Bush tax cuts haunt Democrats
According to the Wall Street Journal this morning, the issue of the Bush tax cuts, which expire New year’s Eve, are beginning to divide Democrats. Two more Democrat Senators defected to the side of Republicans seeking to extend the tax cuts at least for taxpayers making less than $250,000/year.
Sen. Kent Conrad (D., N.D.) said in an interview Wednesday that Congress shouldn’t allow taxes on the wealthy to rise until the economy is on a sounder footing.
Sen. Ben Nelson (D., Neb.) said through a spokesman that he also supported extending all the expiring tax cuts for now, adding that he wanted to offset the impact on federal deficits as much as possible.
They are the second and third Senate Democrats to come out publicly in recent days in favor of extending all the tax breaks for the time being. Sen. Evan Bayh (D., Ind.) made similar comments last week.
Yeah, well, I’ll believe it when I see my pay stub in January. it’s not that I don’t believe Bayh, Nelson and Conrad, it’s just that I don’t believe Harry Reid will ever admit that he was wrong about the Bush tax cuts.
Here are the current tax rates for a single person;
And here are the 2000 rates to which your tax rate will return after December;
Allowing the tax cuts to expire also reduces the $1000/child tax credit to $500, and brings back the marriage penalty. Do Democrats really want to face that discussion in the Fall?
In addition to Messrs. Conrad, Nelson and Bayh, at least half a dozen House Democrats also have come out publicly in favor of postponing tax increases for higher earners.
“We’re not creating jobs, and raising taxes now would not be a great idea,” Rep. Michael McMahon, a New York Democrat, said this week.
Democrats aren’t known for recognizing ideas that are not great. I’d rather see the tax cuts extended than to see Republicans running the Congress – I think that’s what’s best for the country.
Category: Barack Obama/Joe Biden, Congress sucks, Economy
Extending the tax cuts is fine, however, you had better reel in spending to go along with the tax cuts. That is where Bush and the repub congress went wrong before. They gave tax cuts, but continued spending like liberals. That ain’t how you square the balance sheet.
So, I support the tax cuts as long as there are spending cuts to go along with it. If not, then this will just exacerbate the deficit and debt more than what Bobo has already done. These dems that are now talking about extending the tax cuts are looking at re-election or future presidential runs, so of course they are going to jump on the bandwagon now. Maybe if they were as concerned about paying for the unemployment extension, instead of just rubberstamping more debt, I would be inclined to believe them. The way it is, they are posturing for November.
Don’t forget that federal revenue increased more than $400 billion/year by 2008 over 2000.
I know it increased, but when you turn around and spend more than the increase, it still is a deficit. The repubs in congress figured that out over this latest debacle in extending the unemployment bennies. They asked how they were planning on paying for it, which was twisted by the dems and their media whores into the repubs hatin on the jobless. Didn’t Bobo blubber on about “pay-go”? That kinda went buh-bye before the ink was dry on that law.
I can’t wait to see the look on all those people who voted for Obama come January when their deductions get jacked up by about 50 percent. “But…but…but…HE PROMISED!” Between increased federal withholding and the 40-50 percent increase in medical premiums we’ve been told to expect, I’m expecting about $150-200 less per biweekly check.
Hope and change just became hoax and chains.
I’m not soft on the Republicans who spent like Democrats during their years running Congress. That’s why I haven’t sent a penny to any Republican candidate since 2004.My point is that there may be no need to figure the “cost” of the continuation of the tax cuts because it MIGHT increase revenue.
Besides, I will NEVER argue against any tax cut for anyone anytime. Nor will I argue against spending cuts.
And tax cuts never “cost” government. Ever.
Agreed. I was just pointing out that the current idea is to spend it like ya got it and worry about how to pay for it later. Then, when later comes, it’s all about taxing the eeeeevil rich, or just taxes in general.
#6 OldTrooper:
The Dems know better than to try and pin the rich down to tax them. (That’s what off-shore accounts and multi-national citizenships are for, after all.)
It’s going to come down to taxing all the poor bugs who can be pinned to cards. That’ll be US, bubba.
Sorry, Pinto, I should have put a sarcasm warning behind that. We all know who the “rich” are that are going to bear the brunt of any tax hike. The problem is the leftist definition of “rich”, which includes small business owners. The “real” rich don’t pay that much in taxes, because it’s as you say.
Sorry…gotcha.
You know those two tables in the article above?
Yeah, I got kicked up one more tax bracket.
Guess I need to go pick out my card…
Bend over, America, here comes “change” (bring your own K-Y).