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A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010 and blends sleight of hand with modest restraint on domestic programs to cut the deficit to sustainable levels.
Senate Budget Committee Chairman Kent Conrad, D-N.D., promises to reduce the deficit from a projected $1.7 trillion this year to a still-high $508 billion in 2014. But to do so, he assumes Congress will let Obama's "Making Work Pay" tax credit delivering $400 tax cuts to most workers and $800 to couples will expire at the end of next year. Those tax cuts were included in Obama's stimulus package.
WASHINGTON (AP) - A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010 and blends sleight of hand with modest restraint on domestic programs to cut the deficit to sustainable levels.
Senate Democrats to scrap Obama's $400 tax credit
Senate Democrats to scrap Obama's $400 tax credit
So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."
Hm.
So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy... :roll:
The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.
That does not preclude Obama or Congress from altering the tax code again when the Bush tax cuts expire. They tinker with the tax code nearly every year anyway. I would expect to see some tax cuts for the non-wealthy in the tax code after 2010.
The problem is that this continuous tickling of the tax code by everyone helps produce market instability.
One year your paying more the next your paying less.
No doubt we are going into another boom, bust cycle.
Oh I agree that the politicians tinker with the tax code far too much...but that's the nature of democracy. Every time we elect a new Congress or President, they want to undo what the previous Congress or President did. And there's no easier place to do that than in the Tax Code.
Senate Democrats to scrap Obama's $400 tax credit
So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."
Hm.
So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy... :roll:
The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.
But this wasn't sold as a stimulus tax credit, it was sold as a "tax cut."
I'm not saying it needs to be permanent, but when someone says they will "cut taxes," that IMO does not mean "two-time stimulus payment."
What makes you think that the two-time stimulus payment was what he had in mind when he offered tax cuts to the middle class? He was talking about middle-class tax cuts even BEFORE the economy imploded last fall.
It sounds to me like two completely different policy items. The fact that he's doing one does not preclude him from also doing the other.
I'm assuming that "A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010" means that he's not doing the latter.
Considering Obama does not yet even HAVE a signature tax cut to scrap, that sounds more like ****ty reporting than a renunciation of a campaign promise.
Senate Democrats to scrap Obama's $400 tax credit
So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."
Hm.
Remember Bush 1 he said read my lips that he would not raise taxes in his campaign then raised them.That was good for 1 term,the next election the people dumped him.
So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy... :roll:
The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.
That does not preclude Obama or Congress from altering the tax code again when the Bush tax cuts expire. They tinker with the tax code nearly every year anyway. I would expect to see some tax cuts for the non-wealthy in the tax code after 2010.
He campaigned on a promise to cut taxes for 95% of families.
The way in which that was going to happen was via his "Making Work Pay" tax credit.
RightinNYC said:The tax credit was supposed to be included in the budget.
RightinNYC said:The tax credit was cut from the budget, with no indication that it will be restored.
RightinNYC said:I'm not saying that he called up Harry Reid and told him to cut it, I'm just saying that as it stands, he will not be cutting taxes for 95% of families as was promised.
RightinNYC said:If he somehow manages to convince Reid to add it back in, or if he says "hey guys, things are tight, we'll add it back next year" and then does, then by all means, I'll update this. I just don't see either of those happening.
No, the way in which it was going to happen was via an income tax rate cut.
Perhaps I'm wrong about this, but I don't even remember him campaigning on this Making Work Pay thing. As far as I know, that was solely a response to the financial crisis and was formulated entirely AFTER the election. And from everything I can find about this issue, I don't see any indication that it was ever supposed to be permanent in the first place.
That does not preclude Obama and Congress from altering the income tax rates. In fact, they almost certainly will.
Chillax. He's been in office for two months
The purpose of an economic stimulus is to stimulate the economy. If he wants to add a tax credit as an economic stimulus, it wouldn't make sense to wait until next year when the economy will likely be better.
Obama’s Comprehensive Tax Policy Plan for America will:
* Cut taxes for 95 percent of workers and their families with a tax cut of $500 for workers or $1,000 for working couples.
Chillax. He's been in office for two months.
Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.
Let me ask you:
1. What do regions and countries do to entice jobs and development?
2. What did Reagan do to unlock masses of wealth and the prosperity that followed?
3. Since when is it government's money?
So, as we begin, let us take inventory. We are a nation that has a government--not the other way around. And this makes us special among the nations of the Earth. Our government has no power except that granted it by the people. It is time to check and reverse the growth of government, which shows signs of having grown beyond the consent of the governed. Ronald Reagan-First Inaugural Address
YouTube - Ronald Reagan`s Funny answer
Yeah Right! "chillax"! They will let us know when critisizm of dear leader will be tolerated.
1. What do regions and countries do to entice jobs and development?
zimmer said:2. What did Reagan do to unlock masses of wealth and the prosperity that followed?
zimmer said:3. Since when is it government's money?
The Making Work Pay Tax Cut was the cornerstone of his campaign promise to cut taxes. It's not some new stimulus proposal.
From his campaign website:
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