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Hoyer: Permanent middle class tax cuts too costly

RightinNYC

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The Associated Press: Hoyer: Permanent middle class tax cuts too costly

House Majority Leader Steny Hoyer said Tuesday that tax increases will eventually be necessary to address the nation's mounting debt, raising a difficult election-year issue as Democrats fight to retain control of Congress.

In the shorter term, Hoyer raised the possibility that Congress will only temporarily extend middle-class tax cuts set to expire at the end of the year. He pointedly suggested that making them permanent would be too costly.

Tax cuts enacted under former President George W. Bush are scheduled to expire at the end of the year, affecting taxpayers at every income level. President Barack Obama proposes to permanently extend them for individuals making less than $200,000 a year and families making less than $250,000 — at a cost of about $2.5 trillion over the next decade.
This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
 

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He is essentially saying "we cannot afford it, but I don't want the voter's anger to be on my head, so lets delay letting it revert back to normal"
 

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We could afford such permanent tax cuts if we significantly decreased entitlement (and probably also military) spending, but that's as much of political suicide as middle class tax rises. Of course eventually it gets to the point that a Greece style debt crisis becomes even more political suicide then either of those options so they'll deal with it eventually. But the longer the politicians put it off the harder it will be on the country.
 

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Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

In fairness,

U.S. House Majority Leader Steny Hoyer said permanently extending former President George W. Bush’s tax cuts for middle-class wage earners may no longer be affordable as the U.S. tries to curb its growing debt.

Bush’s 2001 and 2003 tax cuts for all income levels expire at the end of this year. For those applying to middle-class earners, lawmakers must discuss “whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,” Hoyer said today in a speech in Washington.
However, after all the ranting about how the Bush tax cuts were solely for the rich, it is nice to see some Democrats admitting that the Middle Class actually benefited from them as well.

It will be interesting to see how the White House would respond to such actions (assuming they were not extended) since it would amount to a tax increase on those making less than $250,000 a year. Not saying that would be a bad thing persay, but it would be a political disaster... remember when GHWB said "read my lips, no new taxes"? When he followed that up with an increase, even if needed, it did not end well for him.
 
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RightinNYC

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Moderator's Warning:
Threads merged.
 

Moon

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

I'm not surprised. I had a feeling this was coming.
 

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The Associated Press: Hoyer: Permanent middle class tax cuts too costly



This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
I just think it's sad that our government is okay with taking money away from Americans, but seems to care not one bit about reducing spending. At some point the well is going to dry up, and then what?
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Increasing taxes is FINE and definitely NEEDED...provided that the government curb spending and dedicate those tax increases to paying down the debt. However when you have a congress that RAISED its debt ceiling to 15.5 TRILLION and refuses to even pass an annual operating budget...really...what hope does ANYONE have of seeing deficit spending curtailed?
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Increasing taxes is FINE and definitely NEEDED...provided that the government curb spending and dedicate those tax increases to paying down the debt. However when you have a congress that RAISED its debt ceiling to 15.5 TRILLION and refuses to even pass an annual operating budget...really...what hope does ANYONE have of seeing deficit spending curtailed?
"Reagan proved deficits don't matter."

-Dick Cheney
 

VanceMack

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

"Reagan proved deficits don't matter."

-Dick Cheney
And you...what do YOU think? Do you HAVE an actual original thought in your head? Do YOU actually embrace deficit spending? ****ing muppets...
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

I think there are several solid points here. We do need to decrease spending and we are going to have to increase taxes, however, I say we increase them where they can be most afforded. By corporate america. Also we stop all ongoing wars, you may call this cut and run if you like, and go back to only attacking someone if congress can get up the guts to declare war.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

And you...what do YOU think? Do you HAVE an actual original thought in your head? Do YOU actually embrace deficit spending? ****ing muppets...
What? No, not at all. That was sarcasm, see. You're a really angry person, you know. This idea that we can cut taxes and increase spending at the same time is something a five-year old can figure out as being TOTALLY ****ING STUPID.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

What? No, not at all. That was sarcasm, see. You're a really angry person, you know. This idea that we can cut taxes and increase spending at the same time is something a five-year old can figure out as being TOTALLY ****ING STUPID.
Angry? Nah...just repulsed by mindless ideological muppets. Here we have a thread about ending middle class tax cuts...we have a CURRENT administration that never saw a dollar they didnt feel was theirs to spend and a CURRENT congress that has upped their allowable deficit debt ceiling to 15.5 trillion and has refused to so much as pass a BUDGET yet are sure to increase taxes...and your mindless response is a quote by a FORMER vice president about a president and administration from the 1980s...niiiiiice...intelligent. VERY productive.

Now MAYBE you might want to concern yourself with the people currently spending your money. Maybe.
 

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The Associated Press: Hoyer: Permanent middle class tax cuts too costly



This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
Actually - I think the tax-brackets need to be readjusted to reflect on a rise in living standards and the cost of basics, etc. . .the current middle class needs to be broken down into 3 parts - lower, middle, upper. No repeal of the tax cuts for the lower-portion. 1/2 repeal of the tax cuts for the middle portion, and the upper should get a full repeal. . . thus, the lower pays nothing more than they pay, now. The middle pay's 1/2 more and the upper pays full.

That way those who are in a crunch already don't have to take on more burden.
Those who can flex will flex
Those who can cover it fully will carry the brunt.

I still support a flat-tax, but that's never going to happen so I don't harp on it.
 

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Wait, what middle class tax cuts? I thought the Bush Tax Cuts only benefited the rich? Hoyer must be smoking.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Angry? Nah...just repulsed by mindless ideological muppets. Here we have a thread about ending middle class tax cuts...we have a CURRENT administration that never saw a dollar they didnt feel was theirs to spend and a CURRENT congress that has upped their allowable deficit debt ceiling to 15.5 trillion and has refused to so much as pass a BUDGET yet are sure to increase taxes...and your mindless response is a quote by a FORMER vice president about a president and administration from the 1980s...niiiiiice...intelligent. VERY productive.

Now MAYBE you might want to concern yourself with the people currently spending your money. Maybe.
You need to go to a spa or something. Relax a bit. Learn to take things a little less seriously, and try not to see everything as an attack. Sometimes people post things that are just meant to be humorous or ironic.
 

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The Associated Press: Hoyer: Permanent middle class tax cuts too costly



This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
Agreed, but why anyone thinks we can continue spending without taxing is beyond me. I'm middle class, and would completely understand a modest increase in my taxes.
 

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I just think it's sad that our government is okay with taking money away from Americans, but seems to care not one bit about reducing spending. At some point the well is going to dry up, and then what?
"we cannot afford tax cuts" No, Steny, we cannot afford continuously spending train loads of borrowed money on unsustainable entitlements and irresponsible, unaccountable fiscal policy.
 

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Agreed, but why anyone thinks we can continue spending without taxing is beyond me. I'm middle class, and would completely understand a modest increase in my taxes.
The funny part is that the coming "tax hike" is just expiration of previous TEMPORARY tax cuts. Somehow, though, Obama is rasing our taxes. I guess the more accurate headline "Congress decides not to extend temporary tax cuts" isn't as exciting.

On the spending side, lots of people like to harp on PORK and EARMARKS but in reality these are drops in the bucket. Defense-related spending, medicare, and social security are the big-ticket items that need to come down.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

What? No, not at all. That was sarcasm, see. You're a really angry person, you know. This idea that we can cut taxes and increase spending at the same time is something a five-year old can figure out as being TOTALLY ****ING STUPID.
Well, when things get this bad, even Reagan's truisms fail. The common knowledge of not digging a hole deeper than you are tall comes into play. That's what Reagan and Cheney were talking about. But now, the hole is 20 feet deep --- so now the hole matters because those digging were too stupid to stop. I can't fault Reagan or Cheney for quoting him.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

I think there are several solid points here. We do need to decrease spending and we are going to have to increase taxes, however, I say we increase them where they can be most afforded. By corporate america. Also we stop all ongoing wars, you may call this cut and run if you like, and go back to only attacking someone if congress can get up the guts to declare war.
Corporations do not pay taxes, they pass their costs on to you, the consumer.
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Corporations do not pay taxes, they pass their costs on to you, the consumer.
Incorrect. They pay taxes AND they pass the costs on to the consumer.
 

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The Associated Press: Hoyer: Permanent middle class tax cuts too costly



This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
But if they couldn't use the temprary cut/fix shenanigans, how could the politicians hide the true costs of programs and push off hard decisions to the next group of leaders? Won't somebody please think of the politicians!
 

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

Incorrect. They pay taxes AND they pass the costs on to the consumer.
In highly competitive markets, which most products are in pretty damn competitive markets, they rarely can pass such costs on the consumers because if one of them doesn't then the others will lose market share, so corporate taxes most often result in cuts in profit margins.
 

VanceMack

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Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

You need to go to a spa or something. Relax a bit. Learn to take things a little less seriously, and try not to see everything as an attack. Sometimes people post things that are just meant to be humorous or ironic.
I didnt see it as an attack. I saw it as a typical idiotic and myopic comment devoid of thought, value, relevance, etc. You know...your norm.
 
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