Tax Cuts -- The obama compromise

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Tax Cuts -- The obama compromise

Post  Pez on Tue Dec 07, 2010 3:25 pm

Methinks that spending $250 billion next year isn't in our interest. Anyone else?

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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Tue Dec 07, 2010 10:22 pm

The unemployment benefits were going to get expanded no matter what, although the length of benefits is starting to be abused by a lot of people now. The tax rates needed to stay. Could have done without that 2% tax holiday and the 40 million in tax credits though. Those 2 items would have "saved 120 billion.
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Re: Tax Cuts -- The obama compromise

Post  Pez on Wed Dec 08, 2010 9:56 am

You have more details than I do, I'm less than confident that we will find $501 Billion in the budget. The democrats are known (right and wrong) as 'tax and spend.' The republicans attributed their previous loss of control in congress to the abandonment of fiscal conservatism, yet they spend 500 billion...


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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Wed Dec 08, 2010 7:35 pm

Here is the link to the story that gives the breakdown if you are interested.

http://money.cnn.com/2010/12/07/news/economy/tax_cut_deal_obama/index.htm?cnn=yes

We won't find $501 Billion that will just be borrowed money.

Just like the deficit commission all those good idea's will be meaningless. I firmly believe none of those suggestions should be acted upon until a balance budget amendment is passed and part of the constitution. Then those recommendations should be acted upon only to repay the deficit not be part of the general fund.
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Re: Tax Cuts -- The obama compromise

Post  Pez on Thu Dec 09, 2010 7:39 am

Thanks... I find it interesting how politicized the > $250,000 bit is... Granted it makes the bill nearly 18% higher (75B of 501B), but the way many are stomping up and down about it makes it seem like it's larger.

From the democrats, the are acting as if keeping taxes low on the rich is going to send us to hell in a handbasket. From the republicans, we have to lower taxes because these people will (somehow) create jobs. Neither side mentions that it's only around $75B. Yes, that is still a chunk of change, but not as much as everyone seems to be letting on. Raising taxes on these folks wont cut the deficit much more than it will create jobs.

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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Thu Dec 09, 2010 10:02 am

Pez wrote:Thanks... I find it interesting how politicized the > $250,000 bit is... Granted it makes the bill nearly 18% higher (75B of 501B), but the way many are stomping up and down about it makes it seem like it's larger.

From the democrats, the are acting as if keeping taxes low on the rich is going to send us to hell in a handbasket. From the republicans, we have to lower taxes because these people will (somehow) create jobs. Neither side mentions that it's only around $75B. Yes, that is still a chunk of change, but not as much as everyone seems to be letting on. Raising taxes on these folks wont cut the deficit much more than it will create jobs.

Where they get it will help create job is for all the individuals that are S corps (I think I got the right corp), which is a small business that file individual tax returns. I also like on all the Sunday morning talk shows how the Dems were talking about only people that make over a million not those between 250K and a million will get there taxes raised. But really the gov't doesn't have a revenue problem, it has a spending problem.

And if Social Security is broke or going broke where we have to raise the retirement age and/or cut benefits. Can we really afford reducing it by 2% for a year?

And should we really be giving people a $1,000 that pay no federal income tax? I can't find the exact article it was in yesterdays USA Today.
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Re: Tax Cuts -- The obama compromise

Post  Pez on Thu Dec 09, 2010 11:05 am

I'm skeptical about the S corp and job creation bit. These individuals have theoretically had the benefit of these lower taxes for almost a decade, and I'm not seeing the jobs. Granted, those in favor of them can likely say something like, "look where we would have been without it... " That is like saying "look where we would be without the stimulus..." a position I doubt anyone on the right is going to take.


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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Thu Dec 09, 2010 4:00 pm

Pez wrote:I'm skeptical about the S corp and job creation bit. These individuals have theoretically had the benefit of these lower taxes for almost a decade, and I'm not seeing the jobs. Granted, those in favor of them can likely say something like, "look where we would have been without it... " That is like saying "look where we would be without the stimulus..." a position I doubt anyone on the right is going to take.


Even the Dems say small businesses are the one that will expand the economy. However with Obama care gradually costing more and more and with tax hikes possible at the end of the year would you hire anyone if you ran a small business?

Those tax rates worked real well from implementation thru 2007 (remember the old norm of unemployment below 5%) then the Dems took over the house, followed by the senate and nothing could save the economy.

On to another subject about the economy, my office/division has hired 8 people this summer/fall, 4 came from within the company, 4 off the street. Every single one of them had a job before coming to work. From what I gathered from the hiring sessions, not one person attending was a unemployed person. Makes me wonder if it is really time to stop the extended unemployment benefits.
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Re: Tax Cuts -- The obama compromise

Post  LTRT on Fri Dec 10, 2010 2:12 am

Dems Gone Wild: 'F*%k the President'

The frustration with President Barack Obama over his tax cut compromise was palpable and even profane at Thursday’s House Democratic Caucus meeting.

One unidentified lawmaker went so far as to mutter “f— the president” while Rep. Shelley Berkley was defending the package the president negotiated with Republicans. Berkley confirmed the incident, although she declined to name the specific lawmaker.

“It wasn’t loud,” the Nevada Democrat said. “It was just expressing frustration from a very frustrated Member.”

Rep. Jerrold Nadler (N.Y.) was also overheard saying that “we can’t trust him” not to cave to Republicans and extend the tax cuts again in two years, according to a Democratic source.

The anger aimed at the bill was widespread. As Democrats moved to block the bill from coming up on the floor, chants of “Just say no!” could be heard by reporters outside the room.

Peloski must be so proud of her little puppets. One day the POTUS says something then every day since so many of his followers are beside themselves trying to figure out why he won't do everything they want him to. This is so funny to watch as it plays out.
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Re: Tax Cuts -- The obama compromise

Post  Markwes on Fri Dec 10, 2010 9:15 am

LTRT wrote:Dems Gone Wild: 'F*%k the President'

The frustration with President Barack Obama over his tax cut compromise was palpable and even profane at Thursday’s House Democratic Caucus meeting.

One unidentified lawmaker went so far as to mutter “f— the president” while Rep. Shelley Berkley was defending the package the president negotiated with Republicans. Berkley confirmed the incident, although she declined to name the specific lawmaker.

“It wasn’t loud,” the Nevada Democrat said. “It was just expressing frustration from a very frustrated Member.”

Rep. Jerrold Nadler (N.Y.) was also overheard saying that “we can’t trust him” not to cave to Republicans and extend the tax cuts again in two years, according to a Democratic source.

The anger aimed at the bill was widespread. As Democrats moved to block the bill from coming up on the floor, chants of “Just say no!” could be heard by reporters outside the room.

Peloski must be so proud of her little puppets. One day the POTUS says something then every day since so many of his followers are beside themselves trying to figure out why he won't do everything they want him to. This is so funny to watch as it plays out.
It's clear this has become a competition that they have to "win" and get their way. Where was such fierce opposition of the tax cuts when they were first intoduced?
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Re: Tax Cuts -- The obama compromise

Post  Pez on Fri Dec 10, 2010 12:24 pm


Peloski must be so proud of her little puppets. One day the POTUS says something then every day since so many of his followers are beside themselves trying to figure out why he won't do everything they want him to. This is so funny to watch as it plays out.


It's clear this has become a competition that they have to "win" and get their way. Where was such fierce opposition of the tax cuts when they were first intoduced?

It was a somewhat apolitical discussion about taxes. Why do you find it funny LTRT? I mean, it is our future and all.

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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Fri Dec 10, 2010 12:47 pm

Since the Dems are now the party of "NO". Will the libs on the board that vilified the Republicans as the party of "NO" do the same of the Dems now that they are the party of NO?

Wonder how all those Dems in office that complained about the Rep being the party of NO can now justify themselves being the party of NO.

And the cost of the bill just went up as Senate Dems added a extension of more energy tax credits to the bill.
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Re: Tax Cuts -- The obama compromise

Post  LTRT on Fri Dec 10, 2010 1:05 pm

Gee Pez, Scooby took the words right outta my mouth. Razz
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Re: Tax Cuts -- The obama compromise

Post  Pez on Fri Dec 10, 2010 1:49 pm

LTRT wrote:Gee Pez, Scooby took the words right outta my mouth. Razz

Wow, congrats! Scooby makes salient points about the topic at hand. If those were the words in your mouth, thats gotta be some sort of first :-)

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Re: Tax Cuts -- The obama compromise

Post  LTRT on Fri Dec 10, 2010 2:07 pm

Pez wrote:
LTRT wrote:Gee Pez, Scooby took the words right outta my mouth. Razz

Wow, congrats! Scooby makes salient points about the topic at hand. If those were the words in your mouth, thats gotta be some sort of first :-)

You sure you aren't a detective, you always know my motives. Suspect Smile
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Re: Tax Cuts -- The obama compromise

Post  Pez on Fri Dec 10, 2010 5:20 pm

hehe... dat eez not my dog...

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Re: Tax Cuts -- The obama compromise

Post  LTRT on Fri Dec 10, 2010 8:42 pm

President Obama Clinton

President Barack Obama looks on as former President Bill Clinton speaks in the briefing room of the White House in Washington, Friday, Dec. 10, 2010. (AP Photo/J. Scott Applewhite)

WASHINGTON (AP) -- Bill Clinton implored Democrats to back the tax-cut deal that President Barack Obama negotiated with Republicans as the former president made a surprise appearance with Obama in the White House briefing room Friday -- and later took over the podium.

We always knew he didn't have what it takes. Laughing

At least Matthews has his thrill back again. Rolling Eyes

Matthews: Obama & Clinton "An Alliance Between God And The Democratic Party"
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Re: Tax Cuts -- The obama compromise

Post  Scooby01_98 on Sun Dec 12, 2010 9:43 am

You know with all the new crap that they have added to this and raised the cost from 500 billion to 800+ billion. I say forget about it. Wait until January when the new congress takes over and go back to the original bill. Obviously the Dems have learned nothing from the election, and this is what the Republicans get for trying to compromise.
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