Obama Against a Compromise on Extension of Bush Tax Cuts

Obama Against a Compromise on Extension of Bush Tax Cuts

www.nytimes.com

President Obama on Wednesday will make clear that he opposes any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies.

(visit the link for the full news article)

Martin Feldstein, who was economic adviser to President Ronald Reagan, said all the Bush tax cuts should be extended for two years because even letting those for the wealthy lapse would be “a blow to a very fragile economy.”

I think it's step in right direction for the long term. These cuts were set to expire and Obama extending these cuts means that he is lowering future taxes nearly across the board.

www.nytimes.com
(visit the link for the full news article)

reply to post by name pending


I think it is a good move by Obama.

People vote - Corporations don't.

It was disgusting for Bush to bring this in in the 1st place.

He (Bush) essentially is implying that it is OK for the majority of working US Citizens to live off the scraps of the rich (their excesses providing jobs and commerce for the poor).

Balance your 'wants and 'needs' folks. Buy only what you need, shop locally (not walmart and other chains), only buy American made, and bring the corporations down. When the Corporations start hurting the government might start listening.

It's a consumer driven society. The power is with the consumer. Spend wisely, you can direct where the benefits flow.

[edit on 8-9-2010 by CitizenNum287119327]

Originally posted by CitizenNum287119327
reply to post by name pending

 

I think it is a good move by Obama.

People vote - Corporations don't.

It was disgusting for Bush to bring this in in the 1st place.

He (Bush) essentially is implying that it is OK for the majority of working US Citizens to live off the scraps of the rich (their excesses providing jobs and commerce for the poor).

Balance your 'wants and 'needs' folks. Buy only what you need, shop locally (not walmart and other chains), only buy American made, and bring the corporations down. When the Corporations start hurting the government might start listening.

It's a consumer driven society. The power is with the consumer. Spend wisely, you can direct where the benefits flow.

[edit on 8-9-2010 by CitizenNum287119327]

Since the Supreme Court (who are appointed and not elected) gave Corporations status as people in this country, they actually do get to vote and could probably run for office if they wanted to. I'm against Corporatism but hey, you can't sit there and say with a straight face that Obama has been any sort of friend to the average person on main street, that's just ridiculous.
Also, just because you have a business that is incorporated doesn't mean that you are automatically an evil piece of #. I give Whole Foods as an example of a company that's pretty awesome and it is a publicly traded entity, ie Corporation.

If you want to cut taxes, then you cut spending. The problem with Bush wasn't the Tax Cuts, the problem was with spending, especially those concerning the War on "terrorism" and the Iraq and Afghanistan Wars, AND cutting taxes. You either raise taxes to raise spending or you cut taxes and cut spending. This Keynesian sock-it-to-the-rich plan has NEVER worked and it will not work this time either. In fact, you keep talking about "Buy American". Exactly what are the incentives in place to make that possible? Ridiculous employee costs brought on by the nepotism and criminality of the Unions? Now we're talking higher taxes? Problems with zoning in every major city due to pick-a-rule-of-the-moment? Problems with the pricing because you have to pay said employees..on and on and on. Have you ever run a business? Just curious.

The problem is two fold: 1 people expect Corporations to foot the bill of their lifestyle. No, they don't. Secondly, people in this country think that they should get their products at artificially low prices. They shouldn't. That's the reason why the globalists are in collusion with the Corporations. They can pass all the Cap and Trade that they want, it won't have any effect on those companies who will continue to use slave labor, cheap locations, and zero environmental rules in places like Mexico, Peru, China, India, Vietnam, Romania, Malaysia, Africa, it just keeps going and going like a zombie energizer bunny.

And dude, screw your hippie non-sense about "buy only what you need". That's sounds like Brzezinski parroted "austerity" rhetoric that was tired and old in the 70s and it's tired and old in the new teens. Ugh.

This will amount to a tax increase, while many think these tax cuts were for only rich people, it also was for business, and with less taxes more people were inclined to invest, and spend more which is a plus for any economy.

Of course "Compromise" on this is not an option for the Obama administration, because they are counting on this and other overt and covert tax increases to offset their trillions in spending and of course, bring about redistribution of wealth and the ultimate elimination of the middle class.

Any money taken from the private sector into the government will only cause more economic decline... no matter how you look it.

Either this administration has lost their collective minds and are completely insane, or they know exactly what they are doing... If the later is the case, that is very alarming.

A spot on comment here:

www.cbsnews.com...

"I think the president is missing the bigger point here," Boehner said this morning on ABC's "Good Morning America." "You can't have a strong economy if you're raising taxes on the very people you expect to invest in our economy to begin hiring people again."

The Obama administration is calculating that most Americans will support him, but this will be a longer term economic disaster.

Taking from the rich to give to the poor may make for a great book or movie, but in these times it may likely bring a death blow to an already bad and very fragile economy.

The tax cuts were for the rich, not buisness. Corporations can't vote, they can give money to candidates. Regan's trickle down economics didn't work at all. When you give the rich more money they DO NOT hire more workers. They just buy bigger boats and houses.

reply to post by damwel


Trickle Up isn't going to work either.

Actually trickle down works, it especially works in all the bad ways.

Higher taxes on businesses always trickle down to the consumer level. Ever notice that places with higher business taxes almost always happen to have higher rents, higher gas prices, higher food prices?

The extra costs from taxation trickle down to the poor or more jobs trickle overseas.

All taxes on business is a regressive tax and the poor pay a substantially higher rate when compared to their incomes than the rich. All the people who whine about corporations not paying enough really are stooges of the elite as they like putting more burden on the poor.

Taxing corporations is wholly unfair and is not the same as increasing taxes on the rich.

What the heck is this tax cuts for the rich stuff? My taxes will go up on Jan 1st and I'm NOT rich.

Do none of you people posting here live in America and pay taxes?? My property tax went up, my gas taxe went up, and in a few months my income taxes will go up too.

Yes, and this same "president" has even thought about throwing a national VAT tax, which is definitely something only real a-holes do. VAT taxes are totally punitive to the poor and DO NOT WORK. If they did, Europe would be swimming in Euros right now.

I agree in letting them expire for those making over 250,000....but this won't really fix the problem with jobs. TARIFFS HAVE TO BE RAISED.

Otherwise, it won't matter in the end.

The Bush tax cuts did next to nothing to create jobs....nor did the nearly 300 BILLION worth of tax cuts in the STIMULUS PACKAGE that everyone can't seem to stop bitching about.

During Eisenhower's administration, the top tax rate on the wealthiest in our country payed over 90 percent capital gains tax....and it slowly came down to 70 percent. During this time, the middle class was the STRONGEST IT HAS EVER BEEN.....the strongest ever in KNOWN WORLD HISTORY.

reply to post by justinsweatt

Yes, and this same "president" has even thought about throwing a national VAT tax, which is definitely something only real a-holes do. VAT taxes are totally punitive to the poor and DO NOT WORK. If they did, Europe would be swimming in Euros right now.

Cool, Glen Beck also supports at VAT tax.



Maybe him and Obama can get together and go bowling.

Yes, and I HATE Glenn Beck. So what's your point?

reply to post by David9176


Oh like the Smoot-Hawley Tariff? Yeah, that worked out REAL well, didnt it?

reply to post by justinsweatt


That makes 2 of us....and I actually used to like him.

Most people don't know that he supports a VAT tax...I'm just pointing it out. I'm completely against a VAT tax...that's the exact opposite of what we should do.

Why would we tax what is left of our production, at all levels, yet no increase in taxes on imports?

It's fookin INSANITY. Most corporations already high tailed it out of here. THis ensures that what is left of "small business" competition will be destroyed.

VAT tax is an orgy of slave labor in the making.

It's a disaster and no one should be for it.

reply to post by David9176


No worries, just wondered.

Originally posted by justinsweatt
reply to post by David9176

 

Oh like the Smoot-Hawley Tariff? Yeah, that worked out REAL well, didnt it?

Smoot Hawley was very ham-fisted and times have changed.

China has been manipulating its currency for years making their products and labor much cheaper. This has similar effects as a tariff.

Tariffs need to be targeted on nations that like manipulating things or nations that like using slave labor.

reply to post by Fractured.Facade


yes....
taking from the poor, and giving to the rich is so much better isn't it....

and that's what was done with the bank bailouts!!

I don't own stock in the banks, I didn't invest in these derivatives... the values of those stock, those deriviatives could of hit 0, and I wouldn't have lost anything...most of the poor and lower middle class wouldn't have lost much.....
the bailouts benefitted the rich, the multi-hundred dollar traders on wall street and such....heck, it gave them a bonus!!! and of course, all the money was borrowed, or will be printed up...the end result....our dollar, ya know the one we work 40 or more hours a week (if we are lucky and still have a job), for a handful for, hoping it will be enough to make it through the week, well, it buys less. and I can about bet that my sons will be having a bigger cut of their paychecks in the future taken out to pay the interest on that debt, and their handful will by less that what mine does!!!