Democrats to Punt on Taxes (No repealing Bush tax cuts until after the elections)

The Hill ^ | 7/1/2010 | Alexander Bolton

[Qbert]

Democratic leaders are likely to punt the task of renewing Bush-era tax cuts until after the election.

Voters in November’s midterms will thus be left without a clear idea of their future tax rates when they go to the polls.

Some Democrats say Congress should not take up a package to extend the 2001 and 2003 tax cuts until President Barack Obama’s debt commission makes its report.

“I think it’s likely to be pushed off until after the election and be part of an overview that comes with the recommendations of the debt commission,” said Sen. Barbara Mikulski (D-Md.). “I’d like this to be part of an overall national plan.”  Sen. Tom Harkin (Iowa), another senior Democrat, is not pushing for quick action on Bush’s tax cuts, which expire at year’s end.

“I think they should expire,” he said, adding that he would like to see adjustments made to the estate tax to shield small businesses and family farms.

Last week, Harkin said he could support extending tax relief for families earning under $150,000 a year.

“It’s not going to get done before the election. The lame-duck session is when all of this is going to get resolved,” Harkin said.

[Qbert]

...These folks spent the last 9 1/2 years whining about how the Bush tax cuts "ruined" the economy, and now when they have a chance to do something, they chicken out. Well, you have two options since you're not going to stop spending, Dumbocrats: higher taxes after the elections, or high inflation. Pick your poison.

[jongaltsr]

[avacado]

FYI: Once the tax cuts expire at the end of 2010 the federal income tax rates go back up to the higher tax rates of the year 2000. Beginning Jan 2011 the new rates take effect and any single person making $50K/yr can expect to see $2700 less per year of their take home pay. A person making $100K/yr can expect to see $4000 less per year of their take home pay.

[FrankR]

"Democrats to Punt on Taxes (No repealing Bush tax cuts until after the elections)"

TRANSLATION: We're gonna screw you later, but you'll give us your vote first, huh?

[Stand Watch Listen]

Some Democrats say Congress should not take up a package to extend the 2001 and 2003 tax cuts until President Barack Obama’s debt commission makes its report.

Hmmmmmm...I'll go out a limb here...and predict Obama’s debt commission makes its report November 3, 2010.

[Virginia Ridgerunner]

The Rats want to wait until after the election so that they can pass the VAT, using Obama’s stacked-deck “debt commission” as their fig leaf.

[silverleaf]

liberals are ideologically stick on stupid, convinced that taxing SUCCESSFUL AMERICANS (let’s use that term instead of “the rich”) will get big govt the revenue it needs to dig out of deficit and grow ever more govt payouts to the UNSUCCESSFUL

Democrats are too damn ideological to focus on GROWING THE ECONOMY (or just getting out of the way and letting it grow by the efforts of SUCCESSFUL AMERICANS)

[KarlInOhio]

Then if the Republicans have even one vertebra and testicle among them better be claiming that by the Democrats punting they have decided to raise taxes. Show the 2010 tax rate next to the pre-tax cut rate and show everyone, from rich to poor, how much their taxes are now guaranteed to go up. Really milk the poor, poor family with two teachers barely surviving on their income and how much taxes will go up on them.

However, I expect the Republicans to go into full Detroit Lion mode on this.

[Qbert]

“TRANSLATION: We’re gonna screw you later, but you’ll give us your vote first, huh?”

Yep. And if your posterior isn’t aching enough by that time, then we’ll make 25 million more people US citizens, and see how much you’re hurting then.

[AmishDude]

They’ll do it in the lame duck session. Count on it.

[daler]

"TRANSLATION: We're gonna screw you later, but you'll give us your vote first, huh?"

TRANSLATION: "We expect the Republicans to take Congress this year; we'll pass the tax increases just in time for the GOP to get the blame for them."

[Qbert]

The Dumbocrats think they’re being politically savvy here, but the reality- as anybody who is not an economic illiterate knows- is that uncertainty over future tax rates will lead to less job hiring and an even weaker economy. (Businesses, especially small businesses, will likely assume the worst is yet to come without some kind of clear picture). Not a bright idea.

[Venturer]

The debt Commission, isn’t that the one run by the ex-President of SEIU?/ Now aint that a joke. Thanks Babs-—idiot.

I think most Americans have a pretty good idea of how their taxes will be raised if the Democrats stay in the majority.

Only a blind fool or someone living off entitlements could vote democrat in November.

[mak5]

The marriage penalty and estate tax also come back unless Congress acts to extend the Bush cuts.

[Argus]

Even if a Republican majority Congress in the new year votes to extend the tax cuts, Obama will just veto it, and there won’t be enough votes to override. This will be the pattern for the next two years.

[Spok]

The Democrats are determined to throttle the recovery and may well succeed.

[US_MilitaryRules]

Put a clause in the bill to make it permanent and the only thing they can do to it is make the taxes lower.

[Qbert]

“Even if a Republican majority Congress in the new year votes to extend the tax cuts, Obama will just veto it, and there won’t be enough votes to override. This will be the pattern for the next two years.”

Good point. But he’ll have to defend the even weaker economy that results from doing that for 2012.

[lowtaxsmallgov]

They are not the Bush Tax Cuts - they are YOUR tax cuts, they are MY tax cuts, they are the PEOPLE’S Tax Cuts (PTC).

[VRWCmember]

and now when they have a chance to do something, they chicken out

They don't have to do anything. The cuts will expire at the end of this year. They get to raise taxes without taking a vote to raise taxes.