Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

Should the tax cuts expire?

(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.

http://news.yahoo.com/s/nm/20100722/pl_nm/us_tax_pelosi

 
sweet-a-kins

Asked by sweet-a-kins at 3:49 PM on Jul. 22, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (59)
  • WRONG. The administration admitted their own projections were WRONG. So far every cost projection this administration has made has been wrong. So they just are really bad at math, but they didn't LIE.
    ______________________________________
    The projections were full of disclaimers from the beginning. How could anybody put a specific number on it? Did you take that report, read it, and come to the conclusion you were not going to see unemployment over 8%? If so, let me recommend a critical reading course. Or are you repeating a chant from your conservative masters?
    stacymomof2

    Answer by stacymomof2 at 8:24 PM on Jul. 22, 2010

  • No. The Bush tax cuts are NOT only going to affect or benefit the "wealthy," they will affect EVERYONE who draws any level of salary!!

    Things like the Earned Income Credit, Child Credit, return of the Marriage Penalty and NEW lower tax brackets (as low as 10%) stand to affect everyone negatively!
    LoriKeet

    Answer by LoriKeet at 4:04 PM on Jul. 22, 2010

  • It's a double-edged sword. But I would rather the money circulate throughout the country, than line the pockets of the lawmakers and lobbyists!

    At this point the deficit is so far out of control, I doubt that it's possible to ever reel it back in again! *sigh*
    LoriKeet

    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. 

    mancosmomma

    Answer by mancosmomma at 4:10 PM on Jul. 22, 2010

  • If the tax cuts expire for the wealthy, they expire for everybody. That's the problem. The people who are going to be most hurt by this are the middle class who cannot afford to give up any more money for any reason.
    May-20

    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.

    mommom2000

    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.

    mommom2000

    Answer by mommom2000 at 6:03 PM on Jul. 22, 2010

  • Really? Obama said the stimulus needed to be passed to prevent unemployment from hitting 8%.
    ___________________________________
    another Republican Falsehood
    "This is a claim with staying power. In fact, we first dealt with a similar claim a little more than a year ago when House Republican Whip Eric Cantor said, "We were promised. The president said we would keep unemployment under 8.5 percent (if the stimulus passed)." Since then, it has become frequent conservative talking point -- cited repeatedly by Fox's Sean Hannity, Glenn Beck and others. So we thought it was worth revisiting...First, we could find no instance of anyone in the administration directly making such a public pledge. Rather, it comes via a Jan. 9, 2009, report...
    stacymomof2

    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.


    stacymomof2

    Answer by stacymomof2 at 7:13 PM on Jul. 22, 2010

  • Of course they can easily pass a law that only lets the higher income cuts expire.
    stacymomof2

    Answer by stacymomof2 at 7:28 PM on Jul. 22, 2010