Obama to seek one-year extension for some of Bush tax cuts Reuters – 4 hrs ago
WASHINGTON (Reuters) - President Barack Obama will call on Monday for a one-year extension of Bush-era tax cuts for families earning less than $250,000 a year, according to a White House official, seeking to spare the economy the impact of taxes going up on January 1. Obama, a Democrat, will make the request in a statement at the White House, said the official, who spoke on condition of anonymity. Republicans in Congress, however, are unlikely to be swayed, as they have consistently argued that the Bush tax cuts should be extended for everyone. Obama has made what he calls "tax fairness" a key feature of his campaign for re-election on November 6, repeatedly urging Congress to make the tax cuts permanent for families making less than $250,000 a year. The tax cuts enacted by Obama's Republican predecessor, George W. Bush, will expire on January 1 without congressional action, part of a so-called fiscal cliff that potentially could hit the U.S. economy alongside deep automatic spending cuts.............................>>>>..............................>>>>..........................http://news.yahoo.com/obama-seek-one-extension-bush-tax-cuts-050600492--business.html
Those HORRIBLE Bush Tax Cuts that are the problem that the US faces. Good thing Obama is taking care of all of GWB's mistakes by changing things back...
Those HORRIBLE Bush Tax Cuts that are the problem that the US faces. Good thing Obama is taking care of all of GWB's mistakes by changing things back...
The Bush Tax Cuts for the Rich was always a bad idea. Unfunded tax cuts and borrowing for two wars was the main cause for the Bush Economic Meltdown. Now that the economy is on the way back up, it's time for the Rich to actually pay their fair share.
I wonder if the Republicans are going to vote AGAINST a tax cut for the middle class???
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The Bush Tax Cuts for the Rich was always a bad idea. Unfunded tax cuts and borrowing for two wars was the main cause for the Bush Economic Meltdown. Now that the economy is on the way back up, it's time for the Rich to actually pay their fair share.
I wonder if the Republicans are going to vote AGAINST a tax cut for the middle class???
How is the economy back up in light of the Bush Tax Cuts that you claimed was the cause of the bad economy? If the Bush/Obama Tax Cuts for the rich has the economy on the "way back up", wouldn't you want to continue them?
It's tough when you have to use political rhetoric that was once used to tar and feather the Republicans, and then use the same rhetoric to take credit for the economic recovery. Luckly for the politicians, the majority of Americans are asleep at the wheel and can't even recognize the slight of hand rhetorical tricks.
How is the economy back up in light of the Bush Tax Cuts that you claimed was the cause of the bad economy? If the Bush/Obama Tax Cuts for the rich has the economy on the "way back up", wouldn't you want to continue them?
It's tough when you have to use political rhetoric that was once used to tar and feather the Republicans, and then use the same rhetoric to take credit for the economic recovery. Luckly for the politicians, the majority of Americans are asleep at the wheel and can't even recognize the slight of hand rhetorical tricks.
A tax cut to stimulate the economy has always been one way of nudging the economy forward... but who gets the tax cut makes a huge difference. The Rich, like say... Mitt Romney... took his investments to a Swiss bank, and to the Cayman Islands. The middle class have few Swiss bank accounts or offshore investments. If today... you took those tax dollars that went to the Richest of Americans and threw them out a window in Schenectady or Rotterdam or any US City... those dollars would be back into the economy almost immediately. The poor and middle class spend their money locally... The Rich spend theirs globally.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
A tax cut to stimulate the economy has always been one way of nudging the economy forward... but who gets the tax cut makes a huge difference. The Rich, like say... Mitt Romney... took his investments to a Swiss bank, and to the Cayman Islands. The middle class have few Swiss bank accounts or offshore investments. If today... you took those tax dollars that went to the Richest of Americans and threw them out a window in Schenectady or Rotterdam or any US City... those dollars would be back into the economy almost immediately. The poor and middle class spend their money locally... The Rich spend theirs globally.
Does it really make that much of a difference? I mean, really, what is manufactured in the US anymore? You give it to the poor, such as those living in Schenectady or Rotterdam, as you're saying, they go to Wal-Mart and buy things that are made in China, just adding a middle-man prior to sending the money overseas. There IS NO DIFFERENCE. You spend locally in a dollar store, you're also supporting someone's job... in Southeast Asia.
The 'elected' are well aware that 2012 is going to be an economic disaster and are trying 'damage control' ahead of time to ease the financial pain!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
We should let all of the tax cuts expire... All of we are doing is kicking the can down the road. Problem is, the Pols don't have the courage to "take something away"... See social programs, etc.
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
A tax cut to stimulate the economy has always been one way of nudging the economy forward... but who gets the tax cut makes a huge difference. The Rich, like say... Mitt Romney... took his investments to a Swiss bank, and to the Cayman Islands. The middle class have few Swiss bank accounts or offshore investments. If today... you took those tax dollars that went to the Richest of Americans and threw them out a window in Schenectady or Rotterdam or any US City... those dollars would be back into the economy almost immediately. The poor and middle class spend their money locally... The Rich spend theirs globally.
see...this is what folks don't get....more money doesn't mean one is smart enough to manage it to wealth... folks piss away opportunity every day....kind of like the crappy endcaps at walmart with sh!t you don't need, but because your kid is pulling at your pants whining and you feel the need to buy that 'what the hell it's cute crap', it's called poor management of wealth....
rich/wealthy are 2 different things....
just because you are rich one moment doesn't mean you are wealthy....
again with the poor rich lotto winners.....are they wealthy? maybe for a moment....but they lacked the 'wealthy gene' so to say.....
I'm still not understanding the 'fair share' .... fair as in smarts? fair as in sweat? fair as in choice? fair as in work?
I really need you to explain that to me.....because as I see it a flat tax or a complete consumer tax without deductions etc is the way to go....simple....simple...simple very simple tax code....this will make everyone feel wealthy smart....
the government made the classes so we can have these stupid finger pointing conversations that will NEVER get resolved...why?
1. there will ALWAYS be someone above you 2. there will ALWAYS be someone below you 3. there will ALMOST ALWAYS be a fiat system of manipulation to drag us to the most baseness of our nature-ENVY
A man and woman have a few kids(maybe they are married maybe they are not) neither parent has the where with all to manage their funds. They live paycheck to paycheck stopping at all the 'endcaps' in life. And pretty much stay within the same social cast as they started with some small 'rewards' that they strove for. THAT is their wealth.
Dad lacks ambition to take classes and move up. Mom is busy with kids and her job. WHAT'S FAIR?
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Off the Tax Cliff He Goes President Obama wants lower rates for GE and J.P. Morgan than for small business.
So the 2013 tax cliff is a big enough economic problem that President Obama now wants to postpone it for some taxpayers. But it isn't so big that he's willing to curb his desire to raise taxes on tens of thousands of job-creating businesses.
That's the essence of Mr. Obama's announcement Monday that he wants Congress to extend current tax rates for a year, but only for those making less than $200,000 a year. This is a political gambit designed to protect Democrats who are starting to feel queasy about opposing GOP plans to extend all of the Bush rates as the economy weakens again. The ploy could help Democrats if Republicans fall for it, but it won't reduce the economic damage to the country.
By Mr. Obama's economic logic, tax increases matter on middle-income earners but are irrelevant to everyone else. "By the way, these tax cuts for the wealthiest Americans are also the tax cuts that are least likely to promote growth," as he put it Monday.
Editorial page editor Paul Gigot on why President Obama is ignoring Senate Democrats who want to forge a tax compromise with Republicans. Photo: Getty Images
But Mr. Obama is demanding tax increases, not tax cuts, and large increases at that. If the Bush tax rates expire as scheduled on December 31, rates on the top two income brackets will jump to 39.6% from 35%, and 36% from 33%. Add the scheduled return of income phaseouts for exemptions and deductions, and the rates go up another two-percentage points—to at least 41% and 35%.
Mr. Obama claims this will merely return rates to what "we were paying under Bill Clinton," but that's not true either. It ignores his ObamaCare tax increase of 0.9% on top of the current 2.9% Medicare tax, plus a new 2.9% surcharge on investment income, including interest income.
That's an additional 3.8% surcharge on investment income, and added to the Bush expirations would take the capital gains rate to 23.8% from 15% today, and the dividend tax rate to about 45% from 15%. In Mr. Obama's economic world, tax cuts for middle-class "consumption" are good, but low rates to spur saving and investment are bad. This makes no sense because consumption is ultimately the product of saving and investment..............................>>>>.............................>>>>...................http://online.wsj.com/article/SB10001424052702304022004577516860274008588.html?mod=rss_opinion_main
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