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Thread: Bush tax cuts: Obama Gives In

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    Bush tax cuts: Obama Gives In

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    White House seeks Democrats' backing for tax deal - CNN.com


    Washington (CNN) -- The White House was fighting Tuesday to persuade Democrats to support a compromise on taxes that President Barack Obama and Republican leaders have reached.

    The overall compromise will cost between $600 and $800 billion over two years, according to CNN estimates.

    At the heart of the deal: an extension of the Bush-era tax cuts for two more years, which would keep income tax rates at their current levels for everyone, as Republicans have advocated. Obama and other Democrats had argued that tax rates should stay the same for most people but rise for people earning more than $200,000 a year and families making $250,000 or more a year.

    The deal Obama and Republicans have struck also includes a one-year cut in payroll taxes, from 6.2% to 4.2% on a worker's first $106,800 of wages. If implemented, it would mean that someone earning $50,000 a year would pay $1,000 less in Social Security contributions next year. Someone earning $100,000 would pay $2,000 less. The payroll tax rate would go back up to 6.2% in 2012.

    Agreeing to extend the Bush-era tax cuts for the wealthiest Americans represented a major concession for Obama. In a concession to Democrats, Republican negotiators agreed to leave in place for 13 months the option to file for extended federal unemployment benefits. That will not, however, affect how long someone can collect unemployment benefits -- the maximum will remain 99 weeks in states hardest hit by job loss.

    "It's not perfect," Obama said in revealing the compromise, but "we cannot play politics at a time when the American people are looking for us to solve problems."

    Several Democrats have said they have reservations about the deal. One reason: It would cost hundreds of billions of dollars.

    Extending the Bush-era tax cuts for two years would cost $458 billion, the Treasury Department has estimated -- $383 billion for lower and middle income Americans plus $75 billion for individuals making more than $200,000 a year and families making $250,000 or more. The White House has estimated that lowering the payroll tax would cost $120 billion. Extending unemployment benefits for 13 months? That comes with a $62 billion price tag, according to CNN estimates.

    The deal doesn't include say anything about raising money to pay for the changes. That suggests that the federal defecit will continue to rise despite rising pressure to curb spending and lower the deficit. Just last week, a bipartisan presidential panel voted 11-8 in favor of spending cuts and tax changes that would cut $4 trillion from the projected deficits between now and 2020. That majority, however, was not big enough to send the proposal on to Congress.

    The 2010 federal budget deficit was $1.3 trillion; it's projected to be somewhat smaller in 2011. That projection doesn't take the proposed tax deal into account.

    If Congress doesn't pass some kind of tax deal by the end of the year, taxes will go up for everyone, since the current rates set under President George W. Bush expire automatically at the end of 2010. Democrats control both houses of Congress, but the Republicans will take control of the House of Representatives in January, and the Democratic majority in the Senate will be smaller than it is now.

    Vice President Joe Biden plans to meet Senate Democrats Tuesday to try to win their backing for the deal, but some Democrats have already said Obama conceded too much to Republican demands.

    "I'm not at all happy with this. I want to see all the details before I make some kind of commitment," Democratic Sen. Sherrod Brown of Ohio told CNN Monday.

    Asked if Obama "caved" to Republicans, Brown said: "I don't know if he caved. I think he could have gotten a better agreement."

    Biden will attend the weekly Senate Democratic policy lunch Tuesday in the Capitol to "defend the deal," according to a Senate Democratic leadership aide.

    A revolt by liberal Democrats, particularly in the House, would imperil the chances for the plan to win approval before the end of current lame-duck session of Congress. With the Bush-era tax cuts set to expire at the end of the year, Obama has said it is more important to act now than to continue waging a political fight.

    The compromise, worked out in negotiations involving the White House, the Treasury and congressional leaders from both parties, includes provisions that each side doesn't like, Obama said in a hastily arranged statement to reporters Monday evening, after discussing the proposed deal with Democratic leaders.

    House Democrats, who approved a measure last week extending the Bush-era tax cuts for family incomes up to $250,000 a year, indicated earlier Monday they were unhappy with the negotiations that the White House was conducting with congressional Republicans.

    "We won't rubber stamp a deal between the White House and (Senate Minority Leader) Mitch McConnell," one Democratic congressional source told CNN. "We want to make it clear. Don't take our support for granted."

    House Speaker Nancy Pelosi, D-California, and Majority Leader Steny Hoyer, D-Maryland, were among Democratic leaders who attended a White House meeting with Obama and Biden to discuss the proposed deal.

    Obama and Biden told the congressional Democrats that the proposed deal was the best they could expect, a senior Democratic source said.

    The plan also would continue tax breaks for students and families contained in the 2009 stimulus bill and allow businesses to write off all investments they make next year.

    Democrats contend the nation must prevent working-class Americans from facing higher taxes, as promised by Obama in his 2008 election campaign, but can't afford the extra hundreds of billions of dollars it would cost to maintain the tax cuts for the wealthy. Republicans argue that the economy remains too weak to allow anyone's taxes to increase.
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    Registered User Inquistive is offline
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    Thumbs down

    Fiscally irresponsible, and politically stupid

  3. #3
    Toppa_Toppa
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    Is there anything he won't concede? He's a pappyshow yes.

    Talking schupidness bout 'working together, compromise, change' - hoss, dey's not no Mickey Mouse game here yuh know.

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    where de crix Oneshot's Avatar Oneshot is offline
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    its only fair, around 40% of the population doesnt pay any federal tax (net)

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    Registered User The Captain's Avatar The Captain is offline
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    Quote Originally Posted by Toppa_Toppa View Post
    Is there anything he won't concede? He's a pappyshow yes.

    Talking schupidness bout 'working together, compromise, change' - hoss, dey's not no Mickey Mouse game here yuh know.
    Agreed.

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by optimizm View Post
    Fiscally irresponsible, and politically stupid
    so tax more so the government can spend more??

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    Registered User Inquistive is offline
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    Quote Originally Posted by Oneshot View Post
    its only fair, around 40% of the population doesnt pay any federal tax (net)
    Dude, the country can not afford it.


    I say they should just let all the Bush tax cuts expire for all income brackets. The rich people will always be rich even though they are taxed.

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    Waiting on my spaceship.. KimmyK's Avatar KimmyK is offline
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    Quote Originally Posted by Toppa_Toppa View Post
    Is there anything he won't concede? He's a pappyshow yes.

    Talking schupidness bout 'working together, compromise, change' - hoss, dey's not no Mickey Mouse game here yuh know.
    "CHANGE"


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    Registered User Inquistive is offline
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    Quote Originally Posted by Oneshot View Post
    so tax more so the government can spend more??
    Dude, government expanded more depsite there being less revenue. When Bush came into office, the government grew bigger than it did under Clinton. Under Clinton, the government was smaller even though we were taxed much more.

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    Registered User Rinababy's Avatar Rinababy is offline
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    Quote Originally Posted by optimizm View Post
    Dude, the country can not afford it.


    I say they should just let all the Bush tax cuts expire for all income brackets. The rich people will always be rich even though they are taxed.
    Regularly i would agree with all of you who are pissed at Obama, but I think he was more focused on getting the umemployment benefits extended before the Xmas break. Imagine famillies who are dependant on that money and the holidays coming up? I think it was a tough call. I wanted him to let them expire for everyone too, but once I thought it out more realistically I disagree with but understand the decision.

  11. #11
    Toppa_Toppa
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    Quote Originally Posted by Rinababy View Post
    Regularly i would agree with all of you who are pissed at Obama, but I think he was more focused on getting the umemployment benefits extended before the Xmas break. Imagine famillies who are dependant on that money and the holidays coming up? I think it was a tough call. I wanted him to let them expire for everyone too, but once I thought it out more realistically I disagree with but understand the decision.
    The man started off weak. He shot himself in the foot talking all that nonsense 'bout "compromise" - tough times calls for a strong leader. He is not. He can't even rally his own troops, how's he going to get others to cross over? Charisma could only take you so far.

    But whatever .... I'm going to laugh at my father when I get home.

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    where de crix Oneshot's Avatar Oneshot is offline
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    Quote Originally Posted by optimizm View Post
    Dude, the country can not afford it.


    I say they should just let all the Bush tax cuts expire for all income brackets. The rich people will always be rich even though they are taxed.
    so homie, do you EVEN know the tax breaks bush extended? It mostly benefited the middle class or the people make 100K, and 100K is not rich or wealthy. The wealthy of the country can afford to hire lawyers and accountants to save on taxes

    Quote Originally Posted by optimizm View Post
    Dude, government expanded more depsite there being less revenue. When Bush came into office, the government grew bigger than it did under Clinton. Under Clinton, the government was smaller even though we were taxed much more.
    That doesnt make it right, just because the government expand the people should pay for it fack it man.. the government inflated your deposits away, and you still want them to tax you ?

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    Bush Baby Audree's Avatar Audree is offline
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    smh

    makes me wonder what role, the US chamber of congress, wall street, and the US supreme court play in financing the recent election
    Marcus Garvey said you would not know yourself till your back is against the wall. It gone through the wall now.

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    Gladiator
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    More material for Rush Limbaugh

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    Registered User Inquistive is offline
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    Quote Originally Posted by Oneshot View Post
    so homie, do you EVEN know the tax breaks bush extended? It mostly benefited the middle class or the people make 100K, and 100K is not rich or wealthy. The wealthy of the country can afford to hire lawyers and accountants to save on taxes



    That doesnt make it right, just because the government expand the people should pay for it fack it man.. the government inflated your deposits away, and you still want them to tax you ?
    How did the tax cuts benefit the middle class?




    Dude, the US can't fight two wars and not get much revenue in. How about cut military spending, then they can worry about extending the tax cuts?

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