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Tax cut measures fail in the Senate
Posted: Dec 4, 2010
They voted on the Baucus amendment and the Schumer amendment and both failed to pass. I find some of the comments very interesting from both sides. I will not give my comments on either side's remarks although I saw some really hateful speeches. I decided to look for any news reports on this but it doesn't tell the whole story.
BTW, Baucus' proposal was to let tax rates rise on Jan. 1 on incomes over $200,000 for individuals and $250,000 for couples fell on a vote of 53-36, seven short of the 60 needed to advance.
An alternative advanced by Schumer and others -- but opposed by the White House -- would have let rates rise on incomes over $1 million. The vote was 53-37, also seven short of the 60 needed.
From the article:
"Senate Republicans blocked legislation Saturday to let upper-income tax cuts expire on Jan. 1, a showdown scripted by Democrats eager to showcase GOP lawmakers as defenders of millionaires.
"Do we want to extend those tax breaks for millionaires and billionaires at a time of huge deficits. I would argue vociferously we shouldn't," said Sen. Chuck Schumer, D-N.Y., shortly before the votes.
Republicans countered that no taxes should be raised at a time the economy is recovering from a recession. "It is the most astounding theory I have ever seen, raise taxes to create jobs," said Sen. John Thune of South Dakota.
Both measures would have extended expiring cuts for the middle class."
Read the rest here:
http://www.latimes.com/news/nationworld/nation/la-naw-tax-cuts-20111205,0,2002970.story
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On the face of it, it really sounds Reid forced the vote to... - sam
[ In Reply To ..]appease the hard left factions of the party. They will put together a bill that extends all the tax cuts for a couple of years anyway...the Democrats can't politically afford to stonewall to block tax cuts for the so-called rich at the expense of the the other tax brackets, and the Republicans knew it, so they held their ground on extending all the cuts. Glad they did...with the economy in this shape we don't need to raise taxes, period. I noted in Sen. Schumer's statement about tax breaks for millionaires and billionaires at a time of huge deficits contained nothing about cutting spending. Does it not make sense that you need to start spending less than you take in to at the VERY LEAST stop adding to the deficit? At some point that is going to have to be done. Yes, some cuts might hurt...but we are in a position now, because of out of control spending on both sides (they spent like a drunken sailor when Bush was prez and it has only gotten twice as bad now that Obama is prez) has us in a position now where we really have no choice...at least no choice that I can see.
What do you think?
I really wish they would stop the game playing (both sides).
They definitely do need to cut spending - Backwards Typist
[ In Reply To ..]I read a little on the Erskine-Bowles plan and mostly agreed with it. It was a tough plan but necessary.
I didn't agree with eliminating the mortgage deduction since that it one of the things all taxpayers that own homes rely upon. I do think the IRS needs a complete overhaul. I really thing they need to close the loopholes for large corporations.
Senator Schumer's amendment wanted to raise the tax cuts to include $1 million incomes which surprised me.
I don't understand Sen. Kerry's viewpoint (on Meet the PRess-maybe I'm dense but...) the government has been pushing for green jobs and now he's stating most of the components will be made in other countries and it won't create jobs here. Why?. Why WON'T the components be made here or why CAN'T they be made here? Does he not think the Americans are smart enough to make them? Am I reading him wrong?
He's stating if we want to be a great country again, we can't have tax cuts with the spending deficits. He's defnitely right on that point but why can't he see that the spending they have done in the past year is part of the problem?
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