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Should 98% of America lose tax cuts because the GOP/Top2%?

Posted by on Nov. 11, 2012 at 4:45 PM
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2 moms liked this

Obama To Boehner: Higher Taxes On The Wealthy Or The Bush Tax Cuts Expire

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President Obama and House Speaker John Boehner have each made cursory appeals to cooperation in the wake of Tuesday’s election. But they’re still making incompatible demands about the tax code. And on Friday, President Obama made clear that if Republicans reject the policy goal he campaigned on, all of the Bush tax cuts will expire.

“If we’re serious about reducing the deficit we have to combine spending cuts with revenue, and that means asking the wealthy to pay a little more in taxes,” Obama said in public remarks at the White House. “Right now if Congress fails to come to an agreement on an overall deficit reduction package by the end of the year, everybody’s taxes will automatically go up on January 1.”

In both 2008 and 2012, Obama campaigned on the goal of allowing the Bush tax cuts that exclusively benefit top earners to expire. That would increase the top marginal tax rate from 35 percent to 39.6 percent next year. But Boehner and other Republicans want tax rates off the table and GOP aides suggest higher tax rates can’t pass the Republican House.

In his first post-election press conference, a couple of hours before the President’s statement, Boehner also indicated his willingness to compromise — though he reiterated Republican opposition to raising tax rates. “On Wednesday, I outlined a responsible path forward to avert the fiscal cliff without raising tax rates,” Boehner said.

“There is no mandate for raising tax rates on the American people,” House Majority Leader Eric Cantor said in a Wednesday statement. “There is a mandate for avoiding the fiscal cliff and finding real solutions so we can make life work for people again.”

Obama did leave modest room for negotiations. “I’m not going to ask students and seniors and middle class families to pay down the entire deficit while people like me making over $250,000 aren’t asked to pay a dime more in taxes,” he said.

Boehner could meet Obama’s demand without raising tax rates by limiting tax expenditure benefits for high income people. But for now, Boehner has only suggested that revenues from this sort of base broadening should be used to lower tax rates. Obama, by contrast, is asking the House to pass a Senate bill that would isolate the Bush tax cuts for top earners and allow them to expire.

“The Senate has already passed a bill doing exactly this, so all we need is action from the House,” Obama said. “And I’ve got the pen, ready to sign the bill right away.”

In an official statement, Senate Majority Leader Harry Reid, echoed the President. “The Senate passed a bill to cut taxes for Americans making less than $250,000, and the House should pass it immediately.”

White House Press Secretary Jay Carney was even more blunt. “He will veto any bill extending Bush era tax cuts for the top two percent of wage earners in this country.”

That leaves the onus on Boehner to either pass that bill, or find an equivalent way to take the same amount of new revenue from high income earners. So far, he and other GOP leaders seem unwilling.

“”The increased tax rates that would be allowed under the Senate-passed bill are part of the fiscal cliff that economists are warning us to avoid,” Boehner said in response to the Presidents remarks. “Those increased tax rates will destroy jobs in America by hurting small businesses across the country.”

Senate Minority Leader Mitch McConnell was more strident. “[T]here is no consensus on raising tax rates, which would undermine the jobs and growth we all believe are important to our economy,” McConnell said. “While I appreciate and share the President’s desire to put the election behind us, the fact is we still have yet to hear an actual plan from the President for addressing the great economic challenges we face. What’s needed now is a realistic and specific proposal from the President that can actually pass the Congress.”

They’ve left themselves some wiggle room. But if they don’t squeeze themselves through it, Obama said, everyone’s taxes go up at the end of the year.


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If they enforced bank regulations like they do park rules, we wouldn't be in this mess

by on Nov. 11, 2012 at 4:45 PM
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brookiecookie87
by Platinum Member on Nov. 11, 2012 at 4:48 PM
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I keep hearing Conservatives/Republicans saying that Democrats/President Obama are trying to destroy the Middle Class.

But President Obama is trying to extend the Tax Cuts for 98% of America. But the GOP/Republicans are refusing to let them get the extension unless the top 2% gets the extension too.

I just don't understand how a Political Party can claim they are for the Middle Class and then turn around and hold them hostage by saying, "Give us Tax Extensions or else we won't pass the extention for the middle class".


Aslen
by Silver Member on Nov. 11, 2012 at 4:50 PM
2 moms liked this
Exactly!


Quoting brookiecookie87:

I keep hearing Conservatives/Republicans saying that Democrats/President Obama are trying to destroy the Middle Class.

But President Obama is trying to extend the Tax Cuts for 98% of America. But the GOP/Republicans are refusing to let them get the extension unless the top 2% gets the extension too.

I just don't understand how a Political Party can claim they are for the Middle Class and then turn around and hold them hostage by saying, "Give us Tax Extensions or else we won't pass the extention for the middle class".



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turtle68
by Mahinaarangi on Nov. 11, 2012 at 5:28 PM

 I asked the same question in the other post.  What I would like to understand is how either can go through congress?

If the 2% cant be taxed because the Republicans wont pass it....then how can the 98% be taxed?

Do they come to a stalemate and move on to other issues or do they keep negotiating until 4 more years have passed?

AdrianneHill
by Platinum Member on Nov. 11, 2012 at 5:40 PM
4 moms liked this
I'm glad the election showed some people that Americans were tired if having the entire country held hostage so two percent don't have to pay an extra five percent on their income over two hundred and fifty thousand dollars.
How is that deal considered a positive for the people as a whole in the first place? We know quite well the wealthy don't create jobs or spend that money so why not keep it in the economy instead of shipping it overseas with the jobs they sent?
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stacymomof2
by Ruby Member on Nov. 11, 2012 at 5:46 PM
3 moms liked this

The tax cuts are set to expire.  They were extended last time, now it is getting close to the end of the extension.  So Obama is saying pass a new extension that doesn't include the top 2% or he will veto the extension, thereby allowing the tax cuts to expire and revert back to Clinton era tax rates.  Obama's proposal continues the tax cuts to the lower income earners, and raises the tax rates on higher income earners by 3%.  Yep, 3%.  All this hysteria so people who make over a quarter of a million dollars a year do not have to pay 3% more of taxes on any income earned over $250 thousand dollars.  Sounds ridiculous when it's spelled out, doesn't it.

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/05/democrats-dont-want-to-go-back-to-clinton-era-rates/

Quoting turtle68:

 I asked the same question in the other post.  What I would like to understand is how either can go through congress?

If the 2% cant be taxed because the Republicans wont pass it....then how can the 98% be taxed?

Do they come to a stalemate and move on to other issues or do they keep negotiating until 4 more years have passed?


kailu1835
by Ruby Member on Nov. 11, 2012 at 5:47 PM
8 moms liked this

Actually, what many Americans showed the rest of us is that they are happy with not having to pay their fair share and want to keep the status quo of spend spend spend. 

Quoting AdrianneHill:

I'm glad the election showed some people that Americans were tired if having the entire country held hostage so two percent don't have to pay an extra five percent on their income over two hundred and fifty thousand dollars.
How is that deal considered a positive for the people as a whole in the first place? We know quite well the wealthy don't create jobs or spend that money so why not keep it in the economy instead of shipping it overseas with the jobs they sent?


babiesbabybaby development

happy2bmom25
by on Nov. 11, 2012 at 5:50 PM
9 moms liked this

PLEASE UNDERSTAND WHAT YOU ARE TALKING ABOUT!!!!

IN 2009 THE TOP 10% PAID MORE THAN 70% OF THE TAXES!!!!!

WHAT AMOUNT MORE DO YOU THINK THEY SHOULD BE PAYING?????

ISN'T THAT ALREADY MORE THAN THEIR FAIR SHARE?

turtle68
by Mahinaarangi on Nov. 11, 2012 at 5:54 PM

 ahhhh dont know how I missed that word expire...should have LOL  So neither parties can control what is essentially something that has an expiry date.  Its either all or compromise.

Quoting stacymomof2:

The tax cuts are set to expire.  They were extended last time, now it is getting close to the end of the extension.  So Obama is saying pass a new extension that doesn't include the top 2% or he will veto the extension, thereby allowing the tax cuts to expire and revert back to Clinton era tax rates.  Obama's proposal continues the tax cuts to the lower income earners, and raises the tax rates on higher income earners by 3%.  Yep, 3%.  All this hysteria so people who make over a quarter of a million dollars a year do not have to pay 3% more of taxes on any income earned over $250 thousand dollars.  Sounds ridiculous when it's spelled out, doesn't it.

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/05/democrats-dont-want-to-go-back-to-clinton-era-rates/

Quoting turtle68:

 I asked the same question in the other post.  What I would like to understand is how either can go through congress?

If the 2% cant be taxed because the Republicans wont pass it....then how can the 98% be taxed?

Do they come to a stalemate and move on to other issues or do they keep negotiating until 4 more years have passed?


 

mehamil1
by Platinum Member on Nov. 11, 2012 at 5:56 PM
7 moms liked this

Paying a fair share would be great if they even had a share to pay. Are we still harping on the 47% nonsense? How many times does this have to be said: Of those 47% of people who don't pay an INCOME tax (they pay other taxes) most of them are the elderly, veterans, deployed military, disabled, the working poor (as in they make so little money that it would be ridiculous to tax them more when they barely make anything to begin with), and the unemployed. Why would they be taxed when they are the most vulnerable people in this society and need the most help? Especially the elderly and the disabled and veterans? Those in the 2% can afford to be taxed at a higher rate and they'll still be fine. Those at the very bottom would be the ones hurt the most. 

Quoting kailu1835:

Actually, what many Americans showed the rest of us is that they are happy with not having to pay their fair share and want to keep the status quo of spend spend spend. 

Quoting AdrianneHill:

I'm glad the election showed some people that Americans were tired if having the entire country held hostage so two percent don't have to pay an extra five percent on their income over two hundred and fifty thousand dollars.
How is that deal considered a positive for the people as a whole in the first place? We know quite well the wealthy don't create jobs or spend that money so why not keep it in the economy instead of shipping it overseas with the jobs they sent?


areid1023
by Silver Member on Nov. 11, 2012 at 5:57 PM

BUMP!

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