Obama proposes extending Bush tax cuts for 98 percent of us

[VolsNSkinsFan]

Reid rejects GOP request to vote on Obama

Senate Majority Leader Harry Reid (D-Nev.) on Wednesday rejected a Republican request to vote on President Obama’s income tax plan amid defections within his caucus on tax policy.

Reid appeared exasperated by the Republican request to vote on extending the Bush-era tax rates when Democrats would prefer to focus this week on a small-business tax package estimated to create 1 million jobs.

Senate Democratic leaders are worried about potential defections within their caucus on taxes.

At least seven Democratic senators have declined to rule out supporting a temporary extension of the Bush-era income tax rates.

Several Senate Democrats running for reelection and Democratic Senate candidates have balked at Obama’s proposal to extend income tax rates only for families earning below $250,000.

Sen. Bill Nelson (D-Fla.) and North Dakota Senate candidate Heidi Heitkamp have said the threshold should be $1 million. Former Virginia Gov. Tim Kaine (D), who is running for the Senate, prefers setting it at $500,000.

Sen. Claire McCaskill (D-Mo.) has also said she would not rule out extending all of the Bush tax rates temporarily.

Sen. Robert Menendez (D-N.J.) told NJ Today that he disagrees with Obama’s plan to allow tax rates to increase for families earning over $250,000.

 

[Weezer]

it's just what most of us have been advocating since the beginning

I also don't buy the "if you've never been dirt poor you don't understand" argument. I have never been there but have made a low wage knowing that I could work for more in the future. I've seen truck drivers and warehouse workers become general managers in my company (basically in charge of a whole city) so I know it happens.

Here's a pretty good book on how it is possible

Amazon.com: Scratch Beginnings: Me, $25, and the Search for the American Dream (9780061714368): Adam W. Shepard: Books

Who said it was impossible? It's not impossible, but it is improbable. Some people beat the odds, more people do not. Hard work is the cornerstone of it all, but there's more to it than that. And that's not what you've been advocating from the beginning. You argued hard work alone. People need breaks. Some of those might be "tax breaks". The country will tax no matter what. Inevitable. Take away from those barely eking by and they may no longer be making it by. Then they fall into the welfare system, which we all agree is bad. The rich on the other hand do not face the same constraints. Even Warren Buffet sees this. And to clarify, by rich I mean earning a million or more a year. You could even graduate it up from there.

I'm not about "punishing" people for being rich, but they are in a better position to help this country than Joe Schmo. Is it fair? I guess not. I'll concede that point. I don't concede my sentiments, but I'll concede it's not fair. But life is rarely "fair". In an ideal world, fairness might be of more concern, but in reality, it's about which is eventually more productive. Driving people toward welfare is not productive. For some, no amount of hard work is going to overcome that. We could squabble over numbers and go back and forth, but reality is, at some point even the hardest of workers can be broken and fall into the system. What happens when there are no more poor to tax and only the rich are left?

 

[Weezer]

Your mother sounds like my grandmother. She worked in a factory almost to the day she died. I was very proud of her and she gave her job her best. Your mother sounds like a very harder worker and in my book she is as important to this society as any business owner or ceo because without people like her businesses fail very quickly.

People need to understand that success is being the best you can be at whatever you do. It should not be judged on anything else.

Good post. It seems as if we've both been blessed to know incredible women in our lives. My mom grew up dirt poor. She quite literally lived in a shack next to the railroad tracks with a dirt floor. She knows what it's like to go days at a time without food. I think those memories are part of what drive her so hard. And I am very proud of her. I try to live by her example. I just wish she would slow down now that she's older, but I guess she never will.

 

[Cartervol]

Why don't they just stop calling it extending tax cuts and just say they want to raise taxes. Like they're doing us all a favor by letting us keep more of our own money.

 

[Gramps]

Why don't they just stop calling it extending tax cuts and just say they want to raise taxes. Like they're doing us all a favor by letting us keep more of our own money.

They are using the right wording.

If nothing is done to extend, everyone will get a tax increase starting Jan 01.

 

[volinbham]

They are using the right wording.

If nothing is done to extend, everyone will get a tax increase starting Jan 01.

I can see this both ways. The current rates have been the same for a decade. Technically it is extending a cut but after a decade I think most people see the current rates as the actual rates.

Given the history of the tax code I think steady rates for 10 years qualify as defacto rates rather than a "temporary" cut from real rates.

So, I think it's more accurate to say one side wants to raise taxes on a particular group while the other wants to keep them the same for all groups.

 

[Gramps]

I can see this both ways. The current rates have been the same for a decade. Technically it is extending a cut but after a decade I think most people see the current rates as the actual rates.

Given the history of the tax code I think steady rates for 10 years qualify as defacto rates rather than a "temporary" cut from real rates.

So, I think it's more accurate to say one side wants to raise taxes on a particular group while the other wants to keep them the same for all groups.

I see your point.

My point is if Washington does not act to extend the taxes, they will automatically go up to the Clinton era rates on Jan 01.

We will all call it a tax increase if the WH , Senate and House cannot reach an agreement.

 

[KentheOrange]

No I haven't read.

Are you trying to say there was not 22.7 million jobs created in the 90s ?

No, but I have no idea what the net job change was.

A large amount of the jobs created during the Clinton years was due to the internet boom.

And when were the job losses due to the dot com bust felt?

The other topic that amuses me concerns the number of jobs outsourced with no discussion about how many jobs have been insourced. I saw a report several years ago that said the numbers were about the same.

 

[volinbham]

I see your point.

My point is if Washington does not act to extend the taxes, they will automatically go up to the Clinton era rates on Jan 01.

We will all call it a tax increase if the WH , Senate and House cannot reach an agreement.

Agreed

 

[Thrasher865]

I hope the taxes do go up, cuz lord knows we're not making any budget cuts!

 

[KentheOrange]

Incorrect.

The corporate income tax is a freakin' joke. Those that it should affect lobby and bribe their way to loopholes that cut the true rate to trinkets.

I'm still waiting for a list of loopholes.

I'm not aware of any loopholes that are available to corporations that aren't available to individuals filing a schedule C.

 

[gsvol]

Obama proposes extending Bush tax cuts.

Reid won't bring it to the floor for a vote.

One would deduce one of two scenarios exist.

1. Obama is posturing for votes in the coming election.

2. Reid is defying the president.