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Obama would have done exactly the same thing beginning Jan 2011 that he wants right now... keep Bush tax cuts for incomes below $250K but let it expire for incomes above it. He accepted a compromise with republicans to keep tax cuts for incomes above $250K as well, to get something he wanted... extension of unemployment benefits.
Funny how the liberal freaks accused Bush of cutting taxes only for the rich for the last 12 years, yet now suddenly admit that the cuts included the middle-class and the poor.
Funny how the liberal freaks accused Bush of cutting taxes only for the rich for the last 12 years, yet now suddenly admit that the cuts included the middle-class and the poor.
Are you saying it didn't? Are you also saying that only poor and middle class get tax cuts on incomes under $250K?
I want to see what YOU say rather than this obligatory third person speak. Heck, if you ask me, I say, Obama shouldn't compromise AT ALL. Let the tax cuts expire for all.
Why didn't taxes get raised back when Obama had a majority democratic congress?
Because the economy was in recession.
See, that's the difference between a democrat and a republican. A democrat actually considers the consequence of his actions and adapts to the circumstances. I think it's called...intelligence.
And how would that solve our massive deficit/debt crisis?
There is no one SINGLE avenue to cut the deficit.
What we learn from IRS data is that in 2007, before the Great Recession depressed everyone’s income, the top 0.1% had around $1 trillion in taxable income. Now, even confiscating that whole sum wouldn’t eliminate our current deficit, especially since the top 0.1% already paid something like a third of that total in taxes. But then, no single action would close our current budget gap — not even the complete elimination of Social Security or Medicare.
What you want to ask is how much higher taxes on the super-elite might contribute to deficit reduction, as compared with the kinds of things politicians are actually proposing.
So let’s suppose that it was possible to collect an additional 10 percent of that super-elite’s income in taxes, to the tune of $100 billion a year. How would this stack up against the kinds of things on the table right now?
Well, consider that the GOP has the idea of raising the Medicare eligibility age — a move that would create vast hardship, when fully phased in this would save $42 billion a year. Maybe we can't consider that because it doesn't close the entire deficit?
But making that recommendation and cutting $200 billion off of defense goes a long way to closing the gap.
THEY don't have a tax problem, THEY have a spending problem.
If you run a family and you income is 100,000/year, but your are spending 170,000/year, you have a problem. Yes, if you have excellent credit, you can run it for a few good years and just pay interest on debt, but in a few years, you will not able to pay the interest on the debt. Then your credit is cut off, and all your asset will be seized.
Really? Seriously? It is not that simple! You cannot just equate a nation's economy to a family's budget. Please look up how an economy works.
Obama did say in 2008 he was going to let the Bush cuts expire because they were all benefiting "the rich".
4 years later..nothing cut.
And now people are finding out just how much those Bush cuts benefited the poor and middle class.
But we did get Obamacare, chock full of hidden taxes, fees and penalties, so it's not like he did nothing.
Let's quantify "how much." 25% of the Bush tax-cuts went to the top 1%, while only 75% went to the bottom 99%. Yes, more went to the bottom but only because there are some many not in the top 1%.
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