Senate rejects GOP plan to extend Bush-era tax rates in 45-54 vote

from The Hill
By Ramsey Cox - 07/25/12 03:34 PM ET

Senate rejects GOP plan to extend Bush-era tax rates in 45-54 vote
Lot's of controversy here.

Republicans want the "Rich" tax cuts left in place.

Democrats don't.

Will taxing the "Rich" stop jobs ?

The Senate rejected the Republican proposal for extending the Bush-era tax rates in a straight up-or-down vote Wednesday.

The 45-54 vote ended the GOP’s chances of extending the lower rates, which are set to expire on Jan. 1, across all income brackets.

The Democrats’ bill would extend Bush-era tax rates on income up to $250,000 and includes the earned-income tax credit, child tax credit and opportunity tax credit for college tuition.

“The Senate Democrat plan, which raises taxes on a million small business owners at a moment when we’re counting on them to create jobs, raises taxes on thousands of family farmers and small business owners grieving the loss of a loved one, leaves a middle-class tax hike in place, and reforms nothing,” Senate Minority Leader Mitch McConnell (R-Ky.) said Wednesday.

Who is right or wrong?

reply to post by xuenchen


The democrats are killing the economy.

We should extend the Bush Tax Cuts for everyone.

The class warfare thingy isn't working.

The Ernst & Young report back us up.

To state that taxing those making over 250k at a normal rate is equal to killing jobs, is to state that those making over 250k are only making profit and succeeding in business due to the tax cuts.

There is no way that this is true. We are to believe that these tax cuts are the reason that businesses decided to employ more people? To believe that a return to the normal rate will crumble these businesses? The tax cuts are the crutch of certain businesses?
Give me a break.
Any such business which is reliant on tax cuts is destined to fail due to lack of success, not due to tax breaks expiring.


Posted Via ATS Mobile: m.abovetopsecret.com

Originally posted by spinalremain
To state that taxing those making over 250k at a normal rate is equal to killing jobs, is to state that those making over 250k are only making profit and succeeding in business due to the tax cuts.

There is no way that this is true. We are to believe that these tax cuts are the reason that businesses decided to employ more people? To believe that a return to the normal rate will crumble these businesses? The tax cuts are the crutch of certain businesses?
Give me a break.
Any such business which is reliant on tax cuts is destined to fail due to lack of success, not due to tax breaks expiring.

 

Posted Via ATS Mobile: m.abovetopsecret.com

 

Raising taxes during a recession is a bad idea.

The Bush tax cuts will be extended for everyone.

The democrats are just playing politics.

Really it is the smart move to reject it. These tax cuts are a leading reason we are in the position we are in to begin with. Rejecting this does something fairly important, it kills the Norquist pledge on New Years Day. The Republicans will have doubled down on it and they are going to have to own it. Come the new year the House will see a new tax bill to lower the 250k and under tax bracket retroactive to the first of the year and it will pass.

after ten years of 'the bush tax cuts' to stimulate jobs for our country, i have only seen more corporations sending jobs off shore, hiding money offshore, etc, i do not see more jobs being created by this tax break on the rich. if after all this time with this tax break, we still have a national unemployment rate of about 10%, IT MEANS IT IS NOT WORKING!!!!! Corporations are not expanding jobs-they are still sending them overseas/not hiring-just giving existing employees more work and absorbing empty spots, and reducing pay/benefits for existing workers-while the profits/pay for top level ceo's/owners go thru the roof. i think a cut off limit should be more-1-5 million. not 250,000, to help SMALL business owners/farmers/etc with tax breaks, ie if they DO create jobs.
the tax loopholes that allow american companies to pay less tax on billions of dollars in profits than i do at my current under a hundred grand a year job needs to be changed. the trickle down nonsense is baloney. all corporate america has shone is that they hide away their profits, and send more jobs overseas day by day. i think higher earners should pay more, they get alot more tax breaks then i will ever receive, and reap the profit all the way to the bank-on the backs of the hard working AMERICANS that do the work for little pay to get them there!!!!

Of course they blocked it, and GOP knows they would have done before they even proposed it in The House.

When are the politicians in Washington going to stop wasting taxpayer money with this back and forth and actually get some stuff done?

The Republicans want the unfunded portion of the tax cuts for the rich left in place and made permanent, but when Democrats request any changes for the poorest Americans the Republicans refuse to implement them unless they are fully funded by budget cuts elsewhere.

What a bunch of hypocrites.

Given the overwhelming poll numbers that reject the Bush Tax Cuts extension, it's seemed as if the GOP has been trying to destroy any chance that it will ever be a controlling political party again. Now that MItt has picked Mike Ryan as his VP, it's becoming even more apparent that they either don't want to win further power, or that the party itself has become a self-destructive political anomaly.

I think it's hilarious.