Greenspan Calls for Repeal of All the Bush Tax Cuts

New York Times ^ | 8/6/2010 | SEWELL CHAN

[Grim]

Alan Greenspan, the former Fed chairman, supported the Bush tax cuts originally but with warnings that he said were ignored.

It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

[Grim]

Great idea. Because everybody knows that the fastest way to end a recession is TO RAISE TAXES.

Idiot.

[taxtruth]

Get rid of the federal no reserve.

[txrangerette]

Senile.

[Antoninus]

This guy used to be an objectivist? LOL.

Proof positive that marriage to Andrea Mitchell addles your brain.

[jackv]

Andrea told him.

[Mouton]

I used to call this guy the Gold Plated AH...I guess this makes it platinum.

[rabscuttle385]

Under the Bush tax cuts, taxpayers in the 15 percent bracket benefited from a 50 percent reduction in marginal rates when the 10 percent bracket was created.

So, in essence, Greenspan, you're an f-ing tool, calling for a 50 percent tax rate increase on middle-class Americans and choking off what's left of their spending abilities after the Big Banks cut off their credit.

Establishment clowns won't ever consider cutting Federal spending, as that's the only way they can buy votes and perpetuate their power.

[onyx]

Pants on Fire, Still

[SanFranDan]

Andrea Mitchell’s father should know what’s good for the country and his lovely daughter.

[shove_it]

There’s no fool like an old fool. Just fade away, already.

[snowsislander]

"Repeal"? That's a most disingenuous word to use by the New York Times; the correct word is "expiration."

The Democrats insisted on a sunset on all of the tax rate cuts, and this upcoming expiration is the Democrats' handiwork.

The only way to stop these tax hikes which begin in just four months is if legislation is introduced immediately by the Democrats. The Democrats run both the legislative branches, and unless they move, nothing will be done and the greatest tax revenue increases in our history will start in January.

[rabscuttle385]

Check this out. These bastards have really lost their minds.

[onyx]

LOL. Next one for the Marxist and his side to go against the Cuda....Alan Greenspan. I can hear it now and write the NYT headlines “So Sarah Palin knows more about the economy than Alan Greenspan?” LOL.

Well, you betcha, she does!

[Gator113]

This would cause many of us to become financial hermits.

Contrary to my own better judgement, I purchased a couple of high end items this year, only because the way things have been going, I didn’t believe that I would ever get another chance to realize these dreams in this life.

I am very near the mode where I will no longer spend a dime on something that I don’t require for survival. Pushing people to take this life change, is not going to help our economy or keep people working.

I never did like Greenspan, I like him less today.

[Parley Baer]

Yeah, that will do it. Take more money out of the private sector so less jobs will be created. Does the word senility fit Greenspan. I think so.

[mainsail that]

Flip flopping trying to save his legacy— a day late and a few trillion short.

[pallis]

There is no idiot like an old idiot looking for another 15 minutes in the spotlight. Go ahead, and end the tax cuts. America can take it until our chance to sweep the garbage out of Washington.

[Lazamataz]

Greenspan caused the entire mess, and we are supposed to listen to the doddering, drooling old fool because ........?

[Zeddicus]

I have an idea: how about all the liberals who hate the Bush tax cuts simply choose for themselves to personally repeal the them and pay more on their own taxes, equivalent to the amount of the Bush tax cut for their income?

The IRS could simply add a selection on the tax forms:

“If you wish to pay the higher pre-Bush Tax Cut rate in order to continue funding the Obama agenda, check here:____”

[meyer]

You mean Alan keep-the-rates-low-too-long Greenspan is siding with the lefties? After his inane fiscal policy enabled their anti-capitalist schemes to take hold, he finally comes out of the progressive closet.

He’s part of the problem, not the solution.

I say we need a 10% flat tax for EVERYONE with NO deductions and NO credits. It’s time for the freeloading deadbeats on the left to start paying at least a portion of their fair share for a change.