Posts tagged Tax cuts don't solve everything
Posts tagged Tax cuts don't solve everything
“It’s not our fault,” said the Republicans. “It was President Obama who wanted to compromise!”
Awesome. I’m right there in the less than $20k category. Of course, those in power classify me as “less than” on a regular basis, so this shouldn’t be a shock. Who says the class war doesn’t exist?
In fact, the only groups likely to face a tax increase are those near the bottom of the income scale — individuals who make less than $20,000 and families with earnings below $40,000.
To the wealthiest Americans, however, an assortment of breaks is available.
The plan includes a two-year “patch” for the alternative minimum tax, which is now paid by about 4 million taxpayers with income in the mid- to high six figures. Without the patch, more than 20 million additional taxpayers would have been liable for that tax.
The estate tax — which was allowed to lapse this year and was scheduled to resume at a rate of 55 percent on most assets above $1 million — will be reinstated under less onerous terms. Estates over $5 million will be subject to a 35 percent tax.
The proposal will also maintain the current rates on dividends and capital gains, averting scheduled increases to ordinary income and 20 percent, respectively.
The marginal tax rate on high incomes will also remain unchanged. The top brackets had been scheduled to increase to 36 percent and 39.6 percent, from 33 percent and 35 percent.
boo pee doo pee doo pee doo
So what we’ve got here is a possible tax increase on the very poorest Americans? Way to go.
Think of it this way. with out the wealthy people, none of the poor people get jobs.
so suck it.
First of all, you’re 14 years old. You don’t know shit about job creation or economics, for that matter. Second, the rich are good at one thing: getting rich. No one got rich by creating more jobs; rather they get richer the more jobs they eliminate or ship overseas. Don’t be an idiot.
In regards to chrisyack:
"The number of Americans making $50 million or more, the top income category in the data, fell from 131 in 2008 to 74 last year. But that’s only part of the story.
The average wage in this top category increased from $91.2 million in 2008 to an astonishing $518.8 million in 2009. That’s nearly $10 million in weekly pay!
You read that right. In the Great Recession year of 2009 (officially just the first half of the year), the average pay of the very highest-income Americans was more than five times their average wages and bonuses in 2008. And even though their numbers shrank by 43 percent, this group’s total compensation was 3.2 times larger in 2009 than in 2008, accounting for 0.6 percent of all pay. These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers.
In this era, the incomes of the vast majority have barely grown while incomes at the top have soared. Reaganism has trimmed the base of the income ladder while placing a much heavier weight on the top. Narrowing the base while adding weight to the apex does not make a stable structure.”
Senator Bernie Sanders threatens to filibuster tax cut deals.
SANDERS: Not only is this bad public policy, driving up the deficit, increasing the growing gap between the rich and everybody else… I think it is bad politics. It’s bad politics in the sense of who is going to believe the President, or anybody who votes for this, in the future when you have campaigned for years against Bush’s economic policy and say “Oh, by the way, that’s what I’m voting for. I’m voting for tax breaks for the rich.” And by the way, if it turns out in this deal to be two years, you can bet that that’s just the beginning. It will be extended beyond that. So I think for a Democratic President, Democratic House, Democratic Senate to be following the Bush economic philosophy of tax breaks, millionaires, and billionaires is absolutely wrong public policy, absolutely wrong politically, and I gotta tell you… I will do whatever I can to see that 60 votes are not acquired to pass this piece of legislation.
SCHULTZ: Will you filibuster this?
SANDERS: I will do whatever I can on this. This is a very, very bad agreement.
SCHULTZ: So the two year extension of the Bush tax cuts, the thirteen months on unemployment, that’s the reported meat of the deal. You’re telling us tonight that you will do everything you can to stop this deal—
SANDERS: I will.
SCHULTZ: —this will of course push it into the next session of Congress and we would go back to the old right(?). That’s what would you take right now, Senator?
SANDERS: I believe, Ed, that we have the vast majority of the American people on our side. I think we gotta hold tough on this, hold firm on this, and not concede to Republicans, who as you indicated, have no inclination to compromise. They want it all for their rich friends.
I won’t vote for Republicans - not even when they call themselves Democrats.
I like Bernie Sanders a lot, as a matter of fact he’s probably my favorite senator. But I do have to say this: why hasn’t he and the Democrats filibustered any of the BS the Republicans have been shoveling in the past 10+ years? Why only now, after the Democrats squandered their majorities in both houses?
(and yes I know Senator Sanders is not a Democrat, but he tends to side with them in these issues)
Better late than fucking never…
We’re totally growing from the tax cuts. Yep.
This morning, in an interview with Tea Party Caucus leader Rep. Michele Bachmann (R-MN), ABC’s Good Morning America host George Stephanopoulos picked up on the discrepancy between caring about the deficit when adding to it helps the poor, but not when it helps the rich. Asked if she would support a compromise which extended both the tax cuts and the unemployment benefits, Bachmann said no, characterizing letting the tax cuts expire as a “massive tax increase,” while dismissing extending unemployment benefits as “massive spending”:
BACHMANN: As far as a compromise goes, I want to get the current tax policy as far into the future as we can, if we can only get it extended for two years, that’s great. But I don’t think the American people should have to pay for that to have some new massive spending tied to it. If that’s the case, I don’t think you’re going to see the Republicans go along with it.
STEPHANOPOULOS: But why is it OK for the wealthiest Americans earning over $250,000 a year — remember the President has called for extending all tax cuts for those under $250,000 — for them to get tax cuts extended but for people out of a job and needing unemployment benefits not to have their benefits extended?
BACHMANN: Well remember again what this is. It’s a massive tax increase and its on the people who are job creators. And people want to think that these are millionaires sitting in leather chairs lighting their cigars with $100 bills, that’s not what we’re talking about. These are people who are carpet layers who may be employed two or three other guys, or a plumber, maybe himself and his brother, and it’s $250,000 in gross sales for their business. Their the ones looking at massive tax increases. …That’s going to hurt more people than anything if we can’t have job creation. And this is a job killer if we raise taxes on the job creators.
Bachmann’s argument for tax extension is, in one word, “bogus.” As the Wonk Room’s Pat Garofalo points out, conservatives’ claim that the tax increase will hurt small businesses is “only accurate if you take an incredibly expansive view of what constitutes a small business.” In reality, “exceedingly few small businesses” would actually be affected by letting the tax cuts expire. Meanwhile, the cuts represent “the least effective tax or spending step for job creation,” according to the Congressional Budget Office (CBO). Every dollar spent extending the tax cuts results in just 10 cents to 40 cents of economic activity, the CBO found.
Unemployment extension for those seeking jobs, however, represents the biggest bang for the buck of any government stimulus policy. According to the CBO, “the economy would see output rise by between $0.70 to $1.90.” That is part of the reason why an overwhelming majority of Americans support extending unemployment benefits for more than 2 million Americans in need, regardless of its effect on the deficit.
What a miserable woman. Seriously. We’re going to spend massive amounts on the rich but fuck the unemployed. I really don’t believe that she sees the contradiction.
Tax cut proposal from Democrats and Republicans. Dems would pay down the deficit, republicans would add $36 billion to the deficit and cut taxes dramatically for the top 2% of earners. (source: WaPo)
Visual representations make learning easier!
Rand Paul was saying there’s no rich and poor in America. And that we’re all interconnected. This was in defense of tax cuts for the rich.
Please, magical universe karma - transform Rand Paul into a non-white single mother looking for a job with a sick baby, overdue bills, and with no HS Diploma. Then ask him about the class war concept after he’s lived this life for 365 days. I’ve never lived this life, but I have friends currently living it. Just from my outside perspective, I see it’s hard.
He needs to as well.
(h/t to Stephen Colbert for his excellent “The Word” segment on this)