White House: President Obama will VETO any bill that extends Bush tax cuts

White House officials insist that they're confident that a deal will be struck. One top Obama adviser, however, told ABC News that if the House GOP refuses to cut a deal with the president that includes some tax increases on the wealthy, the tax cuts will expire.

Democrats will put forward a bill to restore middle class tax cuts as soon as Congress convenes, and calling on them to pressure Republican congressional leaders to stop holding those tax cuts hostage in exchange for tax cuts for wealthier Americans.

Link

The ball is in your court Boehner

Regardless of what the Republicans to do they'll be blamed for everything in 2 years and there will be a lot of blame to go around.

IMO, the house should not pass any bill that does not include extensive, deep and real spending CUTS!

Originally posted by ararisq
Regardless of what the Republicans to do they'll be blamed for everything in 2 years and there will be a lot of blame to go around.

Blamed or credited? If they continue to sabatoge the economy in hopes of gaining political advantage? Well that appears to be back-firing, like voter suppression.

If I was the GOP I'd think of abandoning the gridlock strategy in hopes of a comeback in the 2014 mid-terms where they can take credit for a recovered economy and then jump to a 2016 shot at the WH.....but I haven't seen any evidence that the GOP has a long-game.

reply to post by Indigo5
If we continue with the currently policies there will be no recovery in 2014. IMO, there will be no election in 2016. I do not believe we have that much time left. Here in the US, we have an old cartoon called "Road Runner". The road runner was often pursued by a character called Wile E. Coyote. The coyote never catches the road runner, b ut some interesting situations develop. One such thing, apropos here, is when the coyote runs off of a cliff. He keeps running thinking he is still on solid ground; right up until he looks down. Then gravity asserts it's hold and he crashes to the ground. Our economy is currently like the coyote aforementioned. We have run off of the cliff, we just haven't "looked down" yet. When we do, the false hope and misplaced faith will come crashing down and the suffering will be horrific. The time and chances for a "soft landing" have passed. We are still running headlong unaware of the danger all around us. The crash is inevitable, it is just a question of when.

Just so you know, I don't think Romney would have fixed it either. I seriously doubt he would have even tried. Only Ron Paul seemed willing to even address the problem. I second what another poster has already said. If you are a liberal do not come to me after TSHTF. I will not help you.

It will be interesting to see the "proposed" tax rates for middle class income.

Any increase in that range will be the most damaging.

IMO the Democrat "strategy" is to allow the existing rates to expire.


They will however want their "blame factor cushions" in place (forced filibusters, default economic damage etc.).

Unrealistic proposals and "amendments" will force filibusters -- Blame Factor #1.

Expiration will probably cause more economic problems -- Blame Factor #2

Lower Rates Will Disappear

Currently, all Americans enjoy the lower tax rates the Bush tax cuts provided. If the cuts expire, income tax rates will rise across all tax brackets. Under current rates, those in the lowest bracket pay taxes at a 10 percent rate while those in the top income bracket pay at a 35 percent rate. These rates will rise to 15 percent and 39.6 percent, respectively.

If the cuts expire, the lowest tax bracket will disappear and the lowest tax rate will become 15 percent. The tax rates for middle-income earners will increase from 25, 28 and 33 percent to 28, 31 and 36 percent, respectively.

Other tax rates will also increase. The employee payroll tax rate will increase two percentage points to 6.2 percent. Likewise, the estate tax rate will also increase from 35 percent to 55 percent, while the value of estate assets excluded from estate taxes drops from $5.12 million to $1 million. Lastly, the tax rate on income from realized capital gains will increase from 15 percent to 20 percent.

How Expiration of the Bush Tax Cuts Will Affect Individuals and Businesses

So it looks like people in the 10% "bracket" will go to a 15% bracket.

So the president will punish millions of Americans because he is unable to get more money from the wealthy?

(HELP! I'm being held hostage by Obama! Unless his demands are met, he'll punish ALL of us!)

Obama said that he would end those "Bush era" cuts before he got elected the first time.

When given the chance to let them die he decided to re-sign them and keep them around a while longer.

I pity the fool that believes him a second time.