Tax-cut package: Is it worth the cost?
December 15th, 2010
11:37 AM ET
3 years ago

Tax-cut package: Is it worth the cost?

New York (CNNMoney.com) – The tax-cut compromise before the Senate Wednesday is expected to pass Congress largely intact even though everybody dislikes at least some piece of it.

Politically, of course, the compromise may work because everybody got at least something they wanted.

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Filed under: Congress • Taxes
soundoff (16 Responses)
  1. Bill from GA

    How can we have a discussion of whether the package is 'worth it' if nobody is willing to pay for it?

    The true 'Don't ask – don't tell': Don't ask the future (young) voters, and don't tell them what a mess we are leaving them. Let 'em find out when they quit their mindless texting and start paying attention and voting. But it may be too late then.

    December 15, 2010 11:52 am at 11:52 am |
  2. T'sah from Virginia

    Oh how the RepubliCAN'Ts CRY NOW!!! The campaign of 2010 was ALL ABOUT giving TAX CUTS to the Rich and Famous, right?????? This is why an additional TRILLION $$$s is being added to the deficit, right?????? This is nothing more than a "Sophisticated Stimulus" and EVERYONE is happy --- politically!!! Hmm, but NOT everyone because they are beginning to SEEP OUT now talking AGAINST IT even though they were FOR IT during the 2010 Campaign!!!!!

    December 15, 2010 11:58 am at 11:58 am |
  3. jay1975

    So if this passes, will the new mantra of the left be "Obama tax cuts for the rich"?

    December 15, 2010 11:58 am at 11:58 am |
  4. Name king

    Tax cut for the rich is a waste, these guys will not creat any jobs, they are in the business of making money not investing into ventures that won't sustain them and make them profits. Corporations are consolidating and laying off, they are switching people for robots and computer systems, and they are outsourcing jobs to china at an disastrous pace. Their investments are not concentrated on America anymore but overseas. Which they are making way more money than America. Why are we paying money to these folks for them to keep packing trillions on the sidelines and watch the American people suffers.

    December 15, 2010 12:04 pm at 12:04 pm |
  5. Four and The Door

    Our economy needs to grow for a couple reasons. The most important right now is to provide jobs for the high number of unemployed workers. The second reason is to help bring down our government debt and deficit spending.

    Raising taxes on anyone right now will make it more difficult to grow the economy. Yes there are other things we can do, for instance making trade agreements and being careful on the spending side, but having the government pull more money out of the economy right now is not the right thing to do. The government will in a much better position when the economy has recovered.

    December 15, 2010 12:06 pm at 12:06 pm |
  6. ronalde

    It is only worth it if adds jobs and helps the economy which i don't think it will.Obama needs to take a stand against the republicans and the yellow dog democrats.

    December 15, 2010 12:19 pm at 12:19 pm |
  7. ronalde

    President Obama needs to be more like Lahood.

    December 15, 2010 12:20 pm at 12:20 pm |
  8. jay1975

    Exactly how does one "pay" for a tax cut (or to actually be correct, leave current tax rates as they are)? Letting someone keep what they earn is not a break and it doesn't cost the government anything. What runs the debt and deficit up is the government spending more than it has taken from the people. Too many ignorant people here and worse yet, they vote. If the current tax rates increase to their pre-2001 levels, the lowest income earners would see the largest increase by percentage. I know that goes against the "Bush tax cuts for the rich" BS so many have been spewing, but the same people who told you that lie know you are too ignorant to do any research for yourself.

    December 15, 2010 12:31 pm at 12:31 pm |
  9. Chris

    The theory is as old as humanity and its called "hegemony".
    Convince the poor that it is within their best interest to support the wealthy.

    December 15, 2010 12:37 pm at 12:37 pm |
  10. Four and The Door

    Chris
    The theory is as old as humanity and its called "hegemony".
    Convince the poor that it is within their best interest to support the wealthy.
    _____________________________________________________________
    You have it backwards. The effect of not raising taxes on people who create jobs is to convince these people that it is in their best interest to create more. And in response to the liberal rallying cry ( i.e., Name King post above ) about jobs going overseas, this is not where small businesses hire. Small businesses hire Americans in America. That's what we need more of right now. There are plenty of workers available, plenty of unmet market needs for most businesses and the only thing holding small businesses back from hiring is cash flow. Tax payments have a significant and immediate impact on cash flow.

    December 15, 2010 12:45 pm at 12:45 pm |
  11. vic nashville tn

    Before the election Jobs for Americans issue number 1

    After the election tax cut for rich issue number 1

    December 15, 2010 12:45 pm at 12:45 pm |
  12. mcoville

    The Dems are the reason jobs are going over seas. Want to know why they are going over seas? Because they have lower income tax liability for employers.

    Want to keep jobs in America? making it cheaper for employers to hire, eliminate payroll taxes. Best part is that eliminating payroll taxes would also lower the cost of items and then people could afford to buy more, which then creates a bigger demand and creates more jobs.

    December 15, 2010 01:00 pm at 1:00 pm |
  13. Sniffit

    "So if this passes, will the new mantra of the left be "Obama tax cuts for the rich"?"

    No. That will be the attempted mantra from the GOP and conservatives who never EVER take responsibility for their own actions. The rest of know very well why the tax cuts for the top 2% of wealthy Amurikans are contained in this bill and your snide, cynical attempt to shift the blame, after your conservative heroes adamantly and irrationally demanded that the tax cuts for the top 2% be contained in the bill AND THREATENED THEY WOULD DO NOTHING ELSE UNLESS AND UNTIL THAT HAPPENED, is about as disingenuous as it gets.

    "Raising taxes on anyone right now will make it more difficult to grow the economy."

    Wrong. It won't change a d-mn thing. Neither does the extension of the temporary Bush tax cuts that the GOP demanded. CBO predicts that the $120B in tax cuts given to the extremely wealthy will help to reduce the unemployment rate by anywher between 0.0% to 0.1%. In other words, THE GOP SOLD YOU MORONS ANOTHER IDEOLOGICAL POISON PILL.

    December 15, 2010 01:02 pm at 1:02 pm |
  14. Lib Loving CNN

    Read my Conservative Lips......There are NO TAX CUTS! It is OUR money!

    December 15, 2010 01:09 pm at 1:09 pm |
  15. Take America Back

    This is for CNN and all you Liberal Bloggers on here......Why do you want "the Rich's" money? Why should anyone support people like you who think someone else should pay for the things from moneys they earned themselves? Are you simply jealous because they have it and you don't? How much percentage of one's income should be enough for anyone to pay? If you worked hard all your life and were able to accumalate say....$1 million....that you wanted to leave to your children and wife....how much shoud the government get of YOUR million??? 50% -60%--70%???
    This nation was built on hard working individuals and now it has become a group of loud mouthed "TAKERS"....
    The real question to ask yourself is....AM I A TAKER OR A GIVER? and that doesn't mean giving something someone else earned!

    December 15, 2010 01:16 pm at 1:16 pm |
  16. rs

    No! Vote them down! Raise taxes back to the Pre-Reagan era.

    December 15, 2010 02:29 pm at 2:29 pm |