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President Obama
and White House officials underscored the need to compromise Monday in unveiling a congressional deal to avoid the expiration of the Bush-era tax cuts at the end of the year, but some of the toughest critics of Obama's version of compromise come from within his own party.
Democrats have generally argued that the tax cuts should be extended for the middle class -- but not for the wealthiest 2 percent. Republicans have argued that the cuts should be extended for all taxpayers.
The "framework" of the deal that Obama outlined Monday evening calls for a two-year extension of the cuts in all income tax brackets. It also would extend long-term unemployment benefits through next year. The estate tax rate would be renewed, but at a lower rate than even during the Bush administration. And the Obama administration is proposing a one-year payroll tax reduction that sources say would cut the amount contributed to Social Security from 6.2 percent to 4.2 percent.
Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts - FoxNews.com
Notably, unemployment benefits will be extended by 13 months (taking it to 3+ years), and social security taxes will be reduced from 6.2 percent to 4.2 percent, giving everyone a few extra bucks in their next paycheck.
From a business perspective, not only will the Bush tax cuts be extended, small businesses will now be able to deduct 100 percent of their capital improvements/investments in their company (up from 50 percent before).
This is more proof that Democrats like Obama run on these platitudes to get votes, but they know the only way to truly stimulate the economy is to put the money in our hands. The recent elections, and the real world, left him no choice but to go the GOP way and then engage in spin control.
The problem for Obama is that, because he didn't extend the cuts for more years, the debate will rage on for the next two years until the issue comes back, just in time for the 2012 presidential election. And what far left liberals are going to trust him now.
I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts - FoxNews.com
Notably, unemployment benefits will be extended by 13 months (taking it to 3+ years), and social security taxes will be reduced from 6.2 percent to 4.2 percent, giving everyone a few extra bucks in their next paycheck.
From a business perspective, not only will the Bush tax cuts be extended, small businesses will now be able to deduct 100 percent of their capital improvements/investments in their company (up from 50 percent before).
This is more proof that Democrats like Obama run on these platitudes to get votes, but they know the only way to truly stimulate the economy is to put the money in our hands. The recent elections, and the real world, left him no choice but to go the GOP way and then engage in spin control.
The problem for Obama is that, because he didn't extend the cuts for more years, the debate will rage on for the next two years until the issue comes back, just in time for the 2012 presidential election. And what far left liberals are going to trust him now.
I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
You know, neither the Republicans nor the Democrats are doing the right thing here. None of them have the intestinal fortitude to do the right thing, which is to let the tax cuts expire AND let the unemployment benefits also expire. Want to balance the budget? Do you really? Then steps must be taken, and some of those steps are going to deal out a little hurt to everybody. But IF you are really serious about getting the deficit under control, it is going to have to be done. You just won't see any of our politicians on board, though, because they are cowards.
As much as I agree with you that the deficits needs to be solved, given the current economic situation, now is not the time to seriously make attempts to balance the budget. Looking at your plan of allowing the tax cuts to lapse as well as cutting unemployment, both would almost certainly lead to a double dip recession.You know, neither the Republicans nor the Democrats are doing the right thing here. None of them have the intestinal fortitude to do the right thing, which is to let the tax cuts expire AND let the unemployment benefits also expire. Want to balance the budget? Do you really? Then steps must be taken, and some of those steps are going to deal out a little hurt to everybody. But IF you are really serious about getting the deficit under control, it is going to have to be done. You just won't see any of our politicians on board, though, because they are cowards.
As much as I agree with you that the deficits needs to be solved, given the current economic situation, now is not the time to seriously make attempts to balance the budget. Looking at your plan of allowing the tax cuts to lapse as well as cutting unemployment, both would almost certainly lead to a double dip recession.
As soon as unemployment begins to fall that represents the perfect time to begin scaling back government spending on all levels, as well as maybe letting these tax cuts lapse. But then getting people back to work will go a long way in cutting the deficit. Not only will revenues increase but also fewer people will need to use government programs.
Several officials said the package could add $900 billion or more to the federal deficit over two years.
I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
I expect to hear none of these right-wing Republicans complaining about the size of the deficit over the next two years....seeing that the GOP will be responsible now for adding trillions to the deficit.
Not really, the vast majority of that $900 billion figure goes to the "working middle class."Borrow another $900 billion from the chinese for an extra year of unemployment checks and tax cuts for millionaires.. wtf really?
yet again it's the working middle class thats getting screwed from both sides.
You're confused. This (will be) passed by Democrats.I expect to hear none of these right-wing Republicans complaining about the size of the deficit over the next two years....seeing that the GOP will be responsible now for adding trillions to the deficit.
It certainly doesn't help the unemployment rate, could bite him in 2012.I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
Well you got your wish, now you can stop bitching about the deficit... right? Because these tax cuts are gonna add a ****load more to it.
Everyone should be happy about that 2%. That's not a smoke/mirrors 2%, that's the real thing. As to extending unemployment to three years, I think that's ridiculous. We need safeguards in place to avoid abuse. I personally know of no one who can't find a job....and at least two using it as their personal paid vacations. (I should caveat that I live in the Chicago Metro Area. I could see how rural areas could be quite different.)
I honestly cannot see how anyone on unemployment can stay on it for so long. Where I live you are required to search for a job continueously while on it. Giving the unemployment office a list of jobs that you have applied to and the names, addresses, phone numbers of those jobs. They check up on them. You must apply for a certain amount of jobs each week also. If you are offered a job and refuse it your unemployment benefits are cancled.
Really? Please tell me what Republican thing in this bill is specifically ADDING money to the deficit?
How are Republicans proposing that we pay for the two trillion in cuts that Republicans want to give to the wealthiest Americans? That's the thing about you Republicans, you want all kinds of tax breaks for the wealthy, but you have no ideas about how to fund them.
[/B] I have a 1000 dollars and and you have a 1000 dollar credit card debt. I don't give you any money. Do you now owe more than 1000 dollars?disneydude;1059145306[B said:]How are Republicans proposing that we pay for the two trillion in cuts that Republicans want to give to the wealthiest Americans? That's the thing about you Republicans, you want all kinds of tax breaks for the wealthy, but you have no ideas about how to fund them.
Well you got your wish, now you can stop bitching about the deficit... right? Because these tax cuts are gonna add a ****load more to it.
In the last year those that have read my posts know that I have no love for Obama economic policies and liberal policies in general but I do take this opportunity to give Obama credit for compromising with the Republicans to extend the Bush tax cuts and move towards supply side economic policy in recognition that what he has done up to now has failed. I did find it interesting that he said this was the right move for the American people so that raises the question why did he come to that conclusion now? What took so long and why the contradiction from what he has stated over the past two years.
I am also grateful seeing Obama go against the far left loons and seeing them going ballistic. Anything that makes the left go crazy is a good thing in my book. The negative in this compromise is adding another 13 months of unemployment payments making it now three years for millions of chronically unemployed. Can you imagine being out of the work force for 3 years and then offering a new employer anything of value? That will be some interview requiring a real song and dance by the prospective employee. Today there are 3.6 million job openings according to the labor department which would almost wipe out the entire job losses of the first two years of the Obama economic plan. Wonder how many of those being paid unemployment money will be applying?
I just found out something. The benefits don't apply to those unemployed for 99 wks. Only those on the other tiers. Olbermann is having a hissy fit over it right now. LOL Anything that makes him go spastic, I'm all for.
How are Republicans proposing that we pay for the two trillion in cuts that Republicans want to give to the wealthiest Americans?
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