Finding something positive about extending the Bush tax cuts

[WSMom]

http://voices.washingtonpost.com/ezra-klein/2010/12/an_imperfect_but_not-that-bad.html

Although extending the tax cuts for the richest one percent is disappointing and disheartening, perhaps there is a method to Obama’s madness…

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[JoB]

while i will agree that at least the White House didn’t roll over and play dead… i still think they gave up way too much.

“It also, importantly, holds the extensions to two years. The tax cuts for income over $250,000 and the new estate tax rates will expire in 2012.

The White House thinks that this’ll be a good election issue for them, as it combines a popular, populist stance on taxes with a deficit-reduction message”

this is more political posturing at a time when we really can’t afford it…

but it looks to be the best deal we will get.

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[Sue]

The thing that concerned me the most about expiration of those tax cuts was the “marriage penalty” relief expiring. My husband and I collectively received tax refunds (before marriage) of about $1,000 each. When we married and got hit by the “marriage penalty,” we suddenly owed $2-3,000, even though absolutely nothing changed other than marriage. We actually considered divorcing (and continuing to live together as partners) to save tax money. And all because we got married, happened to have similar salaries, and chose not to have children and chose to be responsible and not buy a home we couldn’t easily afford and risk having it taken away later, like is happening to so many now. We don’t expect any special treatment, just *equal* treatment (having the standard tax deduction for married couples be double that for single filers).

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[anonyme]

I am DONE DONE DONE with Democrats, and all politicians – well, maybe Bernie Sanders is OK, at least at the moment. I am done with Democrats doing on the floor of the House what Republicans reserve for airport restrooms — pants down and asses in the air. I see NOTHING positive about this extension. It was an election issue last round; sure, it will be an election issue next time as well, but only as evidence of yet another campaign promise not kept.

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[skeeter]

If it was up to me, I’d completely remove the marriage penalty, not just minimize it by providing some relief. While it is true that some married couples enjoy a tax break if one spouse does not work outside the home, it makes no sense to penalize a married couple with 2 working spouses.

Sue, before divorcing to save money on taxes, make sure you read up. The IRS has caught on and will contest a divorce if there is remarriage to the same person the next year.

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[hooper1961]

the marriage penalty is very unjust.

so thanks to obama and the replublican and democrat cronies the debt keeps going up up and up.

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[JoB]

hooper1961..

on the other hand..

thanks to Obama and his republican and democrat cronies.. a thousand people a month right here in Washington still have unemployment insurance and your taxes won’t go up.

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[redblack]

so where is the fashionable populist teabagger outrage du jour that these tax cuts will add almost $1 trillion to the debt?

oh, sorry. freedumbworks has left the building. there was no populist outrage. these aren’t the droids you’re looking for. move along.

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[dawsonct]

I think as long as marriage stands as an exclusive institution available only to SOME Americans, then maybe we should increase any marriage penalties.

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[HMC Rich]

Anonyme. Your fantasizing about Larry Craig is disturbing.

This is politics as usual. But listen to the whining. I have some, but not much, hope for the future. Mr. Obama worked with the Republicans for the first time.

I am irritated that the old guard Republicans didn’t try to make the tax rates permanent. Redblack watch what happens in the new congress. You will have even more chances to drink some tea.

Dems still control both houses. I am not certain they will pass this but it sort of seems like a loss for all sides with minor victories for some.

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[JanS]

excuse me, but..where is it written that Pres. Obama HAS TO work with the REPUBLICANS. I’d like to see a little of them working WITH HIM for a damned change.!!!! What they did is blackmail, pure and simple. So, you say …politics as usual, like we’re just supposed to go along with it? I’m tired of it, and I;m tired of people thinking that the only people who have to compromise are the Dems/libs/whatever the he!! you want to call them. Let’s see some conciliatory action from the other side – you know – the side that screwed it up in the first place over the last 8 years.

Just my late night opinion!!!

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[redblack]

rich, care to address the deficit-busting “tax cuts?” any admission of contradiction in raising the deficit to get what the GOP wants for their masters? care to address the $.32 payback for every dollar we borrow from china to make sure the rich can continue living off of the government tit?

and before you say it, there are NO small businesses in the top 2%. there’s only big business and 90% of the country’s aggregated wealth.

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[Smitty]

The government will have less to spend.

STB.

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[JoB]

HMCRich…

ROFLOL…

Republicans finally realize they have too much to lose on the eve of taking control of the House and finally work with Obama and you see it as Obama finally working with the republicans…

way to spin!

smitty..

the government will have less with which to redeem US govt treasuries if China calls them in…

Do the words National Security mean nothing to you?

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[redblack]

smitty: yeah, forget 1929.

let’s go straight back to feudalism.

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[HMC Rich]

JanS. For the last two years the Republicans had ideas and the Democratically controlled Congress and White House did not listen. Much more united than the party in power.

The left got their hats handed to them in the last election. In fact the last eight years before Obama, Mr. Bush signed most legislation with all of its pork. Not all but plenty. He did work with the congress at times.

So, you are mad because for the first time in two years Obama compromised. Welcome to the Brave New World. (my previous post was too harsh)

This deal is Obama shifting (some would say sprinting) to the middle for this particular issue. Plus the Estate Tax will be resurrected if passed which is stupid because the taxes have already been paid once before. Sure extending unemployment will help some but we go deeper in debt while doing so.

Some of you point fingers at the past Republicans and how the debt rose. Well, you are correct. The TEA Party is an answer to the RINO’s and wasteful spending and too much Federal Government Growth IMHO.

STOP THE SPENDING. WE ARE BROKE… WE ARE LEAVING OUR CHILDREN WITH A PROBLEM THEY DIDN’T CAUSE.

OK REDBLACK. Say it is only Republicans fault that we got into the mess (which it isn’t) but going deeper in debt will only hurt us. Tax hikes will be passed on to the consumer in higher prices, to us who need it the least. The Government and Wall Street took us. What a scheme. We got scammed. That is why I was basically against the Wall Street Bailouts. Bush, Frank, Murray, Hatch, Boehner, Pelosi, all complicit. Time for a change. Wholeheartedly agree. In fact maybe anyone in politics from 1998 through 2008 should be thrown in jail. But the change and hope of the last two years was not right either. Unemployment is still almost 10%. Trillions in Debt instead of Billions. Entitlements going broke. This is bad.

Government is not your bank. We are the bank. The Fed is devalueing our dollar and this next year the stimulus and bail out checks from the federal government will not be there for the states and businesses who are failing and used a bandaid to cover a deep gash.

At some point we all will be sick of Washington and demand accountability. Austerity.

By the way. I don’t care about millionaires, nor people in poverty right now. What I care about is entrepenuers ability to create jobs. What I care about is getting enough work to survive. I care about individuals making it through tough times (not groups) and I don’t give a damn about class warfare.

We are too close to a much worse recession. With oil prices rising, that is a sign things are or may be getting worse. It is winter and the prices are jumping. NOT GOOD and usually a recession indicator. Obama needed to send this signal because 2/3’s of Americans (Gallup) want the tax rates to stay the same. http://www.gallup.com/poll/145109/Americans-Support-Major-Elements-Tax-Compromise.aspx

The Independents are in charge right now. Obama needs them.

JoB, you are right for once. The old guard is up to their old tricks. Thank God the new congress will start soon and get rid of the tax and spending rip off artists in power now.

Obama will get re-elected if he goes the path of Clinton. And that courtesy of a Republican led House with a dash of TEA this time.

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[JanS]

I would like to see some jobs created , too. It just seems to me that those that are supposed to be creating the jobs because they’re getting these tax breaks are..waiting….but for what? It’s like a vicious circle…gonna wait until the economy is better, but the economy won’t get better if they don’t create the jobs. And, I, too, couldn’t give a damn about millionaires. But I do care about those in poverty, who will be left to…die on the vine, some quite literally, I’m afraid.

But consider this… http://www.businessinsider.com/bush-aides-admit-the-tax-cuts-were-a-trap-for-obama-2010-12

I still say, we’ve all been had!

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[redblack]

rich, we have the lowest corporate tax rates in the industrialized world. we have for over 20 years. americans across all income brackets pay less than they ever have since the country’s inception.

it’s low/no taxes that got us into trouble.

smitty is dead wrong: no amount of spending cuts will get us out of debt. you have to raise taxes. you have to create new and stronger revenue streams.

2/3 of americans want tax rates to stay the same for themselves. most people polled recently want the top 2% to pay clinton-era top marginal tax rates.

you say obama will be reelected if he becomes more like clinton? great! he can start by putting the top marginal tax rate back at 39.5%. hell, make it 50%. 90% would be ideal, actually.

and you still haven’t told me how borrowing $700 billion from china for tax cuts makes the economy better. i have a feeling i’ll be waiting a long time.

keep up the teabagging, though, rich. it’s kind of funny watching you guys try to square the circle of deficit spending and low taxes. and it’ll be interesting to see how you fare without dick armey’s astroturf seed money.

but i agree: the fed needs to be dissolved. the biggest banks control our economy through them, and they’re printing money like there’s no tomorrow.

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[maplesyrup]

http://www.taxfoundation.org/blog/show/1471.html

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[Yardvark]

I can’t believe that the president is willing to pay bribes to the rich to release the economy from its chains. What a wimp. What a fool. What an absolutely blown opportunity.

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[redblack]

http://voices.washingtonpost.com/ezra-klein/2010/04/the_corporate_tax_shuffle.html

besides, corporations in the u.s. pass on their tax burden to consumers, effectively avoiding payment. as citizens, we can’t do that.

but, yeah, i was wrong about the u.s. corporate income tax rate.

it doesn’t change the fact that corporations – and the rest of the top 2% – can and do offshore profits to avoid paying their share, though. exxon paid $0.00 in taxes last year, despite record profits.

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[maplesyrup]

If I ran a company and moving the HQ to say, Ireland, meant cutting our corporate income tax rate in half, I’d consider it too.

What we need is a lower overall rate and much fewer loopholes, so that companies can focus on their core business and don’t have to waste resources figuring out how to minimize their tax liabilities.

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[JoB]

HMCRich…

So let me see if i get the spin on this one right?

In spin world Clinton was responsible for the bill that removed the safety wall between private and corporate banking generated and passed by Republicans because he signed it… and therefore he is responsible for the economic meltdown.

So democrats must be responsible for the unfunded war in Iraq because they didn’t stop Bush.

right?

making democrats responsible for the deficit expansion.

somewhere.. after a few drinks.. i would guess that makes some kind of sense.

But in the sober light of day it’s all just political spin.

In the meantime… a good 20% of our nation is jobless and the republicans are blackmailing Congress that they will filibuster to the bloody end if the rich don’t get their tax cuts..

no matter what the cost is to the American public.

How exactly do you spin that into some kind of grass roots victory? Do you not understand that it is the working middle class who will pick up the largest chunk of the pocket change we are giving to the richest Americans who are busy investing their money in someone else’s country?

Do you really think handing them this tax break is going to stop them moving their jobs overseas?

It didn’t work before.. what on earth is going to make it work now?

I can see where those who drank the kool-aid might think that is a good deal… but I am not buying it…

not even when the president.. who i voted for.. is selling it. I have no use for a recycled campaign promise.

If i had believed that you should vote for a president who made no attempt to fulfill his campaign promises simply because they were good promises i would have voted for Bush Jr.

I don’t buy it.

And i don’t think you should either.

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[JoB]

to ad insult to injury

http://my.firedoglake.com/nancyaltman/2010/12/07/the-end-of-social-security/

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[redblack]

just watched sen. bernie sanders (I-VT) on c-span2 a little while ago.

he gets it.

if anyone has time tomorrow, you should listen to some of his filibuster. (i believe he’s going to do it the old-fashioned way.) the guy makes sense and understands the issues, no matter what your political affiliation is.

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