CNN

if bush passes this tax break. i think the 1600.00 should apply to single mom dads.and grandparents. who bread winers not just married couples. children should come first .i hope president bush reads this.e mail i want answer. joyce

The REASON for tax reductions or cuts (seldom printed) is to keep the money in
productive circulation where it can create wealth AND JOBS!

The REASON for tax reductions or cuts (seldom printed) is tto keep the money in
productive circulation where it can create wealth AND JOBS!

Dems do not want to help the middle class, they will not make the tax "cuts" law. Democrats want to "increase" taxes and thereby increase the burden of the already over-burdened middle / lower class Americans. How does anyone rationalize supporting these liars.

There needs to be an understanding that everyone needs to pay a share to support society. I find the fact that most weathly Americans and many American businesses don't support local charities or schools. If that were to happen on a large and consistant basis, then I might be in favor of lowering the tax rate on these people. I have to say that there are far too many people who do nothing with their weath and horde it. If they aren't going to support the rest of society, then tax them to make them do it!

Patty D. posted:
"They must rescind the tax cuts for the wealthy. The middle class is dying. We must restucture our entire tax code. The wealthy have it far to easy. With two wars going on, healthcare crisis, and outsourcing of jobs have crippled American workers."

So, the wealthy should be punished for hard work and ambition? The wealthy need to be penalized because Patty and people like her didnt have the gumption to make something of themselves? I'm not wealth by any definition of the word. This view some americans have of passing on the burden to the wealthy is really un-American. Maybe Patty, if you save some of your nickels you can go to Wal-Mart and buy some big girl pants and really get it figured out that life is not fair. And for everyone whining about the plight of the middle class here in American, please give me a break. The middle class is not wanting for much. We purhcase luxury items by the truckload that in our parents or grandparents generation would have been completely out of their reach.
Suck it up, stop whining, and carry on. We have more than anyone else on earth.

Ca Native you wrote:

Ca Native January 17, 2008 7:18 pm ET

SOCIALISM on the rise!!

Currently (under the Bush tax cuts) the top 10% of wage earners pay 66% of ALL the bills. Once the democrats bring back the death-tax (estate tax) and revert higher taxes back on middle class and higher wage earners…. this economy will fly past the "recession" status and enter into "depression".

But hey… they'll find a way to blame Bush long after he is out of office! Get ready for 40% average tax rates, yall. Hope that makes you happy!

That is a complete lie! The middle class are paying more now than since the "New Deal" The top 10% should pay a progressive tax like they did before Reagan.

FAIR TAX BABY-ALL DA WAY!!!!!!!!!!!!!
READ THE BOOKS PEOPLE!!!!!
BUT YOU GUYS KNOW BETTER!!
RIGHT!
LMAO
FOOLS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

"Ca Native January 17, 2008 7:18 pm ET

SOCIALISM on the rise!!"

Is OK but, my comments get "moderated"?

This Blog is useless because of the censorship! What ever happened to freedom of speech?

I guess big business interests or the interests of the wealthy owners trumps all!

big business do not worry I am sure that this demo congress will once again cave in to this admin and you will get the lions share of any tax rebate or benefit from the [SIC] solution to this current recession.

Censorship!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ca native – your full of crap!

Democrats are "tax and spend". Bush is just "spend".

Ca Native,

You must be making out real well with Bush economics. One thing I'd bet,,you don't get dirt under your nails at work.

Last time I looked,, "fair", although a four letter word was not a dirty word. All the vanishing middle class are asking for is equitable taxation and equitable opportunities.

The big business and big money interests act as if they're gut-shot at that prospect!

So far the only thing I see trickling down is urine!

I am one of the few people who is still undecided on this issue. I think that there should be some way to figure out if this is a smart thing or not. Could we not simply look to see if revenues taken in by the government have gone up or down since these tax cuts have been implemented? If they have then Bush was right, if they havn't Bush was wrong. Obviously there are more factors that go into play but I bet we could find some trend. Does anyone have a clue where you can find this info or is everyone already so sure that they are right on the issue that they dont need to bother learning the 'facts" of the issue anymore?

SOCIALISM on the rise!!

Currently (under the Bush tax cuts) the top 10% of wage earners pay 66% of ALL the bills. Once the democrats bring back the death-tax (estate tax) and revert higher taxes back on middle class and higher wage earners.... this economy will fly past the "recession" status and enter into "depression".

But hey... they'll find a way to blame Bush long after he is out of office! Get ready for 40% average tax rates, yall. Hope that makes you happy!

I agree with the person who suggested that they go to the Wizard and get a brain......

Why is this site so heavily censored? I keep getting this message = "Your comment is awaiting moderation"

What moderation? I just stated some simple observations about the past few decades.

Baby-Boomers not wanting to pay their bills.......

What a shock.

National Debt in 1980: About 1 Trillion Dollars

After Reagan's 8 years: About 2.5 Trillion

Today: About 9 Trillion: Over 9 Trillion and growing by about 1.4 billion per day.

So it took us about 204 years to run up our first Trillion in debt and only about 28 years to run up another 8.

Does this sound like a well-run nation with it's priorities in place?

Should we care?

Nahh...

Lets go eat too much and watch American Idol....I'm sure it'll all work out somehow.

You kids did not want to retire anyway did ya?

It would be a political blunder for the Republicans to try and make this part of any stimulus package anyway. It would do absolutely nothing to stimulate the economy now, and would paint them for what they are, the party of the economic elite and our corporate overlords.

What is surprising is that the Republicans are actually being practical here. Did someone finally tell them that Cheney/Bush is a lame duck and an albatros arounf their parties neck?

Edwards/Richardson in 2008!

In my last posting which is still waiting for approval – my definition of the wealthy is a couple with compensation over $500,000 a year.

A "FAIR TAX" for all.

If you remember way back when the Bush nightmare first began, the middle-class got a tax rebate of around $350.00. For the middle-class that was it. The rich have been benefitting for 7 years and Bush wants them to continue benefitting forever. he also wants their beneficiaries to benefit as well. Why do you think the rich get richer. I have been working for the same company for 10years and I have not received a pay raise in over 4 years. What used to be a decent wage is now average. AND I AM ONE OF THE LUCKY ONES.

Get these Washington cronies out of Washington ..... Vote Obama.

I hope the dems stick to their guns on this one. The tax cuts that are set to expire are those for the wealthiest Americans. It would be a shame to give the "status quo" a permanent free pass on taxes. Where are the tax cuts for those in the lower middle-class?

Too many of our wealthiest greediest citizens would never consider doing anything for anyone. It's how they are raised and consequently, how they raise each other. It's why you have more wealthy individuals alligned with the GOP. I say if you make over 500K, you should pay a higher percentage in taxes than someone making 70K. Didn't Warren Buffett just make that same point when he proved to us that he pays less in taxes than his secratary. Greed and the GOP are two things I think the vast majority us are willing to let go of.

Gobama – pretty well on the money there. Tax cuts to the rich never make it to the economy proper. When I studied marketing and business we were taught start a business at the medium-high end because during a recession the ones with the money usually keep spending at a fairly consistent rate, whilst the dollar type (walmart, target, kmart, etc) stores are the ones more likely to see a drop off in consumers and dollars spent per customer.

I don't get dividends or capitol gains either. I live from paycheck to paycheck...when I have a job. I never got a good education because I was to busy goofing off. I got married very young and had 4 kids by the time I was 26. I don't have an IRA or 401k. When and if I retire I'll get about $1600 a month in Social Security, that's it, no pension or savings. And you know what it has nothing to do with tax increases or decreases. I put myself in this position all my myself. I made one bad decision after another. I grew up in the same country as Bill Gates and Warren Buffet and had the same opportunities, they took advantage of them I didn't.........Simple

The middle class in America have in effect had the largest tax increase in history as a result of Bush's tax cuts to the wealthy.

It's quite clear to all people when you borrow, you have to pay and Bush and the Republican Congress have borrowed over $3 Trillion dollars in the past 7 years and now the middle class has to pay for it.

As a percentage of wage needed to actually live, the middle class is paying more now than in the past 50 years. This is a reversal of the progressive tax enacted under President Roosevelt and only benefits the wealthiest families in America. A reversal of the Bush and Reagan tax breaks for the wealthy will collect dollars to pay off the debt, invest in education for our future and help fix a crumbling infrastructure that will be needed to get our economy back on track.

This "fantasy" that giving the rich a tax break helps the economy is a myth perpetuated by the wealthy. The wealthy have now purchased all the major media outlets and continue to peddle this false premise every chance they get.

What we need in America is a "FAIR TAX" – if I have to pay 30 -40% of my total compensation every year – why can't the wealthy pay the same percentage!!! I went to collage, got a decent job and worked at it for 45 years why should I have to pay a greater percentage of total compensation that the wealthy elite?

Wake up America, the GOP call for a flat tax is a tax increase on the middle class – we need to start demanding a "FAIR TAX" a percentage of total compensation!

I just watched the Stock Market closing.I always wondered why they always clap and are so happy.I think today they were happy to just hear the bell so the slide didnt go more than the 300 it did go down.The money from the Tax cut the rich have been getting is being put in GOLD OR IN OVERSEAS INVESTMENT.They know the doodo is going to hit the fan.

Agustus: "I'm for Obama but I disagree with the democrats on this. With increased unemployment rates and the economy slowly sliding into a recession a tax increase can only make things worse."

But... An increase in taxes would help pay the unemployment for the unemployed... Putting this money back into local communities instead of into Jet planes and Island retreats for the top 5% of American's. If anyone remembers the breakdown of the beneficiaries of the original cuts, the poor got almost nothing, the middle class got their much touted checks (a few hundred dollars) and those with incomes over $400,000 got thousands and thousands of dollars. The tax cuts were Bush paying his dad's friends for stealing an election for him.

Bush's tax cuts are a disgrace. Not only should they NOT be extended, but they shouldn't have been enacted in the first place! They did nothing positive for the vast majority of the population. All the wealthy and corporate America did with their tax cuts was to pay themselves huge bonuses, freeze or lower everyone else's wages, buy other companies, lay people off, and ship jobs overseas. Not only that, but they have led to us having a fatally huge federal deficit. Who have been the beneficiaries of these misguided conservative Republican tax breaks? The wealthy, and ONLY the wealthy. And who have been victimized by them? The poor, the middle class, future generations, our government, and our infrastructure. TAX THE RICH! VOTE FOR EDWARDS, OBAMA, OR CLINTON!!!

Every middle class and lower income class family needs to get on the phone and call their congressional representatives and senators right NOW. Tell them NO do NOT make these tax cuts permanent!!!!!!!!!

They make the rich get richer and the money does NOT trickle down to the rest of us. What we need is Progressive Tax Reform that actually helps working people. That will put money in our hands that we can actually use or save...either way it will actually help us and not line the pockets of the wealthy like Bush and Cheney . May the good Lord save us from their ilk!

Every middle class and lower income class family needs to get on the phone and call their congressional representatives and senators right NOW. Tell the NO do NOT make these tax cuts permanent!!!!!!!!!

The make the rich get richer and the money does NOT trickle down to the rest of us. What we need is Progressive Tax Reform that actually helps working people. That will put money in our hands that we can actually use or save...either way it will actually help us and not line the pockets of the wealthy like Bush and Cheney and their ilk. May the good Lord save us from their ilk!

I read my blog and realized I said Republican led congress and it is actually now a Democratic congress. However the Senate requires 60 votes to pass a measure and currently neither side has this majority. Sorry for any confussion.

People who worry about taxes on dividends, capital gains, and the estate tax are typically high income earners.

No one seems to remember the tax cuts are not Republican or Democrat and have to be paid back someday. The bankruptcy of this nation and the taxes to come for the people will be what bites this nation. A big old fashioned "Thank you, Prez Shrub boy and all of congress" will be the cries of the people. It was never one group but it was all of them.

The federal tax rate for the top income persons in this country was changed from a 38 % tax down to the current 35% for anyone making 350 thousand dollars and above per year. This 3 % tax is what all the hoopla is about. I don't know how much money we are talking about except it's a whopping lot since some incomes are obviously in the millions. This has helped the national debt grow as the Republican led congress wants to make sure the rich get more of their "hard earned" money. In fareness to those persons, they do pay over half the taxes in the country I think, so it comes down to what our country feels is a social responsibilty to everyone else making far less. Republicans are usually more monetarily responsible with money giving tax breaks, but cutting social services, however this particular President and congress has not only given these tax breaks, but doubled the national debt. spending something like one trillion dollars in war alone.

Of course, there is the politics of obfuscation here with the Democrats. They have done absolutely NOTHING since gaining control of both houses of the legislature, and seem to be unable to do anything at all!

Ms. Pelosi: Do You Hear Me? You have squandered the taxpayers' time and money with your political tactics, and I am now a registered Republican and will vote only Republican from now on because I have seen that the Democrats are more concerned with only their own agendas and not the agenda to which they were elected.

The 'supply side' economics DOES NOT WORK!
And the reason is simple.

Too many wealth people are addicted to wealth; so when they get a tax cut, the wealthy just put the 'extra' monies into their pockets in order to up their wealth status, and not use the tax cut in the economy.

On the other hand, placing the monies in the hands of the less wealth, will see lower income people (who are 'living pay check to pay check') quickly dump the tax break into the economy.
In this way the wealth people WILL BE FORCED TO PRODUCE goods and services (stimulate the economy) in order to earn those extra tax cut dollars.

Giving money to the rich to 'put in their pockets' instead of making them work for it IS NATIONAL ROBBERY; because the economy will not be served with goods and services!

These tax cuts only really benefit those making over a few 100K a year. In the middle class, this tax cut will barely even pay for one month's rent... Basically, it's a suck-up to our business elite and investors...

The stimulus should be directed toward middle-class and lower income families, not those who already got plenty of dough stashed away in off-shore accounts.

I am too poor for the tax cut. It only helps 10% of the richest people out there.

Again the Dems forget who owns that money, i.e. the person who worked to earn the money in the first place. The politicians again reinforce their belief that the money is owned by Washington and what we get to keep is a priviledge.

In the meantime they continue to spend and spend on their pork earmarks to try and keep themselves in office. Why do we never hear of any actual cuts in services? And I mean cuts as in reducing government not just reducing the increase in projected spending and calling it a cut as what many pols try to spin.

Washington continues to conduct social engineering and move us towards socialism.

Hey Dan,

The tax cuts were enacted to stimulate the economy back in 2001/2002. It worked as the economy picked up as did job growth.

Think about it! If it takes more consumer spending to improve the economy and create jobs, why would it be a good idea to increase taxes? A tax increase would take more money out of the consumer's hands.

Dude...all you have to do is read the article!! It's in the very last sentence.....

Without congressional action, several tax rates will go up beginning in 2009 including rates on income taxes, dividends, capital gains, and the estate tax.

Good, hopefully the Dems won't cave in on this too.

The Republican Party claims they are working.. some economists claim they have helped.

However, I don't see it... some maybe... but not the success that Bush claims they are. The Economy needs further help, and cutting taxes while spending 180 billion plus a year on Iraq, by taking out loans, is not a fiscally responsible thing to do.

As well as some of the other PORK in Washington, from both parties... Until spending is under control, until a plan to pay for the wars, besides emergency funding, and borrowing from China, and until both parties can sit down and actually work on a compromise... I don't believe that any tax increases, or cuts should be enacted in Congress. I think that the cuts should be left alone and not renewed.

The true issues in Washington D.C. with our economy has to do with the inability of Congress, and the Executive to work together to stimulate the economy. I find it difficult to believe that giving tax breaks to corporations to take their manufacturing overseas, or outside our borders is a way to stimulate our economy. I also find it difficult to see continued financial support for the million dollar farmers and farming corporations, that was recently passed, yet again, without an overhaul...

Until these difficult issues are addressed, I don't think any immediate changes should be made. And during an election year, I don't see congress succeeding in much of anything.

Will I have to sell one of my Limos now?

LOL!!!! I LOVE IT! FINALLY! With the economy proving that Republican economic policy does not work, that allowing corporations to conduct business with no oversight whatsoever, that privatizing America only allows greed to prevail, that tax cuts for the wealthy does absolutely nothing but make the rich richer, it's no wonder Republicans decided to let Rover out of his kennel to distract America.

Too late! It may have taken many Americans a while to figure out but nobody is falling for Republican voodoo economics and slieght of hand tricks anymore.

Republicans are right about one thing, it's a New World Order to be sure but in America, it's just not what they envisioned. We DO have a voice!

In 2008, the estate tax exemption is $2 million per spouse, with a 45% top tax rate. In 2009, the estate tax exemption is $3.5 million per spouse, with a 45% top tax rate.
How can you say the estate tax rate is going UP??

Further, the rates on the income taxes, dividends, and capital gains taxes go up at the beginning of 2011; there is no change before that. This is why Sen. Schumer says these rates do not need to be addressed right now. This error is irresponsible reporting from a major news source; it misleads the public and decision-makers.

These tax cuts have shown to produce more revenue for the gov in many studies. It is called the Laffer Curve. That states that if you lower taxes to a certain level the goverment actually gets more revenue because people spend, invest and expand more thus give greater revenue to the goverment and also put more money in the hands to the people. Think about it, if i have more of my own money, I am likely to spend more thus stimilate the economy. America has the hightest corperate tax in the world. If i owned a business, I could make more money by shipping my location to a place that is more business friendly enabling me to compete with foreign competetors. I would also take the jobs with me. We already have enough jobs leaving overseas. People need to do some research before critizing. I wish Hillary and Obama would research the tax cuts.

These were tax cuts that mostly the very rich got.

HRC will repeal the tax cuts to the rich.

Big, big, big lie....................

The reason Bush's plan to make the tax cuts permanent–is not because of fear of a block by the Democrats. That sure hasn't stopped ANY other legislation the President wanted to submit to congress.

Why don't you just say the truth...

Which is.....

To promote make such a biased and unfair tax cut permanent–would probably lead to a rebellion and Bush's beheading....considering the current financial climate in the nation...and the current mood of the American people.

But...nice try anyway boys. You can't blame this one on the Democrats...it's already falling down around your ears.

It is clear that Ben Bernacke believes we need to keep the tax cuts in place in order to keep money in the hands of consumers as a stimulus and hedge against recession. If Dan NJ (not me) who responded earlier ever filed income tax, he should know that we are keeping more of our income and, in fact, lower income families are paying far less than they had been. Wonder how many people also would be able to keep their homes if heating oil had not doubled?

Bernacke's statements today should knock even the most liberal Democrat off the fence. I am sure, however, it will not.

The tax cuts have been in place for 6-7 years and we're still heading towards a recession. Its time for a new direction, Congress.

Can someone please enlighten me on what these "tax cuts" are. Cnn cays they were enacted in Bush's first term to stimulate the economy, which is now in a recession. Obviously they didn't work or aren't working under current circumstances.

I wonder if this is the "tax cut" that put a cap on income tax over $100,000. Obama has said in an early debate he would eliminate this and HRC was, at that debate, uncommittal on this.

If this is the same tax cut, I think its good it will not be made permanent and should, in my opinion, be repealed.

They must rescind the tax cuts for the wealthy. The middle class is dying. We must restucture our entire tax code. The wealthy have it far to easy. With two wars going on, healthcare crisis, and outsourcing of jobs have crippled American workers.

I'm for Obama but I disagree with the democrats on this. With increased unemployment rates and the economy slowly sliding into a recession a tax increase can only make things worse.

Let me pose a philosophical question to the board:

If we agree that both labor and capital are necessary to a business enterprise, then why is it fair to tax the return on the capital at a rate far below that of the labor? And why, whenever someone suggests that both capital and labor should be taxed at the same rate, are they accused of wanting to "soak" the rich?

Republicans are idiots. They are all gaga over the tax cuts by that monkey in a suit, yet they havent figured out how to support the government. It takes revenue and unfortunatly that usually means taxes. Republicans need to go to the Wizard – maybe he can give them a brain.

I am one of the millions of Americans who doesn't have any dividends, capital gains, nor the benefactor of an estate thus no estate tax. Get real people, i work week after week and I can tell no difference on my paycheck where I have benefited from any of Bush's so called tax cuts, if anything I believe I set an all time record high last year on how much I paid in. Who is benefiting? I would bet the wealthy.

good

Clinton is very reasonable, I don;t think he is combative, it is just CNN sensational journalism

How the hell do these people expect this enormous debt to be paid? Donations?

stall, stall, stall...........bicker, bicker, bicker............same o, same o, same o.............nothing good comes of this for the average American Citizen. I think these tax cuts should become permanent. Seems to me our officials are bent against the America Citizen in every which way possible.

Bye bye miss American pie for the rich,drove my limo to the bank but the bank was dry,now all I do, is sit here and cry ,thinkin ohhhhh why.