further this, how much money has been spent on the War on Poverty and to what success? Or the War on Drugs?

[Krom]

You make it sound like the war on drugs is not profitable...

[Tunnelcat]

They aren't standing up to fight it they are lining up with their hands out! They will each try to get some pork or career enrichment for their support for it.

That's right, bash the liberals on spending when the Republicans just appointed Hal Rogers to the spending committee in the House:

Prince of Pork

[Avder]

Honor and dignity will get you through the day, but greed is eternal.

Isn't that one of the Ferengi rules of acquisition? Most politicians and business men seem to read from those rules rather than ones that actually help society.

[null0010]

http://www.washingtonpost.com/wp-dyn/co ... id=topnews