Keyword: bushtaxcuts

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  • The Unemployment Crisis Catch-22

    12/04/2010 1:48:41 AM PST · by Scanian · 13 replies
    The American Thinker ^ | December 04, 2010 | J.B. Williams
    The battle continues over private-sector job creation and government expansion. Taxation and unemployment are directly related, and if every American doesn't understand this, then Americans will continue to lose jobs. The Democratic left has placed a gun to congressional Republicans' heads by threatening to allow taxes to increase on all Americans on January 1. Democrats intend to continue government expansion by again extending the policy of paying people not to work, while Republicans are threatening to block all leftist lame-duck initiatives barring tax breaks for every American, including "the rich." The historical facts are quite clear on the subject: lowering...
  • Senate Democrats to hold meaningless tax votes tomorrow (Fiddling while jobs burn)

    12/03/2010 9:26:09 AM PST · by SeekAndFind · 15 replies
    Hotair ^ | 12/03/2010 | Ed Morrissey
    A deal between Democrats and Republicans in the Senate on the upcoming tax hikes apparently collapsed last night after one Republican withheld unanimous consent to proceed. As a result, Democrats will hold two votes tomorrow on extending the current tax rates for middle-class workers, with one including workers making under $1 million per year. The votes won’t survive a filibuster, but Democrats want to use the votes to paint the GOP as the party of the rich. However, that strategy makes a lot less sense after the jobless report this morning: Senate Majority Leader Harry Reid (D-Nev.) plans to schedule...
  • House passes legislation to extend only some tax cuts

    12/02/2010 7:02:20 PM PST · by FS11 · 12 replies · 1+ views
    The Hill ^ | 12-2-10 | Jordan Fabian
    Congressman John Duncan (R-Tenn.), voted with Democrats to renew only the middle-class cuts.
  • Its Time To Amend The Constitution to Ban Liberals From Discussing Economics

    12/02/2010 7:15:03 PM PST · by The Looking Spoon · 2 replies
    The Looking Spoon ^ | 12-2-10 | Jared H. McAndersen
    Ladies and gentlemen, from intellect as effervescent as a week old open can of Coke, I present to you for your rhetorical displeasure The Washington Post's own Ezra Klein... ...in all likelihood, what separates a tax cut bill that's "chicken crap" from a tax cut bill that's great is its treatment of the richest 1 percent of households in Boehner's district. And $700 billion slapped right onto the deficit. If Republicans win this debate despite the unpopularity of their position and its violent contradiction to their stated concern for the deficit, it'll be one of the most impressive coups...
  • Tax Cuts Explained In a Way Even Dumbocrats Can Understand

    12/02/2010 7:11:45 PM PST · by The Looking Spoon · 7 replies
    The Looking Spoon ^ | 12-2-10 | Jared H. McAndersen
    I received this in an email years ago, now feels like now is the right time to dust this puppy off as a reminder to the idiots on the left who argue that extending the Bush tax cuts for only some taxpayers (or none) is a REALLY bad idea. I could post column after column with empty rhetoric and zero evidence to support my position like liberal columnists and bloggers have been doing for the past few weeks. Or I can just play WWJD and deliver this parable. :-) Last I checked the real author of this remains a...
  • Boehner rips House Democrats tax vote as "chicken crap"

    12/02/2010 10:07:20 AM PST · by Sub-Driver · 34 replies
    Boehner rips House Democrats tax vote as "chicken crap" Deirdre Walsh By: CNN Congressional Prodcuer Evan Glass, CNN Congressional Producer Deirdre Walsh Washington (CNN) - House GOP Leader John Boehner ripped House Democrats for moving ahead with a vote Thursday just on extending tax cuts for those making $250,000 or less, calling the move "chicken crap." "I'm trying to catch my breath so I don't refer to this maneuver going on today as chicken crap, all right? But this is nonsense, all right?" Boehner told reporters Thursday. Boehner argued that Democrats were ignoring the message from voters last month who...
  • Senate Republicans Threaten Tax Dispute Blockade ("Howls of Anger from Democrats")

    12/01/2010 11:12:01 PM PST · by Red Steel · 52 replies
    nyt ^ | December 01, 2010 | DAVID M. HERSZENHORN
    WASHINGTON — Not even 24 hours after President Obama met with senior Republican Congressional leaders and expressed hopes for a “new dialogue,” renewed partisan fury engulfed the Senate on Wednesday, as Republicans threatened to block any legislation until a deal is reached to extend the expiring Bush-era tax cuts, potentially derailing the Democrats’ busy end-of-year agenda. The blunt threat was made in a letter to the majority leader, Harry Reid of Nevada, and signed by all 42 Senate Republicans. And it was reiterated by the Republican leader, Mitch McConnell of Kentucky, in a speech in which he accused Democratic leaders...
  • Cantor: GOP ready to vote down bill extending only middle-class tax cuts

    12/01/2010 8:03:16 AM PST · by Qbert · 14 replies · 2+ views
    The Hill ^ | 11/30/2010 | Michael O'Brien
    Republicans are prepared to vote down a bill extending all but the top-end tax cuts, the second-ranking GOP leader in the House said Tuesday. Incoming House Majority Leader Eric Cantor (R-Va.) said on Bloomberg Television he was ready to instruct GOP members to vote down legislation Democrats plan to bring to the floor that would extend the expiring Bush-era tax cuts only for the middle class. Democrats in both the House and the Senate have signaled they would bring up for a vote this week bills that would extend tax cuts for all households earning less than $250,000 per year...
  • No Missouri Compromise (The GOP should tell Obama - Now is not the time for higher income-tax rates)

    11/30/2010 7:29:30 AM PST · by SeekAndFind · 12 replies
    Nationa Review ^ | 11/30/2010 | The Editors
    The Democrats resent their recent losses and propose to take their anger out on American taxpayers — with a massive tax hike presented as a compromise on extending the Bush tax rates. It may be bad news for taxpayers, investors, the jobless, and the economy at large, but the Democrats’ intransigent insistence on sticking to their class-warfare platform is excellent news for incoming Republicans, inasmuch as it suggests that the Democrats still have not figured out exactly why the nation visited an almighty shellacking upon them on Election Day. Many congressional Democrats first wanted to undo what they still insist...
  • Obama's Democrats in disarray over expiring tax cuts

    11/20/2010 4:57:00 AM PST · by Hojczyk · 35 replies
    Reuters ^ | November 19,2010 | Thomas Ferraro and Kim Dixon
    With time running out and high political and economic stakes, Obama is pushing Democratic leaders to determine if they can win an acceptable extension of the cuts, which he could sign into law. Resurgent Republicans are demanding that all the tax cuts be renewed, including those for wealthier Americans -- individuals making more than $200,000 and families above$250,000. Obama favors renewing the tax cuts only for those at or below those level, saying the nation cannot afford to renew them for wealthier Americans. Despite a number of options -- including renewing all tax cuts or only those for the middle...
  • Millionaires to Obama: Tax us (reverse peristalsis alert)

    11/19/2010 12:50:30 PM PST · by chickadee · 49 replies · 1+ views
    Yahoo ^ | 11-19-10 | Rachel Rose Hartman
    Anti-tax activists everywhere have been loudly arguing for an extension of George W. Bush-era tax cuts for the wealthiest Americans in the United States. Now a group of millionaires is arguing the opposite. More than 40 of the nation's millionaires have joined Patriotic Millionaires for Fiscal Strength to ask President Obama to discontinue the tax breaks established for them during the Bush administration, as Salon reports. "For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as...
  • Democrats to hold votes on middle class tax cuts

    11/18/2010 5:25:22 PM PST · by PROCON · 33 replies
    AP ^ | Nov. 18, 2010 | STEPHEN OHLEMACHER
    WASHINGTON (AP) - After meeting with President Barack Obama Thursday, Democratic leaders in Congress said they plan to hold a series of politically charged votes to extend middle-class tax cuts while letting tax cuts for the wealthy expire. Excerpted per FR posting rules.
  • The Garage Door Economist

    11/15/2010 6:05:22 AM PST · by jazminerose · 4 replies
    www.joytiz.com ^ | 11/15/10 | Joy Tiz
    Barack Obama continues to insist on raising taxes for those vile rich people–those who earn $250,000 or more. Like the guy who fixes garage doors. I asked the garage door man what $250K means to him. His response was quick: “It’s my overhead.” A quarter million means the garage door man can meet his outrageous (this is SoCal) overhead. His basics: fees, insurance, taxes, marketing, vehicles, supplies and equipment. That’s it. How many employees does he get for $250K? None. All of that vast wealth nets him the ability to keep his doors open. Not enough left over to hire...
  • Vanity: Obama Signals Not To Extend Bush Tax Cuts. He Does This Then Palin Wins In 2012

    11/13/2010 11:39:23 AM PST · by Retired Intelligence Officer · 69 replies
    I am appalled watching the news now about the Obama White House signaling that they intend NOT to extend the Bush Tax Cuts that will help small business owners all over the United States so they can stimulate the economy and hire more people. This will be devastating for people all over. It will cause massive bankruptcy in the private and business sector. If they do this then Palin literally will have the ammo to take Obama down and she will have corporate backing from business leaders everywhere that will propel her to the Oval Office. This is a arrogant...
  • Will Obama 'See The Light?'

    11/13/2010 11:21:21 AM PST · by The Looking Spoon · 5 replies
    The Looking Spoon ^ | 11-12-10 | Jared H. McAndersen
  • TPM: Pelosi Gives Bush Tax Cut Compromise The Big N-O

    11/12/2010 10:58:06 AM PST · by tcrlaf · 49 replies
    TPM ^ | 11-12-10 | Evan McMorris-Santoro
    Speaker Nancy Pelosi will not give ground on her opposition to extending the Bush tax cuts on the wealthiest Americans, even as the White House and other Democrats have signaled that it might be time to compromise. "It's too costly. It's $700 billion," Pelosi told NPR this morning. "One year would be around $70 billion. That's a lot of money to give a tax cut at the high end. And I remind you that those tax cuts have been in effect for a very long time, they did not create jobs." Pelosi's strong stand mimics that of some of her...
  • DUmmie FUnnies 11-12-10 ("White House Gives In On Bush Tax Cuts")

    11/12/2010 6:14:57 AM PST · by PJ-Comix · 50 replies
    DUmmie FUnnies ^ | November 12, 2010 | DUmmies and PJ-Comix
    Paging Head DUmmmie Skinner! Your Tombstoning services are required. Why? Because the DUmmies are REVOLTING. Yes, they are now revolting against the Obamassiah over the possibility he will approved an extension of the (GASP!) Bush tax cuts. And this idea has the DUmmies throwing mass fits as you can see in this THREAD, "White House Gives In On Bush Tax Cuts." So let us now watch the revolting DUmmies blow a gasket in Bolshevik Red while the commentary of your humble correspondent, enjoying the smell of DUmmie angst in the morning, is in the [barackets]: White House Gives In...
  • Obama says he's not caving on tax cuts

    11/12/2010 3:27:45 AM PST · by tobyhill · 53 replies
    cnn ^ | 11/12/2010 | Ed Henry
    President Obama declared Friday that his "No. 1 priority" is preserving tax cuts for the middle class, and sharply denied that comments by his senior adviser David Axelrod suggest that his administration is about to cave in to Republicans who also want to extend the Bush tax cuts for the wealthy. "That is the wrong interpretation because I haven't had a conversation with Democratic and Republican leaders," Obama said of a Huffington Post article suggesting that in advance of negotiations with lawmakers next week, the White House has calculated that giving in on tax cuts for the rich is the...
  • Axelrod Denies Obama Would Concede Tax Cuts

    11/11/2010 9:26:37 AM PST · by Hoodat · 22 replies
    National Journal ^ | 11 Nov 2010 | Katy O'Donnell
    Senior White House adviser David Axelrod said this morning that President Obama has not caved to GOP demands on the extension of the Bush tax cuts, despite a report to the contrary. “We're willing to discuss how we move forward,” Axelrod said in an e-mail to National Journal rebutting the Huffington Post story, “but we believe that it's imperative to extend the tax cuts for the middle class, and don't believe we can afford a permanent extension of tax cuts for the wealthy.” The Huffington Post reported this morning that Axelrod suggested that “the administration is ready to accept and...
  • DUmmie FUnnies 11-11-10 ("The Bush-OBAMA Tax Cuts"?? Looney Left ABLAZE!)

    11/11/2010 10:47:44 AM PST · by Charles Henrickson · 38 replies · 1+ views
    DUmmie FUnnies ^ | November 11, 2010 | HUffies and Charles Henrickson
    The Looney Left's bête noire, Chimpy McHitler, has recently emerged from the Führerbunker and awakened the latent BDS always boiling just beneath the surface. A softball interview on the Orca Windbag Show only served to rehabilitate the Evil One. What's next, a turn on Brush-Clearing With the Stars? Well, if that were not enough, now comes President Obama morphing INTO Barack W. McSame! HuffPo has broken a story--perhaps just a trial baloney at this point--"White House Gives In On Bush Tax Cuts," and even this whiff of a RUMOR is enough to set off a FIRESTORM across the Lands...
  • Expiring Tax Zots: Big Business

    11/10/2010 3:20:26 PM PST · by joethevoter · 106 replies
    Joe the Voter ^ | Nov 10, 2010 | Joe the Voter
    Recent unsettling revelations would indicate that, more and more, the US Chamber of Commerce is working for foreign nationals and corporations. Big business has been sending American jobs to other nations for a long time. Our current Congress has tried several measures to stop the bleeding and to bring some of those jobs back to Americans.
  • Priority One for Republicans

    11/02/2010 7:56:02 AM PDT · by Kaslin · 19 replies
    Townhall.com ^ | November 2, 2010 | Cal Thomas
    For newly empowered congressional Republicans, priority one must be an extension of the Bush tax cuts. There should be enough votes not only from a new Republican majority, but also from some of the decimated and dispirited (and even newly elected) Democrats. If President Obama is smart, he won't veto the bill. If the tax cuts are allowed to expire, everyone who gets a paycheck and has taxes withheld is going to see less money in the "net" column starting January 1. Bloomberg.com has published some calculations. It reports that, according to the Tax Institute at H&R Block, "for a...
  • The Tax Man Cometh!

    11/02/2010 7:41:56 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | November 2, 2010 | Chuck Norris
    When the House voted to adjourn about a month ago by a 210-209 margin, Speaker Nancy Pelosi, D-Calif., and her cronies avoided dealing with extending the 2001 and 2003 Bush tax cuts, which expire Dec. 31. Rather than address the tax issue, the Senate also voted to adjourn.Instead, Congress is holding a lame-duck session beginning Nov. 15. What that means is whether or not you elect them back into office, they are poised to do what they want when they want with little election fallout.Before adjournment, 47 House Democrats endorsed a letter to Pelosi pleading for the extension of all...
  • Study: Expiration of Bush tax cuts will hit poorest hardest

    10/07/2010 12:45:03 PM PDT · by MichaelNewton · 56 replies
    The Hill ^ | 10/07/10 | Jay Heflin
    Low-income workers stand to lose the most if lawmakers fail to reach a consensus on the Bush-era tax cuts, according to a new report from the Tax Foundation. The report states that on Jan. 1 the doubling of the child tax credit, increased standard deductions and income credits and the creation of the 10 percent tax bracket — all of which primarily aimed at non-wealthy taxpayers — will vanish if gridlock persists in Washington. While wealthier taxpayers pay more in taxes and stand to lose more money if the tax cuts expire, the impact on low-income taxpayers will be far...
  • Tax hikes to drive a second collapse?

    10/05/2010 2:25:21 PM PDT · by RobinMasters · 10 replies · 1+ views
    Hot Air ^ | October 04, 2010 | Ed MORRISSEY
    Congress left Washington without addressing the massive tax hikes that will come at the end of the year as the tax-rate reductions of 2001 and 2003 expire. Absent action on Capitol Hill, those increases will take $4 trillion out of the economy over the next ten years — and even if the lower tax bracket reductions get extended, $700 billion of capital will get redirected from the private sector to Washington. How will that impact economic growth in the US? Peter Ferrara argues that it will create not just a double-dip recession, but a second economic collapse — one worse...
  • Congress punts tough choice until after election

    09/30/2010 6:04:46 AM PDT · by MNJohnnie · 13 replies
    MyWay.com ^ | 09-30-10 | By ANDREW TAYLOR and LAURIE KELLMAN
    A deeply unpopular Congress is bolting for the campaign trail without finishing its most basic job - approving a budget for the government year that begins on Friday. Lawmakers also are postponing a major fight over taxes, two embarrassing ethics cases and other political hot potatoes until angry and frustrated voters render their verdict in the Nov. 2 elections.
  • Payroll departments brace for congressional verdict on tax cuts

    09/27/2010 8:41:41 PM PDT · by Hillarys Gate Cult · 27 replies
    The Hill.com ^ | 09/26/10 | Jay Heflin
    The decision by Senate Democratic leaders to delay a vote on the Bush-era tax cuts until after the election has put the payroll industry on high alert. If Democratic leaders fail to determine the tax rates by Dec. 10, it could be too late for payroll administrators to withhold the right amount of tax from workers’ paychecks, according to industry officials. “The closer you get to the end of the year the more problems there’ll be,” Michael O’Toole, senior director of publications and government relations at the American Payroll Association (APA), told The Hill. “If [the IRS] issues [withholding tables]...
  • GOP pledge beats Democrats' delays

    09/28/2010 7:28:30 AM PDT · by SmithL · 7 replies
    San Francisco Chronicle ^ | 9/28/10 | Debra J. Saunders
    The House Republicans' "Pledge to America" calls for an extension of the Bush tax cuts for all; a rollback of government spending to pre-stimulus, pre-bailout levels; "strict budget caps"; an end to the Troubled Asset Relief Program and the rest of the Obama stimulus package. What's not to like? Having been asked what they would do differently if they ran the House, the Republicans came up with an answer. Meanwhile, the Democrats run the House, but they are not acting as if they are in charge. They haven't passed a budget. They're putting off a vote to extend all or...
  • Bruce Bartlett: Bush tax cuts a flop (Former Reagan adviser -- more tax cuts won't help economy)

    09/27/2010 7:26:32 AM PDT · by WebFocus · 41 replies
    The Providence Journal ^ | 09/27/2010 | Bruce Bartlett
    Republicans are heavily invested in permanently extending the tax cuts enacted during the George W. Bush administration, all of which expire at the end of this year exactly as the legislation was written in the first place. To hear Republicans, one would think that the Bush tax cuts were the most powerful stimulus to growth ever enacted and only a madman would even think of allowing any of them to expire. The truth is that there is virtually no evidence in support of the Bush tax cuts as an economic elixir. To the extent that they had any positive effect...
  • Taxing Rich Could Hurt You

    09/25/2010 2:27:39 PM PDT · by 2ndDivisionVet · 14 replies
    True North ^ | September 24, 2010 | Katie Kieffer
    Wealth is a good thing. Even if you are homeless and reading this from a public library, wealth works in your favor. Yesterday, the Senate decided not to vote on extending the Bush-era tax cuts until after the Nov. 2 elections. A recent Gallup poll shows that 44 percent of Americans think that the tax cuts should only be extended for the “middle class” (those making under $250,000). It might seem counter-intuitive, but it will ultimately hurt the middle class more to over-tax the wealthy. Here are two reasons why it would be a good idea to implement overall tax...
  • So How Did the Bush Tax Cuts Work Out for the Economy?

    09/25/2010 9:48:02 AM PDT · by SeekAndFind · 31 replies
    TAX.COM ^ | 09/24/2010 | David Cay Johnston
    The 2008 income tax data are now in, so we can assess the fulfillment of the Republican promise that tax cuts would produce widespread prosperity by looking at all the years of the George W. Bush presidency. Just as they did in 2000, the Republicans are running this year on an economic platform of tax cuts, especially making the tax cuts permanent for the richest among us. So how did the tax cuts work out? My analysis of the new data, with all figures in 2008 dollars: Total income was $2.74 trillion less during the eight Bush years than if...
  • UPDATE: 100 Days to Go Until The Largest Tax Hikes in History (Cut Taxes Instead.)

    09/23/2010 2:38:41 PM PDT · by Andrea19 · 10 replies
    ATR ^ | 9/23/10 | Ryan Ellis
    ...The major items include: The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers. Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases...
  • 313 Economists to Congress: Tax Hikes Constitute "Anti-Stimulus"

    09/23/2010 12:52:38 PM PDT · by SonOfDarkSkies · 14 replies
    Foxbusiness.com ^ | 8/23/2010 | Elizabeth MacDonald
    No less than 313 economists, including a Nobel Laureate, signed a letter to Congress yesterday saying that letting the Bush tax cuts expire "would constitute a profound and damaging anti-stimulus that would harm our prospects for expansion in the near future. The letter was co-signed by economists Wayne Angell, a former governor with the Federal Reserve; Nobel Laureate Vernon Smith of Chapman University; Allan Meltzer of Carnegie Mellon University; Warren Coats, formerly with the International Monetary Fund; Clark Johnson with the Defense Dept., and economic professors from Duke University, Princeton University, Stanford University and the University of Chicago. The National...
  • Barack Obama the Tax Cutter? Don’t Make Me Laugh

    09/21/2010 4:44:14 AM PDT · by Michael van der Galien · 7 replies
    Poor E.J. Dionne just can’t figure out why Barack Obama isn’t getting the recognition he deserves as a tax-cutter. Yes, you heard that right; after you’re done cleaning the coffee you just spit out off of your keyboard, take a look at his latest column in the Washington Post, in which he laments the fact that everybody’s talking about George W. Bush’s tax cuts for “the rich,” but nobody’s talking about Obama’s “progressive tax cuts”: [T]he entire debate revolves around what to do about the cuts enacted under George W. Bush. Almost no one is talking about extending the progressive...
  • 'I Am The "Super Rich" And I Can't Afford Obama's Tax Hike'

    09/20/2010 11:04:24 AM PDT · by SeekAndFind · 79 replies
    Business Insider ^ | 09/20/2010 | Joe Weisenthal
    As the debate over the expiry of the Bush tax cuts heats up, and Obama continues to defend a tax hike on the "super rich," it's worth getting more perspective from those who will actually bear the brunt of the hike. Todd Henderson, a law prof who writes for the blog Truth on the Market, has written a great essay titled We Are The Super Rich, about how he and his wife live on about 450K per year (via Marginal Revolution). He notes, first off, that he and his wife paid $100K in federal and state taxes last year, meaning...
  • Pelosi's false tax choice

    09/19/2010 3:18:50 AM PDT · by Scanian · 5 replies
    NY Post ^ | September 19, 2010 | MICHAEL D. TANNER
    Stop the presses: House Speaker Nancy Pelosi has discovered fiscal discipline. On Thursday, she said she opposed the extension of the Bush tax cuts for higher income brackets, because she “can see no justification for going into debt to a foreign country to underwrite and subsidize tax cuts for the wealthiest people in America.” Pelosi is right in at least this much: Our expected $1.3 trillion budget deficit and $13.4 trillion national debt pose a fundamental threat to the US economy and our way of life. But she is wrong in her belief that the deficit is due to low...
  • Pelosi Calls for Vote on 'Obama Middle-Class Tax Cuts' (Delusional Pelosi tries to rewrite history)

    09/16/2010 3:21:05 PM PDT · by tobyhill · 17 replies
    Fox News ^ | 9/16/2010 | fox news
    Come again, Madame Speaker. As House Democrats and Republicans jockey over whether to allow a continuation of tax cuts passed nearly a decade ago or whether to raise taxes next year on some Americans, House Speaker Nancy Pelosi said Thursday that she's all for "the extension of the Obama middle-income tax cuts." "What I believe the American people deserve is a tax cut for the middle class," Pelosi said during her weekly press briefing. "And without getting into procedure and timing and process, what we're going to do is to say at the end of the day, the extension of...
  • Pelosi Calls for Vote on 'Obama Middle-Class Tax Cuts'

    09/16/2010 2:00:15 PM PDT · by Sub-Driver · 50 replies
    Pelosi Calls for Vote on 'Obama Middle-Class Tax Cuts' Published September 16, 2010 | FoxNews.com Come again, Madame Speaker. As House Democrats and Republicans jockey over whether to allow a continuation of tax cuts passed nearly a decade ago or whether to raise taxes next year on some Americans, House Speaker Nancy Pelosi said Thursday that she's all for "the extension of the Obama middle-income tax cuts." "What I believe the American people deserve is a tax cut for the middle class," Pelosi said during her weekly press briefing. "And without getting into procedure and timing and process, what we're...
  • Expiring tax cuts hit taxpayers at every level

    09/16/2010 2:15:12 PM PDT · by reaganaut1 · 12 replies · 1+ views
    Associated Press ^ | September 16, 2010 | STEPHEN OHLEMACHER
    Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases. A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500. Wealthier families face even bigger tax hikes. A family of four making $500,000 a year would pay $10,800 more in taxes. The same...
  • Democrats trying to rename Obama tax hikes

    09/16/2010 1:20:58 PM PDT · by South40 · 18 replies
    lauraingraham.com ^ | September 14, 2010 | Laura Ingraham
    Call them "the Obama tax cuts for the middle class." Top Democratic leaders in the House are discussing using that phrase to rebrand President Obama's proposed extension of the Bush tax cuts for those making less than $250,000, senior leadership aides tell me. The use of the phrase has the informal support of Nancy Pelosi and Majority Whip James Clyburn, and Pelosi has used the phrase in private meetings, leadership aides tell me. Rank and file House Dems are privately discussing the phrase. Top Senate aides also like the idea. The question is whether some Dems will conclude that attaching...
  • Pelosi sees no justification for high-end tax cuts

    09/16/2010 12:23:56 PM PDT · by Free ThinkerNY · 19 replies · 1+ views
    Reuters ^ | Sept. 16, 2010
    (Reuters) - U.S. House of Representatives Speaker Nancy Pelosi said on Thursday there is "no justification" for extending tax cuts for the wealthiest Americans, saying the nation cannot afford the price tag. Democrats largely back President Barack Obama's plan to extend lower taxes for middle and lower income groups only, but a small minority favor renewing tax cuts for all Americans, including the wealthiest three percent. Republicans are insisting that high-income people be included in any tax-cut extensions. The lower tax rates date to the Republican administration of President George W. Bush.
  • Taxes Must Rise to Fight Budget Deficit: Greenspan

    09/15/2010 10:47:58 AM PDT · by fightinJAG · 53 replies
    CNBC ^ | Sep. 15, 2010 | Reuters
    <p>Taxes must rise while fiscal stimulus needs to be wound down in order to reduce the U.S. budget deficit and allow private investment to expand, said former Chairman of the Federal Reserve Alan Greenspan on Wednesday.</p> <p>He warned that the deficit, swollen by massive stimulus spending, was crowding out capital investment. We "must find a way to simmer down fiscal activism and allow the economy to heal," he said, adding that that stimulus spending had been far less successful than anticipated.</p>
  • House Dems deeply divided over Obama tax cut plan

    09/15/2010 7:03:26 AM PDT · by reaganaut1 · 4 replies · 1+ views
    Associated Press ^ | September 15, 2010 | LAURIE KELLMAN
    Congressional Democrats are confronting deep divisions in their nervous ranks over whether to support President Barack Obama's plan to raise taxes on the wealthiest Americans — or just punt the entire matter until after voters go to the polls Nov. 2. Democratic leaders committed to Obama's proposal were to hear Wednesday from endangered lawmakers who fear that raising taxes on anyone in a weak economy could be politically lethal. "Don't raise taxes in a recession," said Rep. Earl Pomeroy, D-N.D. Democratic leaders refused to say whether they were open to changing Obama's plan, or even commit to a vote before...
  • Extend all the tax cuts

    09/15/2010 4:01:28 AM PDT · by Scanian
    NY Post ^ | September 15, 2010 | Editorial
    With Congress back this week, Republicans need to get tough on taxes. That is, if the GOP hopes to prosper in November, party leaders need to get unambiguously with the American people -- and against the Obama administration -- in opposing tax increases. That is to say, they need to protect the soon-to-expire Bush-era tax cuts. Some are already there. Making the case forcefully are House Minority Whip Eric Cantor of Virginia, Rep. Kevin McCarthy of California and Rep. Paul Ryan of Wisconsin. The three have co-authored "Young Guns," a policy prescription recalling the GOP's "Contract With America" -- which...
  • Obama will tax-hike the Harvard professors

    09/14/2010 9:38:13 AM PDT · by Big Bureaucracy · 6 replies
    Big Bureaucracy ^ | September 14th, 2010 | Ellie Velinska
    President Obama’s refusal to extend all the Bush tax-cuts will result in tax-hikes for individuals earning over $200K and households earning over $250K. Let’s see who are these ‘millionaires’ as Barack Obama likes to call them. First ,of course, the President will tax-hike himself with his $400K salary. Next under the IRS knife goes the Speaker of the House Nancy Pelosi with her $224K. To rephrase the President: at some point the public servants had made enough money. The line moves to the elite Academia led by the Harvard professors and the top university administrators. The American Association of...
  • Dick Armey Backs Boehner's Strategy On Tax Cuts (Armey racking up RINO chits today)

    09/13/2010 10:06:55 AM PDT · by nhwingut · 28 replies · 1+ views
    TPM ^ | 09/13/10 | Evan McMorris-Santoro
    Dick Armey, chairman of the tea party-backing FreedomWorks, got behind Rep. John Boehner's (R-OH) take-what-you-can-get talk about extending the Bush tax cuts at a breakfast with reporters sponsored by the Christian Science Monitor this morning. Asked if Boehner made "the right move" with his suggestion that he'd vote for extending just the Bush tax cuts affecting the middle class if that's all that could reasonably pass the Democratic-controlled Congress, Armey said...
  • Why did John Boehner change his mind now on Bush tax cuts?

    09/13/2010 9:21:06 AM PDT · by SeekAndFind · 39 replies
    Christian Science Monitor ^ | 09/13/2010 | Peter Grier
    John Boehner appears to have softened his position on the issue of extending the Bush-era tax cuts. The House Republican leader on Sunday for the first time said he would support extending those reductions for the middle class but not the wealthy, if that was his only choice. Why is he saying this now? After all, the Bush tax cuts have been an item of contention on Capitol Hill all summer. Until now, Representative Boehner and other GOP lawmakers have been adamant that a tax-cut extension should include everyone. First of all, Boehner still says he believes a middle-class-only tax-cut...
  • Boehner to the rich: don’t blame me. If you like your money, stop funding the Democrats!

    09/13/2010 7:59:14 AM PDT · by Big Bureaucracy · 52 replies
    Big Bureaucracy ^ | September 13th, 2010 | Ellie Velinska
    Here comes the Boehner’s genius: rich democrats talk class warfare only because they believe the Republicans are there to protect their success. If the Republicans give up and let the radical left President run wild without a check – all those rich democrats will have to walk the walk to IRS, not only talk the talk. House Republicans Leader (and soon to be Speaker) John Boehner called President Obama’s bluff and stated he will vote for extending only part of the Bush tax-cuts if the Democrats have no will to give tax-cuts for the wealthy. That sent shock-waves through the...
  • Tax Cuts INCREASE Revenues; They Have ALWAYS Increased Revenues

    09/08/2010 12:16:21 PM PDT · by Michael Eden · 20 replies
    Michael Eden ^ | September 8, 2010 | Michael Eden
    We keep seeing the same liberal argument being played over and over again. As the mainstream media seek to make their case to the American people that the Bush tax cuts should expire, one of the primary strategies being employed is to claim that Republicans are refusing to "pay for" their extension of the tax cuts. And that therefore the Republicans will hike the deficit. The problem is that it's a false premise, based on a static conception of human behavior that refuses to take into account the fact that people's behavior changes depending upon how much of their money...
  • Debate over: Obama rules out extending Bush tax cuts for richest taxpayers

    09/08/2010 9:11:14 AM PDT · by SeekAndFind · 51 replies
    Hotair ^ | 09/08/2010 | Allahpundit
    Message from The One to Peter Orszag: I won. President Obama will rule out on Wednesday any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies. Mr. ObamaÂ’s opposition to allowing the high-end tax cuts to remain in place for even another year or two would be the signal many Congressional Democrats have been awaiting as they prepare for a showdown with Republicans on the issue and ends speculation that...