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Subscribe to RSS“Inertia by Congress on the Bush-era tax cuts could likely push action into January, setting up the first face-off on a major issue between Republicans and Democrats in the new year,” The Hill writes. “A day before the midterm elections and two weeks before lawmakers return to Washington for a lame-duck session, two leading theories have emerged on what will happen on tax cuts -- either all of them will be extended for at least a year or nothing will happen.”
“It may be up to President Obama whether Congress extends the Bush tax cuts into 2011 in the weeks after tomorrow’s election or lets the automatic increase start cutting into most people’s paychecks early next year,” the AP says. “Despite the punishment his fellow Democrats are expected to take from voters, Obama has shown no sign of retreating from his insistence that families and small businesses with incomes above $250,000 return to higher tax levels starting Jan. 1. But Obama also has dodged the question of whether he would veto a bill that extends the tax cuts for everyone.”
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Extend tax cuts for everyone making less than 250,000. Everyone making over 250,000 do not extend anything, and close those tax deduction loopholes, that is why those rich cats never have to pay any taxes!
UnionBaby. No worries. If the republicans win, we will have full employment, no one will have to pay taxes, racism will end, every American who is not a dot-com millionaire will be a trust fund baby.
It's not a Tax Cut...it's a Tax Shift!
Every one needs to remember, after the election tomorrow if we elect republicans, when we start loosing 600,000 jobs month again there is no going back, there is no do overs in elections. We'll be stuck loosing 600,000 jobs a month for at least 24 months. Think about it that's 14 million more jobs lost. BTW: they won't have any unemployment insurance either.
If they are going to extend them for everyone either do it for one year or three years. Two years will mean another election year and nothing will get resolved. Psersonallyu, I'd like to see the lame duck Dems grow a pair and pass an extension for those below $250K through reconciliation.
To Union Baby - at least if the GOP wins we will all have a chance to achieve those goals. If the Dems keep control you can see the ultimate result by reading Animal Farm and 1984. We will all be slaves to the state. We will all have poverty in equality.
Here's my prediction (hey, if you guys have the inside scoop, I haven't seen it, so you're just guessing (badly) also). If Pelosi lets a bill come to the floor (that's a big if), the House Dems will roll over and vote an extension for all. They will pass the ball to the Senate which has screwed them the past two years. Then we will see whether the Dems or GOP is forced to filibuster. My guess is that the GOP will have 42 solid votes (they will pick up Kirk in the lame duck). The Dems will still have its moderates, Nelson, Bayh, Lincoln and Dorgan which gives the GOP 46 votes. My guess is they can easily peel away another 5 at which point the entire Senate folds, but for the die hards like Feingold, Franken and Sanders. Obama's veto threat is then taken off the table. This will be the spineless following the spiteful.
Obama is a ONE TERM President if he dares to veto a bill to extend ALL of Bush's tax-cuts.
That is, IF tomorrow's drubbing by the GOPÂ actually gets his attention.
You can bank on that one.