Washington (CNNMoney.com) - Washington's big debate – whether or not to extend the Bush-era tax cuts – heated up Wednesday, and appeared headed for a showdown when Congress returns from its summer break next month.
Top Democrats will tackle new tax legislation in September when they return from summer break, according to a spokesman for Senate Majority Leader Harry Reid, D-Nev.
Democrats want to try to extend the middle-class tax cuts passed back in 2001 and 2003 during the George W. Bush administration. But they want to let cuts lapse – essentially hiking taxes – for individuals making more than $200,000 and families making $250,000 annually.
Republicans accused Democrats of trying to quash the economic recovery.
Our deficit will increase even higher with the tax cut for the rich. Funny how Refiblicans are so concerned about the deficit......until tax cuts for thr rich, which raises the deficit ten fold, is dicussed. Then, all of the sudden, their concerns are alleviated.............
Oh, yeah. That's just what the Dems want. To crush the recovering economy. That would just be brilliant. I don't know who's dumber, the 'Birthers' or these morons who accuse people of wanting to '...quash the recovering economy...'. Good lord.
If we believe that the deficit matters, then there can be no question but that the tax cuts must be allowed to expire. It is highly likely that the Bush tax cuts of 2001 and 2003 strongly contributed to the Bush recession of 2001-02, inhibited the recovery, and abetted the 2007-08 slowdown that was the trigger to the Great Recession.
Our deficit will increase even higher with a tax cut for the rich. Funny how Refiblicans are so concerned about our deficit.....until tax cuts for the rich is discussed. The, all of the suuedden, their concerns are alleviated. Eventhough, evidence is overwhelmingly to the contrary;
Reagan US deficit after 8 years.....$550 billion
Bush 1 US deficit after 4 years.....$385 billion
Clinton US deficit after 8 years.....$35 billion
Bush 2 US deficit after 8 years......$5 trillion
Well, The smart thing would be to extend ALL the Bush Tax Cuts and lower spending in Washington. The dumb thing would be to end those in the highest brackets. That would assure that the high un-employment numbers will continue or even get worse.
But why ask me. I am only the 800 pound Gorilla in the room.
So what do the republicans want to use the money not coming in for?
Republican senators making clear that they will not support ratification without iron-clad assurances of future spending to maintain the U.S. nuclear arsenal.
They are insisting on more guarantees for a 10-YEAR BUDGET INCREASE to fix up the aging nuclear weapons complex... more DEFICIT SPENDING ON THE MILITARY!
But no money for unemployment benefits ... since those who are unemployed are just "spoiled" according to Sharron (Obtuse) Angle.
"Republicans accused Democrats of trying to quash the economic recovery."
Because tax cuts have created sooo many jobs in the last 30 years. Does anybody seriously believe in trickle-down any more? Have a nice day!
The way I see it, if the Dems are going to be demonized anyway, then give the Repubs an ultimatum AFTER November elections: Keep the tax cuts for the middle and cancel for the "elite" or let the cuts run out. You are d*amned if you do and d*amned if you don't. Then go out in a blaze of glory.
When Clinton was Prez, the top rate was 39% & the Economy was great, we had a Surplus. Bush lowered the rate to 36 % & the Economy crashed & the Surplus turned into a Monster Deficit. When Bush wanted to lower the tax rate, his rationale was that we had a Surplus. Now, the Repubs. want to keep the same low rate because we have a Monster Deficit. Makes perfect sense if someone is trying to sell you a bag of voodoo economics.
During this economy, it would be economic suicide to let these tax cuts expire on anyone. Stop the game playing and name calling and fix our economy.
While increasing revenues is something the federal government needs to do, the biggest problem for our economy is the deficit spending. It started getting out of control during the Bush admin and has continued under Obama. Our legislators on both sides of the aisle need to realize that wasteful spending must be reigned in. We all have to live on a balanced budget, why shouldn't the government?
Count on Democrats for squabbling and delaying our recession more because people making less that $200K are not the ones hiring people. In the end I think they will probably fold because after all they are politicians. All the populist nonsense we weill hear aside they do want to continue that elevated role of being a Congressman and people out of work are into expediency. If you can't pay your mortgage its all pretty pointless.
Democrates are in a box here! tailored by Karl Rove and associates!
" lets the tax cut lapse the right wing will hammer you with you dont hike taxes during recession" you know just like the recession came from no where! just appeared by magic!. Please hold the Republicans accountable for the greatest recession in the 21st century!!. " extend the tax cuts" Again the right wing will hammer you with National Debt! because the extension will add deficit to the National debt. ITS CALLED KARL ROVE SPEED BUMBS CREATED AND DESIGNED BY RIGHT WING THINK TANK IN A MEETING CALLED TRAPPING THE DEMOCRATES LIKE RATS!!!
When you raise taxes on Businesses and their owners you cause price increases at the check out line. So really the increase is on the middle and lower class. It is pretty easy to figure this out.... think as if the business was yours or as the owner your salary was taxed more ... in either case the cost of doing business goes up and that means the price goes up..... The democrats are playing a shell game here.
Stop the tax subsidies for the very wealthy elitists.
This tax money give away has been going on since 2001 and 2003 which soon after our economy took a dive.
No matter when – where we are now proves that the tax subsidies for the very rich 2% was a scam, a hoax, a cheat and did nothing but put more money in the bank accounts of the very wealthy 2% – which was/is the Bush/Cheney base.
"Trickle down economy" is what the Repubs call it, peeing running down your leg is a more accurate discription.
there you ...typical democrats...tax ,, tax,, tax,, spend dont money we dont have.... ugh...
The Democrats plan is to let the tax cuts for the top 2% of the earners to expire, but hold on to the tax breaks for the other 98% that earn less than 250.000. It's time that the MEGA RICH pull their weight.
I make less then 40K a year and my taxes will go from 15% to 20% how are the Bush tax cuts only for the rich? Can you libs tell me? Is it that I'm rich? I don't feel rich.
This sums up the GOBPbagger idiocy nicely. We've had deregulation and tax cuts for 10 years now, but the promised economic boom and jobs are nowhere to be seen. This a provably failed political philosophy yet the teatards cling to it like a dog would a bone. Lets return to the days of Reagan level taxation. That means letting the cuts expire for the ultra-wealthy, most of whom couldn't care less for the average mainstream American.
Almost 10 years ago the Republicans by enacting this legislation by RECONCILIATION assured us that this would be great for America. Hundreds of thousands of jobs shipped overseas, stagnant wages, trillions added to the debt and our economy at the end of the Bush administration loosing 700k jobs a month, they now tell us the Tax Cuts are working.If they are why are we not in an economic utopia??