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Obama announced deal to extend Bush tax-cuts

KSpiceFantastic

Haters gonna hate.
It's basically damage control. Much needed but it only prolongs the inevitable changes coming next year.
 

Jeanie

still nobody's bitch
V.I.P.
I don't know what you mean by "damage control", KSF. What damage? This is the damage that will need to be controlled.

I honestly don't know what he's thinking.

Cenk Uygur's blog pretty much sums up how I feel about it
Cenk Uygur: Is Barack Obama Stupid?


:disbelief:
 

SmilinSilhouette

Registered Member
First off, NO ONE IS GETTING A TAX CUT! NO ONE! It is such a ridiculous misrepresentation and the media should refrain from using the democrat talking point. If they do not act then there will be a TAX INCREASE!

I hope the republicans do not allow unemployment welfare to be added to an extension of current tax rates. Why is my money being taken away and used to pay others not to work for three years while I am ineligible to receive that benefit?

It is a compromise to not demand current rates be made permanent.
 

ExpectantlyIronic

e̳̳̺͕ͬ̓̑̂ͮͦͣ͒͒h̙ͦ̔͂?̅̂ ̾͗̑
SmilinSilhouette said:
First off, NO ONE IS GETTING A TAX CUT!
The article says differently:

President Barack Obama on Monday announced a deal with Republican leaders that would extend Bush-era tax cuts for two years and unemployment benefits for 13 months while also lowering the payroll tax by two percentage points for a year. [emphasis mine]
So there is a tax cut involved in the deal, and one targeted at low-middle income people. Not bad. All the same, the deal seems to be something of a fiscal conservatives worst nightmare. Not only does it keep the Bush tax-cuts from lapsing for individuals and families w/ high incomes, but also provides the aforementioned tax cut, and extends unemployment benefits. All things which will only increase the deficit. All the same, everything in it (that was mentioned) only lasts for 2 years or less, which suggests the idea here is fiscal stimulus in a time when the economy is struggling. Maybe not a bad idea.

I have very mixed feelings, I have to say.
 

SmilinSilhouette

Registered Member
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SmilinSilhouette

Registered Member
@ EI: Income and wealth are not the same thing. Income tax does not tax wealth, it taxes income. They are talking about a making a political deal to not increase income taxes.

Doesn't taxing success at ever higher and higher rates only make it more difficult for individuals to become more successful? Progressively taxing income is a barrier to upward mobility and keeps the lower income classes in place.

Many in the middle class are in the period in their lives where they have both children and aging parents. They are also at the age where they will make their highest income levels that will be needed to fund their children's education, parents convalescence, and their own retirements. Some are lucky to continue earning at a high rate, but for most there is a window of a few years that the high income will be achieved. Increasing income tax rates will make it even more difficult for average Americans to provide for themselves.
 

pro2A

Hell, It's about time!
Call me weird... But i'd rather see the rich have more of their money to hire the unemployed. Thats just some crazy idea I have tho...
 
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Wade8813

Registered Member
I don't know what you mean by "damage control", KSF. What damage? This is the damage that will need to be controlled.

I honestly don't know what he's thinking.

Cenk Uygur's blog pretty much sums up how I feel about it
Cenk Uygur: Is Barack Obama Stupid?


:disbelief:
This article shows that this may have been a bad idea from a PR perspective - not that it's a bad idea for our nation. And the article just happens to miss that little detail - it rants about how there's no other option conceivable, when that's not true at all.

Call me weird... But i'd rather see the rich have more of their money to hire the unemployed. Thats just some crazy idea I have tho...
About half of all small-business income is reported on the individual returns of people making over $250,000 a year, according to the taxation committee's data, though those taxpayers represent only about 3 percent of small businesses.
GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds
I'm pretty sure everyone keeps arguing that it's small businesses we're supposed to be helping, right?

 
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