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

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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The Ninety-Nine Percent Moms   

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
Replies (271-280):
Simmeringhearts
by on Dec. 4, 2012 at 7:45 AM
1 mom liked this

So, you bitch about how you should pay more in taxes. But, yet, hold on to the very amount. Interesting....

It is not a loaded question.

Quoting AdrianneHill:

That is a ridiculous and loaded question. I have come to hate it more than most sanctimonious crap I often hear.

Quoting Simmeringhearts:

Did you keep that money that you think you should be paying more in taxes?


Quoting smalltowngal:

I don't get into specifics when it comes to our finances but DH and I are in the top 10%. We've gotten away with only paying 2% in Federal taxes before. Something seems wrong with that. 




meriana
by Platinum Member on Dec. 4, 2012 at 8:02 AM

The GOP has offered a proposal. Unfortunatly it includes retaining the tax cut for the 2% and cutting Medicare, Medicaid and the cost of living raise for SS.  And there's the problem, they fight tooth and nail to hold into whatever will in any way, large or small, benefit the 2% and balance it out by taking from those who can least afford it.  A lot of those in the 2% pay a lower rate to begin with since the majority of their income is from Capital Gains and others are currrently able to nearly zero out their tax liability. But according to the GOP, they cannot afford to pay a bit more in taxes on income ABOVE 250,000. however Senior citizens at the far other end of the income scale do NOT need a small cost of living increase even though prices are going up all the time and they don't need Medicare either. The GOP is willing to take anything and everything from those at the bottom of the income scale but don't even suggest the 2% ever give up anything. There's been a lot said about how unfair, etc. it is for the top 2% to be asked to pay a little more in income tax, how unfair it is that an employer be made to contribute to the health of his workers, the list goes on. They call it "wealth redistribution", however, when it's suggested that those at the bottom pay more or it's suggested that programs they rely on be eliminated or seriously cut back in order to further benefit the 2% at the top, that's just fine, that's apparently not "wealth redistribution" but simply the 2% collecting what is due them. Amazing.

candlegal
by Judy on Dec. 4, 2012 at 8:06 AM
1 mom liked this

They also showed they want more, more, more and want someone else to pay for it.

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?



candlegal
by Judy on Dec. 4, 2012 at 8:08 AM
1 mom liked this

You do realize that some of these ladies will not be happy until the top 10% give everything they have so they will be as poor as they are.  This is about redistributing so all have the same.

Quoting happy2bmom25:

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?



Simmeringhearts
by on Dec. 4, 2012 at 8:10 AM
1 mom liked this

Let me put it this way, since it really is simple (for most)..

My husband and I make over $250,000 a year. In fact, this year, we have exceeded that.  We donate about 20 - 25% in cash. I also donate, at least, 100 bars of soap (my product) to the womens' shelter each month. We donate our household items and clothing each year, rather than having a yard sale. We give $100 to the nurse at school to purchase socks, underwear and whatever they decide each year. We purchase $100 in books and other school supplies for our childrens' teachers each year. I also crochet and donate hats, booties, slippers, blankets, etc to the womens' shelter and Childrens' Hospital.

Now, if I was one of these that say I should be paying more in taxes, then I should be willing to simply write a check for the additional amount and donate it.

Quoting brookiecookie87:

It really is.

Whenever someone ask that question I respond with, "Do you believe Tax should be 0% and paid on an honor system of what we feel should be paid?" Because clearly that is not the kind of system we have.

Quoting AdrianneHill:

That is a ridiculous and loaded question. I have come to hate it more than most sanctimonious crap I often hear.

Quoting Simmeringhearts:

Did you keep that money that you think you should be paying more in taxes?


Quoting smalltowngal:

I don't get into specifics when it comes to our finances but DH and I are in the top 10%. We've gotten away with only paying 2% in Federal taxes before. Something seems wrong with that. 





Simmeringhearts
by on Dec. 4, 2012 at 8:12 AM
2 moms liked this

It is clear that those who have no clue as to what they speak of, should not.

Quoting meriana:

Well if they don't want a higher tax rate (and really the rate isn't what they pay anyway); how about this: They simply lose all those extra tax deductions instead.

The middle and lower income groups have basically 3 deductions outside of spouses and children; mtg interest; EITC and child credit.  As far as I know the only one the very wealthy don't have is the EITC which is based on income. So how about we give them ONLY those deductions rather than raise the rate and since they don't get EITC, they could be allowed a $4,000.00 credit. So they only get to deduct the mtg interest on the PRIMARY residence...no more mtg interest deduction for their 2nd home, vacation home or yacht. No more deduction for their private jet; no more deductions as business expenses for anything that involves other family members or for personal property used in the conduction of business, ie: no deducting one's personal vehicle as a business expense because you choose to drive it to work; no more deducting as a business expense the party you chose to throw for the holidays and no more deducting a vacation as a business exense because you chose to contact a business associate while in the Bahamas, etc.  The list could be very long...and the very wealthy would certainly lose a lot of tax deductions that currently only they can take advantage of but it appears it could generate a lot more revenue than a simple raise in the rate and put everyone on a more equal footing as far as taxes go since everyone would have the same deductions available to them, no more, no less. Oh and tax Capital Gains at the same rate as other income....personally I don't care how they got it, it's every bit as much income as the paycheck the factory worker receives is and should be taxed at the same rate.

There, I fixed the problem....LOL.



Billiejeens
by Gold Member on Dec. 4, 2012 at 8:28 AM


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?


I don't know if any single post has been more ridiculously stupid than this post.

Did anybody ever take a logic, economics, political science or Government class?

Billiejeens
by Gold Member on Dec. 4, 2012 at 8:45 AM
1 mom liked this

Democrats will never be blamed, that is a reality that just has to be accepted and conquered.

Liberals have ran the education system for long enough now that any and all crtical thinking has been replaced by feelings. They control 98% of the media, and the economic intelligence of the country is less than zero.

Add to that the "gimme" mentality of a large portion of the country and we are in trouble.

Look at it this was:

Republicans are the Custodial Parent - they provide the shelter, food, transportation, warm and loving home, where the kids have to do their homework and chores.

Democrats are the Dead Beat dad who shows up takes the kids for Cake and Ice Cream, takes them to the zoo, lets them run around with no coat, returns them to the Mom Sunday night and them blames her for the kids having a runny nose and an upset stomach. 

Which one do the kids think is fun?

Quoting LadyBugMom09:

Nope. Still disagree with you. Obama is USING the middle class to get his way. The argument was always about raising taxes on the 2%. The republicans don't want to do that, so in order to FORCE them to do what HE wants, HE is NOW holding the middle class over a rocky cliff and threatening to push them over to force the republicans to bend to HIS will.

That's ALL HIS doing. Not thhe GOP.

And I do NOT believe he or the democrats would EVER take any blame for anything. Look at what happened to Bush, the Democrats controlled BOTH the house and the senate and Bush bent to their will numerous times and when the economy tanked, whose fault was/is it?? Bush's. Pelosi and the democrats did not and have NEVER taken their fair share of the blame. It'll never happen.

If his "brilliant" plan fails, no matter what, Obama will find a way to blame the Republicans.


 

 

 

meriana
by Platinum Member on Dec. 4, 2012 at 8:50 AM


Quoting Simmeringhearts:

It is clear that those who have no clue as to what they speak of, should not.

Quoting meriana:

Well if they don't want a higher tax rate (and really the rate isn't what they pay anyway); how about this: They simply lose all those extra tax deductions instead.

The middle and lower income groups have basically 3 deductions outside of spouses and children; mtg interest; EITC and child credit.  As far as I know the only one the very wealthy don't have is the EITC which is based on income. So how about we give them ONLY those deductions rather than raise the rate and since they don't get EITC, they could be allowed a $4,000.00 credit. So they only get to deduct the mtg interest on the PRIMARY residence...no more mtg interest deduction for their 2nd home, vacation home or yacht. No more deduction for their private jet; no more deductions as business expenses for anything that involves other family members or for personal property used in the conduction of business, ie: no deducting one's personal vehicle as a business expense because you choose to drive it to work; no more deducting as a business expense the party you chose to throw for the holidays and no more deducting a vacation as a business exense because you chose to contact a business associate while in the Bahamas, etc.  The list could be very long...and the very wealthy would certainly lose a lot of tax deductions that currently only they can take advantage of but it appears it could generate a lot more revenue than a simple raise in the rate and put everyone on a more equal footing as far as taxes go since everyone would have the same deductions available to them, no more, no less. Oh and tax Capital Gains at the same rate as other income....personally I don't care how they got it, it's every bit as much income as the paycheck the factory worker receives is and should be taxed at the same rate.

There, I fixed the problem....LOL.

 

 

So what's the problem. Everyone says the tax code needs to simplified, you don't think that, as far as personal income taxes go, that getting rid of all the extra deductions and loopholes would simplify it?

AdrianneHill
by Platinum Member on Dec. 4, 2012 at 11:51 AM
Lying sack of crap that you are.



it is unimportant what your circumstances are, you would never give more to the government then they asked of you because you hate all government, your own included


Quoting Simmeringhearts:

Let me put it this way, since it really is simple (for most)..

My husband and I make over $250,000 a year. In fact, this year, we have exceeded that.  We donate about 20 - 25% in cash. I also donate, at least, 100 bars of soap (my product) to the womens' shelter each month. We donate our household items and clothing each year, rather than having a yard sale. We give $100 to the nurse at school to purchase socks, underwear and whatever they decide each year. We purchase $100 in books and other school supplies for our childrens' teachers each year. I also crochet and donate hats, booties, slippers, blankets, etc to the womens' shelter and Childrens' Hospital.

Now, if I was one of these that say I should be paying more in taxes, then I should be willing to simply write a check for the additional amount and donate it.


Quoting brookiecookie87:

It really is.

Whenever someone ask that question I respond with, "Do you believe Tax should be 0% and paid on an honor system of what we feel should be paid?" Because clearly that is not the kind of system we have.


Quoting AdrianneHill:

That is a ridiculous and loaded question. I have come to hate it more than most sanctimonious crap I often hear.



Quoting Simmeringhearts:

Did you keep that money that you think you should be paying more in taxes?



Quoting smalltowngal:

I don't get into specifics when it comes to our finances but DH and I are in the top 10%. We've gotten away with only paying 2% in Federal taxes before. Something seems wrong with that. 





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