Posted on 11/15/2005 5:00:16 PM PST by Sub-Driver
Republicans Fight to Get Tax Cuts Through
By MARY DALRYMPLE, AP Tax Writer 12 minutes ago
Republicans labored to advance their tax cut plans Tuesday, failing to muster enough GOP support in the Senate to extend tax cuts for capital gains and dividends beyond their 2008 expiration.
The Senate Finance Committee voted 14-6 to endorse a package that would cut taxes by $60 billion over five years but would omit a GOP priority of preserving reduced tax rates for investment income. Sen. Olympia Snowe (news, bio, voting record) of Maine, a moderate Republican holding a pivotal vote on the committee, rejected the extension.
"The reality is, this is a very different world than where we were even six months ago," Snowe, said, pointing to budget deficits, rebuilding efforts along the hurricane-ravaged Gulf Coast, ongoing operations in Iraq and rising energy costs.
Other Republicans reluctantly voted for the bill, bemoaning the need to abandon the extension but pledging to reinstate it before the legislation hits President Bush's desk.
"It's in many respects the centerpiece of this legislation," said Sen. Jon Kyl (news, bio, voting record), R-Ariz. "We ought not to be doing the bill without that key element."
The House's top tax writer pushed to keep alive the 15 percent maximum rate on capital gains and dividend income for two more years but dropped many other extensions of expiring tax breaks from a bill that would cut taxes by $32 billion over five years.
The two tax measures working through the House and Senate tax-writing committees represent different versions of a tax cut outlined in the budget Republicans passed this winter. The GOP pledged to use the bill to keep in place one of Bush's priorities, the reduced rates on capital gains and dividend income, as long as possible.
(Excerpt) Read more at news.yahoo.com ...
Senator Olympia Snowe from Maine. Fake capitalist, fake Republican, Democrat (socialist) in disguise. A primary reason not to contribute money to the RNC.
Then why are you? Do not think any of you will get leniacy for this feigned disappointment. Control your RINO's or get what the Party deserves. I hold you all accountable for the One setting the agenda.
We need to get rid of the Rinos and start over, even if it means temporarily losing control of congress. This kind of crap just makes me sick.
Strip her of all chairmanships and committee assignments, eliminate her staff, move her office to the broom closet in the basement, and hand her a Rat registration form.
How about start cutting the deficit first?
Thanks to the idiot rinos I will have to pay more tax in my retirement years. Thanks for nothing.
Apparently, there is a RINO majority in the Senate . . . and in the House. I don't recall voting for that.
They all need to remember that there are still many in this land with revolutionary blood flowing through our veins. We are long suffering, through a long train of abuses, but . . .
We won't be rid of RINOs in the NE states in my lifetime. The RINOs must be beaten into submission. The Republican leadership must tighten their grip like the dems.
They won't. I am utterly disgusted, we might as well be in the minority, it would be less frustrating. Not another dime. Any of you "operatives" who read this should take note, unless and until you learn to act like you won something, we will treat you like the losers you are.
If things go correctly, we will throw out every last a$$hat legislator here in PA soon. We threw out one Supreme Court judge and just missed the other one by a hair.
Do you know how much the deficit has been reduced by the tax cuts? It will go UP not down, if the dividend and other investment tax cuts are not extended. The sad part is that the Senate has to know that, as it is a fact since the tax cuts first went into effect.
I am now finished with the Republican Party.
No more donations and no more votes.
This country is descending into Hell courtesy of both political parties.
We need a new one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.