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Dems considering keeping Bush tax cuts


Posted: Jul 22, 2010

Democrats are considering a plan to delay tax hikes on the wealthy for two years because the economic recovery is slow and they fear getting crushed in November’s election.

 It could mean a big reprieve for families earning $250,000 and above annually.

 President George W. Bush’s tax cuts will expire at the end of the year unless Congress acts to delay their sunset.

 Some Democrats are now arguing forcefully that a delay is a win-win plan that would help the federal budget without hurting the economy.

 Wealthy families would not have an incentive to cut back on spending and budget writers could assume an inflow of tax funds in future years, making five- and 10-year budget projections look less scary.

 Rep. John Yarmuth (D-Ky.), a member of the Ways and Means Committee, which has jurisdiction over taxes, said some of his Democratic colleagues have discussed the idea out of fear of impeding the nation’s economic recovery.

 “I’ve heard some sentiment about raising the rate but not making it effective until 2012,” he said.

 During the 2008 presidential campaign, President Obama said he would not extend the Bush-era tax cuts for families earning more than $250,000.

 Obama promised that families earning less than $250,000 would not see their taxes increase.

 But vulnerable Democrats in Congress are worried about talk of raising taxes, even on the wealthiest families, when the national economic recovery has slowed.

 “I think the recovery is sufficiently fragile that we ought to leave tax

 

 

 

 

 

 

 

 

 

 

 

More here:

http://thehill.com/homenews/house/110251-tax-hikes-may-wait

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I guess I really don't have a problem with - sm

[ In Reply To ..]
the Bush tax cuts expiring. As long as our taxes don't go above what they would with just the Bush tax cuts expiring...I'm okay with that. However, with all the spending our govt is doing....I don't see how our taxes cannot NOT go up.

I understand why some of these democrats might push to continue the tax cuts. It will definitely make them look better to some voters.

The big problem I see though is if our govt continues to spend money like it grows on trees, the tax cuts are gonna hurt our country.

In my opinion, we should leave the taxes alone, let the Bush tax cuts expire and cut back a huge amount of govt spending. We could also reform welfare and disability and cut out wasteful spending there. Obama said himself that some of these programs have waste that can be cut out....and yet he hasn't done that.

We need to make our current programs better before we just start adding new programs that will cost us more and more money.

Yeah, like cutting out welfare and Medicare Fraud - Backwards Typist

[ In Reply To ..]
There is a big problem, though, with the congress wanting to add to any bill that bloats the original 'thought' to unreal $$.

Most of the programs that are now in place are overlapping other programs that overlap other programs and so on and so forth. They have agencies to over see this agency that oversees that agency. It's absolutely ridiculous, and now with health care and the new financial reform, it adds more agencies to oversee the former agencies.

I wish D.C. would get real. Period.


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