(Reuters) – House of Representatives leader Nancy Pelosi on Thursday affirmed her support for letting lower tax rates for wealthier Americans expire at year-end, despite opposition by several Senate Democrats who say the economy is too fragile for higher taxes.
Fiscally conservative Senate Democrats Evan Bayh, Kent Conrad and Ben Nelson all have said they believe lower tax rates for all income groups should be renewed when they expire at the end of the year.
Pelosi said that does not change her position.
"Our position has been that we support middle income tax cuts. The tax cuts at the high end have increased the deficit enormously," she said.
Answer by stacymomof2 at 8:24 PM on Jul. 22, 2010
Answer by LoriKeet at 4:04 PM on Jul. 22, 2010
Answer by LoriKeet at 4:15 PM on Jul. 22, 2010
The only people who have large amounts discretionary income right now are the wealthy. I'd rather have them SPEND it, where it will enter the economy and circulates, improving sales of products and services, and provides jobs.
If the government takes it, it will be eaten by bureaucracy.
Answer by mancosmomma at 4:10 PM on Jul. 22, 2010
Answer by May-20 at 4:21 PM on Jul. 22, 2010
Saying the stimulus didn't work is a republican falsehood. It did work It was to stop the rate at which people were losing their jobs. It did that the % of unemployment would be much higher without it. A 1/3 of It prevented teachers, fireman from being laid off. !/3 of it gave tax breaks to 95% of Americans and !/3 was for infrastructure which will take time. No one was going to come in and wave a magic wand and make the economy better. The stimulus did prevent it from getting worse.
Answer by mommom2000 at 6:00 PM on Jul. 22, 2010
You can't cut taxes cut spending and reduce the deficit all at the same time. Bush already tried this and look at how well that turned out. You keep saying cut spending can you give examples. Now is not the time to cut taxes on those who can afford it. Your talking out of both sides of your mouth.
Answer by mommom2000 at 6:03 PM on Jul. 22, 2010
Answer by stacymomof2 at 7:11 PM on Jul. 22, 2010
...The report also included a chart predicting unemployment rates with and without the stimulus. Without the stimulus (the baseline), unemployment was projected to hit about 8.5 percent in 2009 and then continue rising to a peak of about 9 percent in 2010. With the stimulus, they predicted the unemployment rate would peak at just under 8 percent in 2009.... But what we saw from the administration in January 2009 was a projection, not a promise. And it was a projection that came with heavy disclaimers. "It should be understood that all of the estimates presented in this memo are subject to significant margins of error," the report states. "There is the more fundamental uncertainty that comes with any estimate of the effects of a program.
Answer by stacymomof2 at 7:13 PM on Jul. 22, 2010
Answer by stacymomof2 at 7:28 PM on Jul. 22, 2010