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I posted that earlier based on an AP article.
Since then Obama has signaled he will support an extension for all.
Senate showdown may pave way for year-end tax deal - Yahoo! News (http://news.yahoo.com/s/ap/20101204/ap_on_bi_ge/us_tax_cuts - broken link)
"Obama has signaled that he will bow to Republican demands for extending tax cuts at all income levels, and his remarks capped a day that lurched between political conflict and talk of compromise on an issue that played a leading role in last month's elections."
It's not the right thing to do, but analysts from both sides are saying Obama is likely going to kick the can on tax cuts for everyone and in return get unemployment extensions. What he needs to do is just let them expire completely.
How greedy do they want to be? The democratic bargain was an incredible reach from their side with nothing in return from the right. All the right are shooting for is making sure the elite are taken care of.
No. The right are trying to prevent further economic contraction. Educate yourself; read Romer's research.
I still think that when all the posturing and grandstanding is over, the tax cuts will be extended until just before the next election and the unemployment benefits will too.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by Smash255
That is what they tried to do, but the up or down vote on that was blocked. Then they tried to compromise with a proposal by Schumer to make the mark $ 1 million and the GOP filibustered that as well and blocked a final vote.
Yes BUT if the House passed the bill, turned off the lights and went home, that would let the Republicans know that it was this or nothing. The Republicans have the most to lose if they don't pass it as it is.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan
I posted that earlier based on an AP article.
Since then Obama has signaled he will support an extension for all.
Senate showdown may pave way for year-end tax deal - Yahoo! News (http://news.yahoo.com/s/ap/20101204/ap_on_bi_ge/us_tax_cuts - broken link)
"Obama has signaled that he will bow to Republican demands for extending tax cuts at all income levels, and his remarks capped a day that lurched between political conflict and talk of compromise on an issue that played a leading role in last month's elections."
Who hasn't Obama BOWED to? He bows so much I am surprised he doesn't have back trouble.
Yes BUT if the House passed the bill, turned off the lights and went home, that would let the Republicans know that it was this or nothing. The Republicans have the most to lose if they don't pass it as it is.
KevK, you are a thoughtful person. Would you or anybody else answer this tax question?
The top 10% income earners currently pay 70% of all federal income tax dollars collected--disproportionately high compared to the 50% of income that goes to them.
You want the tax rates on the upper end raised; how big a slice of all federal income taxes should the top 10% pay? 70% is evidently not enough. In your opinion, should it be 80%? 90%? Should they pay ALL the federal income tax? What do you think?
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by marcopolo
KevK, you are a thoughtful person. Would you or anybody else answer this tax question?
The top 10% income earners currently pay 70% of all federal income tax dollars collected--disproportionately high compared to the 50% of income that goes to them.
You want the tax rates on the upper end raised; how big a slice of all federal income taxes should the top 10% pay? 70% is evidently not enough. In your opinion, should it be 80%? 90%? Should they pay ALL the federal income tax? What do you think?
I think the very top earners should pay more than they pay now. Many of them only pay 15% because they make all their money on capital gains and dividends. And they pay no SS tax after about $105K. That needs to be stopped. If the top marginal rate was 45% for people that make over a million or $2 million a year NO MATTER WHAT THE SOURCE of their income is, that would be about right. As for the lower income people like me, I think the mortgage deduction should be given the heave as should refundable credits and deductions for kids. And the rate should be 1% up to $30,000. Everybody should pay but the rich should pay more.
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