POLITICS: Middle-Class Tax Cuts Extension Approved

The House and the Senate have reached an agreement on a compromise bill that will extend middle class tax breaks. The panel overrode objections by Democrats to reach the compromise. Democratic members had wanted to increase taxes in other areas to cover the cuts and limit their impact on the Federal deficit. The estimated cost of the tax breaks is about $145 billion over the next 10 years. Republicans have predicted that the passage of this bill would be quick and it would be on President Bush’s desk soon. The legislation was considered important for the Republicans to pass as the tax cuts were set to expire at the end of the year.

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The plan also keeps the child tax credit the same and keeps an expanded 10% tax group. In an effort to offset the long term impact of the bill, Democrats attempted to limit the extension to one year, and to close some tax loopholes to generate offset revenue. However, members of both side have predicted that the bill will pass by a wide margin. With the election on the horizon, it is doubtful that many will attempt to block the passage of the popular tax cuts. Also included in the bill were about $12 billion in business tax breaks as well. These tax credits included such measures as supporting the development of the New York Liberty Zone, to tax credits for electric production from biomass.

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It is very odd when Democrats become the party of fiscal responsibility.
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Good news!
And you thought tax cuts were for the Rich only?

As far as democrats being fiscally responsible..They can do that with their own money...I'd prefer to be responsible for MY MONEY, MYSELF. At least as much of it as possible.

Half of what I gained from the original tax cut, goes right into my 401k.
The other half, has assisted me paying off my debts, and contributing to this economic recovery..(yeah, I bought some stuff )

I commend the extension.
Thanks for the info Fredt!

I don't see anything odd about this. It's almost always the Republicans trying to get the tax breaks and the Democrats trying to increase or maintain the tax-rate. That's basically what's going on here, except it doesn't look like the Dems got their compromise.

From the article:



Well I guess if its a choice between him getting reelected and exercising fiscal responsibility - he chooses getting reelected.




Read this as - let's only give the teeming millions their tax break until after we are elected, then we can take it away.

I can honestly care less considering that I did not see any tax break. Oh wait I did recieve a check for $300.00 that I had to give back when I did my taxes the following year. So where is the tax break in that?

Its good that they have extended this very limited tax bill.

Now if they would just trash the whole unfair system for a consumption tax the economy could take off like a rocket.

When the typical guy buys his bass boat for $15,000 and pays a $3,000 dollar consumption tax he must be mindful that he got to keep up to 33% more of his paycheck, tax paid only depends on spending - he has more control than he had before - a choice not given now.

On the otherhand the rich guy that buys the $1,000,000 dollar luxury motor sailor has to pay the same percentage with no deductions or other accounting tricks, his bill would be $200,000

In both case 20% would be paid.

Now wait a minute here, for the term "tax cuts for the rich" to apply, this story needs to be changed from middle class to upper class right? I mean, according to most of my fellow dems, the middle and lower class got nothing right? Look, once and for all, we have to clearly mark the bounds of this class system if we're going to have a political group using it for warefare. I think this tax cut extension is a good idea because I happen to think 128 trillion dollars over 10 years is a big enough budget for our government to operate efficiently...of course that will be exceeded by 4 to 10 % each year compounding. You can bet that when it comes to who is more responsible with that money, it ain't gonna be the people in Washington.


They have no right to homes paid for by taxes, limos, helicopters, planes, hookers, furniture, or anything else. They are to be self-sufficient and hold their office as a duty to their country and receive a small re-imbursment for the time they are in DC in session to compensate for their losses. That , in no way, obligates this country to a triple digit salary and all the perks our elected officials have provided for themselves at your expense. We have to say no to politics as a profession. If 12 dollars a day is good enough for a citizen to sit on a jury in a court of law, its damn well good enough for someone in the house and senate. If these people have the nations best interest at heart like they claim in their campaigns, they should be willing to serve for free much less millions per year. Our money is wasted on the useless.

[edit on 23-9-2004 by astrocreep]

The proposed tax break extension has cleared the House 339-65

House Passes Cuts

UPDATE: The Senate Has Passed as well
The Senate approved the measure 92-3

[edit on 23-9-2004 by FredT]

w0000t! DEFICIT EXPANSION!!!! SCORE!

just want i always wanted to pay off the rest of my life then not get social security. oh well, 300 dollars, its worth it