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  #1  
Old 07-22-2010, 08:06 AM
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Default Permanent Tax Cuts on the Horizon?

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Senate Democrats will soon advance a plan to make permanent President George W. Bush's 2001 tax cuts for middle-class Americans earning less than $200,000, but let the tax breaks for the wealthiest Americans expire, two Senate party aides said Tuesday. They will also propose to reinstate a 45% estate tax on individuals for the next two years.

The emerging tax plan is designed, as much as anything else, to clarify the differences between the two parties as they hurtle toward the fall elections. Following on their success with the financial-regulatory-reform bill, Democrats are betting that Republicans will once again take up a legislative battle on behalf of the wealthy. "Republicans are going to have a real choice ahead of them," says a Democratic aide. "Are you for extending these tax cuts for middle-class families or are you against them because you want to protect tax cuts for the wealthiest 1% of Americans?"

The showdown could come as early as August, now that Senate majority leader Harry Reid has decided to keep his colleagues in Washington through the middle of next month.

The Democratic plan is neither cheap nor paid for. Making permanent all tax cuts for the middle class will cost the Treasury $2.7 trillion over 10 years, according to the Joint Committee on Taxation, at a time when Washington has already added trillions to the debt. Extending the tax cuts for the very wealthiest Americans would drain an additional $678 billion. But fiscal responsibility is not the intent of this proposal.

So far this year there has been very little discussion about reducing the red ink now, either through spending cuts or tax hikes. Both parties agree that raising taxes on the middle class, given the fragile state of the economy, would put the recovery in jeopardy.

Where the disagreement arises is on what to do about the most affluent taxpayers. Democrats believe that raising taxes on these folks won't change their spending habits and they point to former Federal Reserve Chairman Alan Greenspan, a longtime Republican who earlier this week argued that all of Bush's tax cuts should be left to lapse given the massive deficits facing the U.S. Republicans counter with the fairness argument. "Raising the top two brackets would hit 50% of small-business income ó the small businesses that the President keeps imploring to create jobs. No wonder they're not doing so," says a senior GOP Senate aide.

Read more: http://www.time.com/time/politics/ar...#ixzz0uQZz9FMe
And so it goes. . .
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Old 07-22-2010, 11:54 AM
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The thing about tax cuts without spending cuts is that politicians will find away to keep the coffers full. Voters should never vote on the basis of tax cuts.
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Old 07-22-2010, 06:08 PM
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We need honest-to-God CONSERVATIVES in office if we're gonna kick the economy in the tail, quit spending and, well, golly, among other things. . .have you heard that California is gonna make a mint by processing medical marijuana? I dunno. . .mebbe it's time for a 21st century end to prohibition. . .?? Of course, I s'pose that rather contraverts conservatism
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Old 07-22-2010, 07:36 PM
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Originally Posted by MagiePerdu View Post
We need honest-to-God CONSERVATIVES in office if we're gonna kick the economy in the tail, quit spending and, well, golly, among other things. . .have you heard that California is gonna make a mint by processing medical marijuana? I dunno. . .mebbe it's time for a 21st century end to prohibition. . .?? Of course, I s'pose that rather contraverts conservatism
Ya know, I used to think the same thing, but all of the drug cartel killing is beginning to make me wonder. It would take the profit out of it and therefore the war for control of the market, but I reckon there would be something else to take it's place
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