rssReturning to the Bush Tax Cuts
Thursday, July 01, 2010 at 3:26 pm
- 8 Comments
Former President George W. Bush’s tax cuts expire in January, and Democrats and Republicans both have committed to extending some, if not all, of the cuts. Obama and the Democrats are behind keeping cuts that benefit middle class families — they want to reduce taxes for families making less than $250,000 a year, keep the estate tax stable and continue the freeze on the alternative minimum tax. If those measures were extended for two years, the cost would be around $250 billion. If all the tax cuts and freezes expired, the government would raise $3.7 trillion over 10 years.
But the Senate cannot take the extension of the tax cuts up due to overcrowding on the calendar — it is dealing with the unemployment extension, financial regulatory reform and a host of other bills. For that, Sen. Harry Reid (D-Nev.) hit at the GOP yesterday: “Maybe if they stop stalling everything that comes to the floor we might be able to get to that stuff. We’ll get to that when we get through unemployment insurance, Wall Street reform, and a few other things.”
Democrats would like to “get to that,” but some senators are starting to predict, given the bottleneck in the Senate and the politics of raising taxes on anyone, that won’t happen until after the election.
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8 Comments
Pingback posted July 1, 2010 @ 3:55 pm
[...] This post was mentioned on Twitter by Jonathan Gitlin, Washington DC News , Eric Jaffa, r3publican and others. r3publican said: Returning to the Bush Tax Cuts http://goo.gl/fb/31riZ #blog #economy #bushtaxcuts #deficits #democrats #harryreid [...]
Pingback posted July 1, 2010 @ 8:25 pm
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Pingback posted August 2, 2010 @ 2:48 pm
[...] conservative economists — as Congress prepares to negotiate how to extend some or all of the Bush tax cuts, which expire on Jan. 1. But thankfully most Americans understand the basic checkbook-keeping here. [...]
Comment posted September 29, 2010 @ 4:11 pm
80% OWN 7% TOTAL FINANCIAL WEALTH
120,00,000–teachers-police-health care-city employees-
Wall Street Rich will not rest until they have the 7%
It is sad but true.
We have yielded our government to a few on Wall Street.
They own Major Corporations–Big Banks-Media-Congress-White House
Big Tax Increase on Their Greed is needed to return to normalcy where Middle Class has fair share of Income and Wealth.
It takes Capital-Labor-Materials.
Try eliminating any one.
2200 Employees, Young capitalists debate it is only Capital
I suggested a Test.
Layoff 2200 employee and come back in two years
Our city of 45,000 looks like it already occurred..
Large plants all over town. Closed.Hurts.
Once known as Hosiery(Kayesr Roth) Capital and Textile (Burlington Industries) Capital
Now all coming to local Wal Mart from China.
80% Wal Mart sales from China made goods.
40% of all those goods come from Plants owned by US Corporations
Ah! So! Amigo!.
clarence swinney
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