Posted on 12/05/2010 8:32:36 PM PST by 2ndDivisionVet
White House officials and Congressional Republicans said Sunday they were closing in on a deal to temporarily continue the Bush-era tax cuts at all income levels, while bitterly frustrated Democratic Congressional leaders began exploring whether they would have the votes for such a package.
A day after the Senate rejected President Obama’s preferred tax plan, officials said the broad contours of a compromise were in focus.
Rather than extending the tax rates only on income described by Democrats as middle class — up to $250,000 a year for couples and $200,000 for individuals — the deal would also keep the rates for higher earners, probably for two years. In return, Republicans said they would probably agree to extend jobless aid for the long-term unemployed.
Senior Democrats on Sunday said that they were resigned to defeat in the highly charged tax debate, and they voiced dismay.
“We’re moving in that direction,” Senator Richard J. Durbin of Illinois, the No. 2 Democrat said dejectedly when Bob Schieffer, host of “Face the Nation” on CBS, asked him if the 2001 and 2003 tax rates would be extended even for the wealthy. “And we’re only moving there against my judgment,” Mr. Durbin added.....
(Excerpt) Read more at nytimes.com ...
I hope our grandchildren get a laugh out of the irony of it all.
GOP surrenders on spending cuts in other words.
For the life of me; I do not understand why anyone born and raised in this country would want to sabotage it?
and extending the unemployment benefits for another month or so is worth it if that is what it takes to get the cuts extended.
But if they were smart they would still stall until after the lame duck so everything else will have to get through a republican house.
Look at the big picture. So I’ll take the deal.
It’s a shame that letting this compromise come to fruition will only result in the rest of the liberal agenda being passed before the lame duck session is over.
This is not a good thing, IMO. Let the tax rates rise if necessary, since I have no doubt they will be moving back down once the next Congress convenes. The more important issue is to block the liberal agenda that will be shoved down our throats once the “tax cut/unemployment benefits extension” matter is “resolved”. The left doesn’t care about the tax rates as much as they crave DADT repeal and DREAM, among the rest of their sickening agenda.
There are so many ways to cut spending I don't know where to start, lots of ridiculous programs to get rid of.
The tax cuts are set to expire at the end of this year. If nothing is done, then taxes will increase next year.
My sense is that this is exactly what many (most?) democrats hope will happen. They hope to get wrapped up in some argument that will enable time to run out.
Make no mistake, Democrats really don't mind spending taxes increased on those making less than 250000 dollars.
Keep revenues low? Keeping taxes low will actually help with growth, and help reduce social spending and grow revenues.
According to the financial news purveyors the deal has to be done before 12/15. That's when investors need to know whether or not the capital gains tax will be going up.
If they are unsure then lots of investors may bail on the stock market so as to avoid the higher tax rate.
Could cause a major slide.
NO DEAL. We didn’t give (in my best Mark Levin voice) “repubics” the House and more Senate seats for them to compromise. Win or lose — but for crap sake, FIGHT.
This is a lot better deal than what any one of us would have predicted just a few months ago.
There’s a simple solution to the unemployment benefit problem:
Unemployment benefits should shrink.
From day one. Shrink. Perhaps 1% a week - maybe even 1% of the current benefit a week (rather than a straight line - which would be almost exactly the current 99 weeks in length). At some point, the shrinkage becomes motivation enough, to start a job search in earnest, a sort of slow steady invoking of the law of supply and demand.
At some point, the person drawing unemployment gets motivated, to take some job. Even if they originally would have turned it down, because their benefits were higher than the job wages.
At some point, every person on unemployment would reach the point, they would take that job.
At the same time, the benefits are there, when they’re really needed.
The hell of this is that the Republicans cannot wait until January when they have a majority in the House to extend the tax cuts because it is so late in the year and it would be disastrous to allow the cuts to expire and be forced to draft new legislation that would have to pass both houses and be signed by Premier Hussein. It would take months to accomplish, well into the tax season and it would impose a tremendous burden on taxpayers who would be forced to file amended returns once the new tax tables were approved and published.
I realize that no reason is good enough for some people here, but at some point you have to deal with the way things really are as opposed to the way you insist things ought to be. I don’t like it any more than you do, so please, spare me your flames.
“I’ve got mixed feelings about this, we really can’t have people who lose their jobs through no fault of their own starving in the streets.There are so many ways to cut spending I don’t know where to start, lots of ridiculous programs to get rid of. “
I think people need to do a little more to get their UI check than to simply throw their hands up and say “What can we do? What can we do.”
The Bush tax cuts -- or any new tax cuts -- aren't going to gete enacted unless there is a deal of some sort.
Come the next Congress, Democrats still have a majority in the Senate and the President still has a veto. The GOP House can pass all the bills they want. But, for them to become law, the Republicans will have to make deals.
If the GOP is to do the best thing for the economy and the country, they need to fight against any tax increases. Which means making a deal of some kind -- hopefully not an overly painful one.
“.....In return, Republicans said they would probably agree to extend jobless aid for the long-term unemployed.”
Wondering WHAT the Democrats gave the Republicans in return at anytime since 2006 besides an extended middle finger.
My question above IS irrelevant as the objective today is to NOT give the Democrats a damned thing. Their goals are the destruction of this Nation’s Constitution, and the system of government we cherish. In so doing they give no quarter, therefore must not receive any.
WE the people must remind OUR Representatives daily there is NO such a thing as compromise, NO such a thing as negotiating with the Left, the Democrats period.
It’s the same with Muslims. No Compromise. NO Negotiation period. They are liars, and cannot be trusted to keep their end of any agreement, much less be believed negotiating the agreement.
Rather than extending the tax rates only on income described by Democrats as middle class -- up to $250,000 a year for couples and $200,000 for individuals -- the deal would also keep the rates for higher earners, probably for two years. In return, Republicans said they would probably agree to extend jobless aid for the long-term unemployed.Thanks 2ndDivisionVet.
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