Obama administration commits to letting taxes on wealthy increase

From the Wall Street Journal:

WASHINGTON—Treasury Secretary Timothy Geithner said the Obama administration will allow tax cuts for the wealthiest Americans to expire on schedule despite calls from a small but increasingly vocal group of Democrats to delay any tax increases.

Mr. Geithner said the White House will allow taxes on top earners to increase on Jan. 1, 2011, as part of an effort to help bring down the mounting budget deficit. He said the White House still plans to extend tax cuts for middle- and lower-income Americans and expects to undertake a broader tax overhaul next year.

228 comments Add your comment

StJ

July 22nd, 2010
1:50 pm

Next on the list: revocation of private property rights. Oh wait, that’s already happening…

thomas

July 22nd, 2010
1:51 pm

Not unless they act fast!

With mid-term elections coming the clock is ticking on the administration.

If they do not extend teh benefits then EVERYONE will pay more in taxes. If you got teh $1,000 tax credit for children, it will go down to $500.

So it ain’t just the rich who will be paying more, we all will rich, middle, poor.

That is unless the adminstration puts together another tax code, votes to extend current one, something. But if they do nothing every one of us will pay more.

Peadawg

July 22nd, 2010
1:51 pm

Where are the spending cuts? Or does Obama just plan do tax the hell out of the upper class?

Granny Godzilla

July 22nd, 2010
1:54 pm

This is very good news.

I’m with Ezra Klein of the Washington Post on this:

“The new Republican line is that there’s a “Democrat tax hike” on the way. And it’s a big ‘un: “An unprecedented $3.8 trillion increase” that will affect — and this is their bold and underline, not mine — “every American who pays income taxes!”

To understand what’s going on here, you need to go back 10 years to the passage of the Bush tax cuts. In order to maximize the size of the cuts, Republicans had to minimize the influence of minority Democrats on the package. So they chose to run the bill through the reconciliation process.

But that posed some challenges. Budget reconciliation had never been used to increase the deficit. In fact, it specifically existed to decrease the deficit. That’s why one of its rules was that you couldn’t use it to increase the deficit outside the budget window. Republicans realized they could take that very literally: The budget window was 10 years. So if the tax cuts expired after 10 years, they wouldn’t increase the deficit outside the budget window. They’d also have the added benefit of appearing less costly in the Congressional Budget Office’s estimates, as the CBO duly scored them as expiring after 10 years, which kept the long-range budget picture from exploding.

But the plan was never to have the tax cuts expire. Instead, the idea was that people would get used to the new tax rates, and no future Congress would want to allow a big tax increase, so when the time came, either Republicans in office would extend the cuts or Republicans in the minority would hammer Democrats until they extended them. And that’s where we are now: Democrats control the government, so Republicans are screaming about tax increases as a way to get Democrats to extend tax cuts.

It’s really hard to know where to start with this one. It’s not a tax increase passed into law by Democrats. It’s a reversion to old tax rates passed into law by Republicans. It’s not how law is supposed to work. It’s the result of twisting a budget process meant to reduce the deficit so you could use it to massively increase the deficit. And as for the policy itself, it’s a fiscal nightmare: No one who professes concern for short-term deficits can argue for the extension of these deficit-financed tax cuts and retain credibility on debt issues. This is a litmus test. It’s not Democrats who are trying to pass the largest tax hike of all time, but Republicans who are calling for the largest increase in the deficit in memory.”

I Report (-: You Whine )-: mmm, mmmm, mmmmm! Just sayin...

July 22nd, 2010
1:56 pm

The way these socialist stooges lie, we are all “top earners” now, just sayin…

Peadawg

July 22nd, 2010
2:00 pm

Re: My 1:51 post

I forgot these are Democrats we’re talking about. Spend, tax, rinse, repeat.

Doggone/GA

July 22nd, 2010
2:00 pm

“Spend, tax, rinse, repeat”

Yep. Unlike the Republicans who “Spend, borrow, rinse, repeat”

F. Sinkwich

July 22nd, 2010
2:01 pm

Increase taxes during a recession ?????

Targeting those who we need to start hiring again ?????

Genius !!!!!

Woe is us.

herman cain

July 22nd, 2010
2:02 pm

When the taxes increase on those already paying the most in taxes, the ones who create jobs (for the ones who don’t pay much if any tax) won’t be inclined to create more jobs. What the hell do we need more jobs created for anyway, oblowblow can just print some more money for unemployment.
If you think the businessmen who aren’t creating jobs now are going to be any more inclined to after this Paycheck Fairness joke just passed and the forthcoming mandate to report all employees gender, race and income to the government kicks in, then you are still drinking the hope and change BS juice.

Doggone/GA

July 22nd, 2010
2:04 pm

“won’t be inclined to create more jobs”

Ummm…with taxes lower at the moment, how many people are they hiring NOW?

Saul Good

July 22nd, 2010
2:04 pm

Oh lordy! You mean “trickled down” is no longer going to mean “pissed on”???

I’m still waiting for the calculation that shows us how many jobs those tax cuts created when first put in place!… Anyone? (have the number of jobs “created” due to the Bush tax cuts)?

My count is -8,000,000+

Those “record profits” made while we all paid $5 a gallon for gas… how many jobs did the oil companies create while “trickling down” their profits.

truth?

Those “tax cuts” added MORE to our poverty level… and every “new member”…well they came from the middle class.

Cut more taxes and let’s sink this ship once and for all… sad that our friends on the right can’t even offer their fingers to try to plug some holes…

Okay righties…tell us ALL how those tax cuts “stimulated” the economy…well until Obama took office that is…because losing jobs started under HIS administration right? I think on Bush’s last day that our un-employment rate was about 3-4%… gaining more and more jobs each and every month… so yup…let’s keep that tax cut for the wealthy…I believe that there are STILL some out here who have not been pissed on just yet.

Peadawg

July 22nd, 2010
2:04 pm

Keyword in both of those, Doggone, is “spend”. Obama is Bush II in that sense. Let’s make some f’ing cuts before we start raising taxes.

thomas

July 22nd, 2010
2:07 pm

Doggone/GA

July 22nd, 2010
2:04 pm

Hiring is usually done through speculation.

So if they are speculating that they will be taxed heavily… rest assured they ae saving their money for when they are taxed.

But it could be something else entirely.

TaxPayer

July 22nd, 2010
2:08 pm

Targeting those who we need to start hiring again ?????

But we’re shipping the ones that the wealthy would hire back to Mexico so that’s no longer an issue.

Doggone/GA

July 22nd, 2010
2:08 pm

“Let’s make some f’ing cuts before we start raising taxes.”

Yep, I agree. And let’s start by cutting the DOD budge in half. That’s save us one HELL of a lot of money.

thomas

July 22nd, 2010
2:09 pm

Saul Good

July 22nd, 2010
2:04 pm

you are aware that unless something is done and the tax code expires that all of us including you will be paying more in taxes right?

Don’t be fooled this isn’t going to effect just the evil rich people.

Doggone/GA

July 22nd, 2010
2:10 pm

“Hiring is usually done through speculation”

Then why haven’t they been speculating all this time while the tax rates have been lower? And here’s a clue for you: hiring is directly proportional to DEMAND for a businesses goods/services. If there’s no increase in demand, there’s no increase in hiring. If there’s a decrease in demand there’s a DECREASE IN HIRING.

If “the rich” truly DID hire on “speculation” they’d be hiring like crazy right now. With so many people out of work, heck, they could get just about anyone at bargain rates. Why aren’t they doing that?

TaxPayer

July 22nd, 2010
2:10 pm

Actually, Obama is proposing the largest deficit reduction plan in history by doing nothing and simply letting the Republican legislation stay its course and expire.

Peadawg

July 22nd, 2010
2:12 pm

“Yep, I agree. And let’s start by cutting the DOD budge in half.”

As well as Medicare age increase, Medicaid, SS age increase and I’m on board.

Doggone/GA

July 22nd, 2010
2:12 pm

“the tax code expires that all of us including you will be paying more in taxes right?”

I won’t. I’m making exactly as much now as I was when those tax “cuts” went into effect. My taxes did NOT go down, so why should they go up when the tax cuts expire?

thomas

July 22nd, 2010
2:15 pm

Doggone/GA

July 22nd, 2010
2:10 pm

Cannot get at bargain rates because the gov is inflating natural bottom rates by continuing to extend unemployment benfits to now over 1 year. So explain why anyone would take a job earning 7 or 8 or 9 bucks an hour?

Retail sales were up last month but the perportionate rate did not occur on the retail hiring side?

WHY? the demand went up?

You did see the report about coorporations holding huge sums of money right now but not spending in hiring or company growth right?

Guess they are just holding it all and American consumers as well because we are all just greedy right?

Doggone/GA

July 22nd, 2010
2:16 pm

“As well as Medicare age increase, Medicaid, SS age increase and I’m on board.”

Cut the DOD buget, these can be left alone to do the good they are intended to do.

thomas

July 22nd, 2010
2:17 pm

Doggone/GA

July 22nd, 2010
2:12 pm

How can you be paying the same rate as before the bush cuts went into effect and still earning the same amount?

The bush tax cuts cut taxes for everyone! either through exemptions, tax credits, and the rate being lowered.

TaxPayer

July 22nd, 2010
2:18 pm

The SSA has just announced that people using the alias, “Peadawg” will not be eligible for benefits until their 80th birthday. Glad to have you on board.

Saul Good

July 22nd, 2010
2:19 pm

Thomas: “you are aware that unless something is done and the tax code expires that all of us including you will be paying more in taxes right?”

Really?

Show me ONE BILL…ONE LAW signed that shows us how OUR taxes go UP.

Your move.

98% of us had our taxes go down or remain the same… yet YOU now need to show the tax “increases” you rant about.

So…as I said…YOUR move… our federal government can not raise taxes without us seeing each and every bill calling for that. Know what IS going up? The taxes in GA… the very state that is run by republicans… my county that is 100% republican run… is raising my property taxes…while offering less services.., which has cut the hours at the library and will be cutting more (but I understand WHY republicans don’t care about such silly things like libraries)…

Okay sparky (Thomas)…show me the TAX INCREASES signed into law…

thomas

July 22nd, 2010
2:19 pm

Doggone/GA

July 22nd, 2010
2:16 pm

So you expect others to make cuts in areas you see need but you feel in the areas they want cut should be left alone to do its intended purpose?

Peadawg

July 22nd, 2010
2:20 pm

“Cut the DOD buget, these can be left alone to do the good they are intended to do.”

So, your only proposal is to cut the DOD budget and that’ll work? :roll:

TaxPayer

July 22nd, 2010
2:20 pm

How can you be paying the same rate as before the bush cuts went into effect and still earning the same amount?

The bush tax cuts cut taxes for everyone! either through exemptions, tax credits, and the rate being lowered.

Well, it’s not often that we get someone to ask a question and provide the answer. Well done.

thomas

July 22nd, 2010
2:22 pm

Saul Good

July 22nd, 2010
2:19 pm

If the bush tax codes expire, meaning congress does not pass a new tax code then the rate will go back to the rate it was before Bush’s tax cuts…….. meaning it would be a higher rate.

There is no need to pass a law to create a tax increase.

By allowing the others to expire all tax codes return to the pre-bush tax cuts.

Does that clear it up?

Peadawg

July 22nd, 2010
2:23 pm

“Cut the DOD buget, these can be left alone to do the good they are intended to do.”

You mean the fraud? Yup, that’s reeeeeaaaaal good.

ty webb

July 22nd, 2010
2:23 pm

Thomas,
don’t bother. he’s a lost cause. but he sure does wave a mean pom pom.

Doggone/GA

July 22nd, 2010
2:23 pm

“So explain why anyone would take a job earning 7 or 8 or 9 bucks an hour?”

“Bargain rate” are not necessarily that low, depends on what level of job you qualify for. If you are unemployed now, but could work at $20 an hour – when you WERE making $40 an hour at your previous job – which would YOU do? Work or not?

“WHY? the demand went up?”

Because the demand is not yet higher than can be handled by the existing employee base. But just think, if all those “speculative” rich people would hire more people, they would be contributing to the ability of their customer base to buy even more…and thus justify hiring more people. That’s what “speculation” is about, right?

thomas

July 22nd, 2010
2:24 pm

TaxPayer

July 22nd, 2010
2:20 pm

context oh wise one.

Another poster claimed if the bush tax cuts expired that their taxes would not go up?

Also if you see the second sentance as an answer to the first one you will take anything for an answer to any question.

Doggone/GA

July 22nd, 2010
2:26 pm

“How can you be paying the same rate as before the bush cuts went into effect and still earning the same amount?”

How? Can you really not even envision ANY way for that to happen? How about this: I had a good job when the so-called “tax cuts” went into effect. I was not in the tax bracket that was affected – my taxes did NOT change at the time (never mind all the spouting about them affecting “everyone”, they sure didn’t affect ME)

Since then I was laid off, and it has taken me 5 years to work my way back up to the same level of pay that I had then. So, since my taxes didn’t go down…why should they now go up?

andygrd

July 22nd, 2010
2:26 pm

Now see what happens to middle income wage earners… What went up will go back down…

Increase of the size of 15 percent rate bracket for married filers to double that of unmarried filers (sec. 1(f)(8) and sec. 901 of Pub. L. No. 107-16).

Increase of the standard deduction for married filers to double that of unmarried filers (sec. 63(c)(2)(A) and sec. 901 of Pub. L. No. 107-16).

Reduced capital gain rates for individuals (secs. 1(h)(1)(B), 1(h)(1)(C), 55(b)(3)(B), 55(b)(3)(C), 57(a)(7), 1445(e)(1), 7518(g)(6)(A) and sec. 102 of Pub. L. No. 109-222).

Dividends of individuals taxed at capital gain rates (secs. 1(h)(11), 163(d)(4)(B), 854(a), 854(b) and 857(c) and sec. 102 of Pub. L. No. 109-222).

Ten percent individual income tax rate (sec. 1(i) and sec. 901 of Pub. L. No. 107- 16).

Reduction in other individual income tax rates — size of 15 percent rate bracket modified to reflect 10 percent rate, and 28 percent, 31 percent, 36 percent and 39.6 percent rates are reduced to 25 percent, 28 percent, 33 percent and 35 percent, respectively (sec. 1(i)(2) and sec. 901 of Pub. L. No. 107-16).

Child credit — increase from $500 to $1,000, expand eligibility for refundable portion of the credit, AMT relief, provide that child credit not treated as income or resources for purposes of benefit or assistance programs financed in whole or in part with Federal funds (secs. 24(a) and (b)(3) and secs. 203 and 901 of Pub. L. No. 107-16).

Earned income tax credit (”EITC”) – increase in the beginning point of the phase-out range for joint returns, modification of EITC treatment of amounts not includible in income, repeal of reduction of EITC for AMT liability, expansion of math error authority (secs. 32(b)(2), (c)(2)(A)(i), (h), and 6213(g)(2) and sec. 901 of Pub. L. No. 107-16).

Repeal of the personal exemptions phase-outs (”PEP”) for high income taxpayers (sec. 151(d)(3)(F) and sec. 901 of Pub. L. No. 107-16).

Repeal of overall limitation on itemized deductions (the “Pease limitation”) (sec. 68(g) and sec. 901 of Pub. L. No. 107-16)

Dependent care credit — increase of dollar limit on creditable expenses from $2,400 to $3,000 ($4,800 to $6,000 for two or more children), increase of applicable credit percentage from 30 to 35 percent, increase of beginning point of phase-out range from $10,000 to $15,000 (secs. 21(a)(2) and 21(c) and sec. 901 of Pub. L. No. 107-16).

Adoption credit and adoption assistance exclusion — increase to $10,000 for maximum credit and maximum exclusion, special needs adoptions deemed to have $10,000 eligible expenses for purposes of credit and exclusion, increase the beginning and ending points of phase-out range for credit and exclusion, the credit is allowed against AMT (secs. 23 and 137 and sec. 901 of Pub. L. No. 107-16).

Student loan interest deduction — increase and indexation for inflation of the phase-out ranges, repeal of the limit on the number of months that interest payments are deductible, repeal of the rule that voluntary payments of interest are not deductible (sec. 221 and sec. 901 of Pub. L. No. 107-16).

Education IRAs (Coverdell education savings accounts) — increase of maximum annual contribution from $500 to $2,000, expansion of definition of qualified education expenses, increase in the size of the phase-out range for married filers to double that of unmarried filers, provision of special needs beneficiary rules, contributions by corporations and other entities, and contributions until April 15th, permitted (secs. 530(b)(1), (b)(2), (b)(4), (c)(1), (d)(2) and sec. 901 of Pub. L. No. 107-16).

INCOME REDISTRIBUTION—THE LIBERAL WAY

Doggone/GA

July 22nd, 2010
2:27 pm

“So you expect others to make cuts in areas you see need but you feel in the areas they want cut should be left alone to do its intended purpose?”

Yep

Doggone/GA

July 22nd, 2010
2:27 pm

“So, your only proposal is to cut the DOD budget and that’ll work?”

Yep

@@

July 22nd, 2010
2:28 pm

So this is how Obama is gonna end the standoff between him and business? He’s gonna shoot himself in the foot?

Far be it from me to deflect his hand. I’ll be glad when he AND the left-wingers are gone for good.

thomas

July 22nd, 2010
2:28 pm

Doggone/GA

July 22nd, 2010
2:23 pm

That is not what speculation is about?

If that truely is your grasp of running a business then possibly a refresher course in micro- or macro econ would be of service to you.

I only graduated in the last decade so you can use my books if you need to.

Peadawg

July 22nd, 2010
2:28 pm

Doggone @ 2:27

Wow. Just…wow.

Jackie

July 22nd, 2010
2:29 pm

News from the financial industry indicates that major corporations and banks have $TRILLONS of dollars on their balance sheets and refuse to use this money to hire additional workers. They are working the current employees very hard, noted by the increase in productivity.

The demand for goods and services are suppressed because the general population does not the disposable income to spend on items not deemed as necessary.

The stock market is doing well, the bond market is stable and the EU crisis has been tamped-down, interest rates are near zero with the Fed stating they intend to keep them at this level until 3rd quarter of 2012.

Why advocate an additional tax cut for the wealthy when the driver for the economy, demand is absent from the equation because the middle-class wage earners are being eliminated.

Saul Good

July 22nd, 2010
2:29 pm

Thomas:

“Does that clear it up?”

No. Perhaps to the Glenn Beck crowd it does… but not to “rational people” who actually READ.

Now go back and EXPLAIN what I asked…just HOW MANY JOBS did the Bush Tax Cuts create by time he left office?

(negative numbers are okay)…

Doggone/GA

July 22nd, 2010
2:30 pm

“That is not what speculation is about?”

Hey, it wasn’t ME who said employers hire on “speculation” – I’m just trying to show how it would work IF they did. They don’t, but maybe some people don’t actually know that.

thomas

July 22nd, 2010
2:30 pm

Doggone/GA

July 22nd, 2010
2:27 pm

Why what makes your opinion better than others if you expect others to concede to your wishes but not in reverse?

Supercilious much?

Doggone/GA

July 22nd, 2010
2:31 pm

“Wow. Just…wow.”

That makes us even. I had the same reaction to YOUR opinion on what should be cut.

TaxPayer

July 22nd, 2010
2:32 pm

Well, thomas, you left out some modifiers in your sentences that left them open for interpretation. Now, if you had been more specific and worded your sentences to include, for example, such keywords as “income taxes” and “payroll taxes”, you might have avoided the ambiguity. Consider this analysis for further clarification if you wish.

Doggone/GA

July 22nd, 2010
2:33 pm

“Why what makes your opinion better than others if you expect others to concede to your wishes but not in reverse?”

And what part of OPINION don’t you understand? I gave my OPINION. I don’t expect others to “concede” to it. If I did, you’d be bowing down to me right now.

Dusty

July 22nd, 2010
2:33 pm

OH heck. I just got over being mad as everything on the last blog (and fussin’ & fumin’) when Bookman sneaks in an OH BOY HIGHER TAXES ON THE RICH piece.

Will someone take Bookman out and give him a cold shower? Maybe the heat has gotten to him

I’m sorry that poor Jay isn’t rich. He surely does hate rich folks.. Isn’t the Cox (AJC owners) family RICH ? Better not bite the hand that feeds you, Bookie.. Not nice…

Jackie

July 22nd, 2010
2:35 pm

@Doggone

The Pentagon CAN NOT account for more than 25% of its budget of $2.3 TRILLON dollars allocated during the Bush years. How does one expect the Pentagon to account for what it spends today when the budgeted amount has increased and all that goes into that budget is not report for purposes of “nation security?’

http://news.firedoglake.com/2010/05/27/coburn-calls-for-pentagon-audit/

Peadawg

July 22nd, 2010
2:35 pm

“That makes us even. I had the same reaction to YOUR opinion on what should be cut.”

Atleast I’m trying to find ways to cuts the deficit. All you want to do if cut DOD, raise taxes, and keep the handout programs full of fraud.

Doggone/GA

July 22nd, 2010
2:36 pm

“The Pentagon CAN NOT account for more than 25% of its budget ”

Not my problem. Cut their budget in half and maybe they’ll be more careful about where that money goes.

thomas

July 22nd, 2010
2:36 pm

Saul Good

July 22nd, 2010
2:29 pm

OHHH quick change the topic ** got it bring up Glenn Beck!

You made a lil quirp about bush tax cuts creating jobs but you didn’t address it to anyone, you just said you were waiting.

I have no idea how many jobs the bush tax cuts created or deleated. Is there any statistical evidence either way?

Or should we just trust your math and go with your estimation?

It seems you may be embarrassed to admit that you didn’t understand that without a NEW code the old on returns FOR EVERYONE. Which means ta da…. all tax rates go up.

Show me where that is wrong!

Please stop projecting your owninsecurities onto me, I may disagree with your views of how policy should work but do not make assumptions about you or your beliefs until you comment.

it would be nice if you coul do that to others in the future.

Saul Good

July 22nd, 2010
2:37 pm

Oh…BTW Thomas….feel free to explain how those “tax cuts” have not added to our deficit. I mean less taxes collected by those who never hired and expanded our economy… just how did those “cuts” not “increase” our deficit due to them not paying their fair share…

thomas

July 22nd, 2010
2:39 pm

TaxPayer

July 22nd, 2010
2:32 pm

you are correct sir,

but had you not been in quit such a hurry to prosecute and belittle all things right of you, then possibly you would have looked at the dialog and been able to understand teh message.

As is you rushed to a quick judgemnt and did so in a nit-picky fashion in an attempt again to discredit anyone YOU see as being RIGHT of YOU.

Jackie

July 22nd, 2010
2:39 pm

@Doggone

I agree with you about cutting the Pentagon budget as does Sen. Coburn (R-OK). It would be a place to start as our budget is more than that of all military budgets of the rest of the world’s countries combined.

Doggone/GA

July 22nd, 2010
2:40 pm

“All you want to do if cut DOD”

Are you trying to have us believe that the DOD budget does NOT contribute to the deficit? If you are, that’s some creative accounting!

herman cain

July 22nd, 2010
2:41 pm

dogbrain, Let’s see through the Bush years, I had between 10 and 20 people working full time for me. I now employ 12, I will not be adding anyone else in the forseeable future until I see what great plan oblowblow has up his sleeve next. In fact as the health scare oops I mean health care laws go into effect I will more than likely be letting those go. I’ll promise you one thing, theres not a small businessman out there that is going to lose everything to keep some employed, There are too many of us who will do the work ourselves and not “spread the wealth”. In the mean time dollars that could be spent on positions are being tucked away out of oblowblow and piglosi’s reach.

thomas

July 22nd, 2010
2:41 pm

Saul Good

July 22nd, 2010
2:37 pm

I really love the way you continue to ask me questions about an issue you have NO CLUE as to how I feel about Bush tax cuts success and failure,

Alll in an effort from having to admit you were wrong about the tax increase. Its fine I understand some people do not handle it as well as others when it is revealed to them they are not as smart as they thought they were.

Doggone/GA

July 22nd, 2010
2:42 pm

“It would be a place to start as our budget is more than that of all military budgets of the rest of the world’s countries combined”

Exactly. The DOD budget is HUGE, and it doesn’t need to be so big.

Normal

July 22nd, 2010
2:42 pm

Tax the rich, put their wives to work in soup kitchens and send their kids to Afghanistan!

Where's My Party?

July 22nd, 2010
2:43 pm

” just how did those “cuts” not “increase” our deficit due to them not paying their fair share…”

And what is someones fair share?

@@

July 22nd, 2010
2:43 pm

Mr. Geithner said there is “still some uncertainty about how strong the recovery is going to be,” which may be impacting spending decisions by businesses and individuals. But he discounted that as a reason to extend the Bush-era tax cuts for top earners, saying most private forecasts show moderate economic growth and increasing public confidence in the recovery.–WSJ

Geithner must be standing on his head when he looks at this chart.

Obama’s hopeless…can’t save him from himself.

John Birch

July 22nd, 2010
2:44 pm

“White House still plans to extend tax cuts for middle- and lower-income Americans” What is this week’s definition of middle income? My taxes went down about $300 so I expect them to go up about the same amount. We need to totally eliminate the deficit over the next few years with about 2/3 coming from spending cuts and 1/3 making the upper middle and wealthy pay their fair share. If we balanced the budget I think we’d also see the DOW over 15,000 and unemployment back around 5%.

Normal

July 22nd, 2010
2:44 pm

herman cain

July 22nd, 2010
2:41 pm

Your name calling makes me think you are not what you say you are.

thomas

July 22nd, 2010
2:45 pm

Doggone/GA

July 22nd, 2010
2:42 pm

the DOD budget is the only one you see as waste and need of trimming?

If so why? Are there not other programs operating in the red as well?

Do you have an axe to grind with the military or military types?

Peadawg

July 22nd, 2010
2:45 pm

“All you want to do if cut DOD”

Are you trying to have us believe that the DOD budget does NOT contribute to the deficit?”

Nice selective quoting you did there. I’ve said I agree w/ cutting DOD ALONG WITH OTHER THINGS. You said @ 2:27 the only the we should cut is DOD. Are you trying to say Medicare, Medicaid, and SS fraud don’t contribute to the deficit? If you are, that’s some creative accounting!

John Birch

July 22nd, 2010
2:46 pm

How about needs testing for entitlement programs, SS, Medicare, even unemployment? It was ridiculous that Reagan collected SS while he was president and running deficits to finance his Star Wars fantasy.

TaxPayer

July 22nd, 2010
2:46 pm

thomas,

I’m sure you think you said something intellectually sound.

Doggone/GA

July 22nd, 2010
2:46 pm

“the DOD budget is the only one you see as waste and need of trimming?”

Nope, just the most obvious and the one with the greatest, by far, potential to affect the deficit.

Doggone/GA

July 22nd, 2010
2:47 pm

“Are you trying to say Medicare, Medicaid, and SS fraud don’t contribute to the deficit? If you are, that’s some creative accounting!”

Just like you, nope. But the DOD budget is so much bigger it has the greatest potential for affecting the deficit.

Peadawg

July 22nd, 2010
2:48 pm

“Nope, just the most obvious and the one with the greatest, by far, potential to affect the deficit.”

Backtracking now from your 2:27?

TaxPayer

July 22nd, 2010
2:48 pm

The annual one trillion dollar DoD budget needs major slashing. It should be cut by at least 50%.

thomas

July 22nd, 2010
2:49 pm

TaxPayer

July 22nd, 2010
2:46 pm

Not for me to judge the intellectual strnegth of my arguments..Would always give myself A’s.

Was I wrong in stating that without a new tax code all of our taxes would go up?

Was i wrong in my sumation of the Bush tax cuts being given to everyone?

Doggone/GA

July 22nd, 2010
2:50 pm

“Backtracking now from your 2:27?”

Nope

Dusty

July 22nd, 2010
2:52 pm

Oh no!! First we get the “Hate those rich people” crowd. Now we ‘ve got the old war protestors and whtie flaggers saying we aint needin NO money for the DOD!! Yeah, let our American solders fight with rocks and sticks and we won’t have to put anything in for DOD.

Don’t know why libs worry so much about taxes when they keep saying the deficit is not too big. Oh piffle, they say. 14 Trillion aint much!! We shall overcome (in the next century)!! Just print some more $$$

I tell you, liberals stay out in the sun too long. So circle the wagons!! There are some real crazies out there.

@@

July 22nd, 2010
2:52 pm

Could be Obama is more than happy to let Democrats lose the house. That way, confidence WILL be restored and he can sail into 2012 with renewed hope.

With friends like Obama, who needs enemies, right?

JohnnyReb

July 22nd, 2010
2:54 pm

Why not, punish those job providers! They are rich and don’t need the money.

Saul Good

July 22nd, 2010
2:54 pm

Thomas…let’s sum it up this way: Stock Market: Up or down since Obama took office?

Your answer was faulty at best…in fact it was no answer at all…

Do you make over $250K as an individual (not as a FAMILY)? If not…stop worrying that YOUR taxes are going up…

Funny thing is that 99.9999999% of people complaining about taxes…well they’ve had NO TAX INCREASES since Obama took office…FUNNIER…they never complained about taxes from 2000-2008… but NOW they worry about their taxes…and the deficit… and about “spending” when it was their votes who gave the “idiot child” free reign to spend on “good” things we “needed” like Iraq…instead of Healthcare…

Vote Republican and you ALWAYS vote AGAINST your own best wishes…

okay…out for a bit…enjoy! :)

Doggone/GA

July 22nd, 2010
2:56 pm

“They are rich and don’t need the money”

And they aren’t providing any jobs either.

Doggone/GA

July 22nd, 2010
2:57 pm

“And they aren’t providing any jobs either.”

Sorry for the poetic hyperbole. I should have said “And they aren’t providing any MORE jobs either.”

TaxPayer

July 22nd, 2010
2:57 pm

thomas,

yes, you were wrong with your use of the word “all”.

thomas

July 22nd, 2010
2:59 pm

Doggon, either you are backpeddling or you have another poster posting under your name.

Doggone/GA
July 22nd, 2010
2:27 pm
“So you expect others to make cuts in areas you see need but you feel in the areas they want cut should be left alone to do its intended purpose?”
Yep
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Doggone/GA
July 22nd, 2010
2:27 pm
“So, your only proposal is to cut the DOD budget and that’ll work?”
Yep”

Peadawg

July 22nd, 2010
2:48 pm
“Nope, just the most obvious and the one with the greatest, by far, potential to affect the deficit.”

Backtracking now from your 2:27?”

earlier you claimed it would fix the deficit by itself, now it is the most obvious crap….

I still say you have an adolecent like ability to admit when you are incorrect or even when you overstae something. It is ok to be wrong we all are at one time or another.

It will be ok!

thomas

July 22nd, 2010
3:00 pm

TaxPayer

July 22nd, 2010
2:57 pm

how so?

Saul Good

July 22nd, 2010
3:01 pm

Dusty said: “Don’t know why libs worry so much about taxes when they keep saying the deficit is not too big. Oh piffle, they say. 14 Trillion aint much!! We shall overcome (in the next century)!! Just print some more $$$”

Hey… I don’t recall repubs worrying about it during the Reagan years…when it was HE who was the FIRST one who stopped paying down the deficit we incurred during WWII…the very one Clinton started paying back… and that Dubya pissed away again… but okay…the Republican “Messiah” was able to run up unlimited deficits an debt…

Okay…I’m out…enjoy! Read a GOOD BOOK! I recall lots and lots when I read your human penned “good book” about deficits, and debt… oops…I forgot…it was STONING and raping slaves one would take that I read…. good stuff… best when read to a child.

adios.

mike

July 22nd, 2010
3:01 pm

Remember all of that crap about asking for “shared sacrifice”? What a load of crap. A shared sacrifice would mean that we all get a tax increase.

JohnnyReb

July 22nd, 2010
3:01 pm

Doggone – the reason companies are not investing, a/k/a offering jobs, is the high degree of uncertainty within the Obama agenda. One need look any further than the financial reform bill where most of the regulation remains unwritten and will be decided by bureaucrats, not your elected officials.

Scout

July 22nd, 2010
3:01 pm

Jay:

This is GREAT NEWS !

The wealthy, business owners, CEO’s etc. will regard this as what it is. A plan to redistribute weath. Therefore, they will withhold spending personal money, expanding their businesses or hiring new people. The timinig couldn’t be better !

As a result, the job market will continue to go down ………….. and I can’t wait for November !!

Thanks for the update. This is a welcomed thread.

Doggone/GA

July 22nd, 2010
3:02 pm

Ok, Peadawg…you win. I forgot I used the word ONLY. So yes, I DO think that cutting ONLY the DOD budget will go a long way to helping fix the deficit.

tscali

July 22nd, 2010
3:02 pm

confidence boosted on wall street. when did the left gain confidence in wall street?

Scout

July 22nd, 2010
3:04 pm

Jay: From down below ………….

re: my 2:41pm:

Jay:

Good ……… glad you saw it again. I wrote it personally.

There is always someone who hasn’t seen it or someone who may finally see the truth.

As my preacher Dad always said, repetition is like muscilage …………. it sticks.

P.S. Is there any part of it you would like to debate as untrue ?

TaxPayer

July 22nd, 2010
3:04 pm

If the government decides to spend money, then we the people have to provide that money. Bush and the Republicans decided to borrow the money that they spent via a “Rooms-To-Go” plan with no money down and no payment for 10 years. Well, the ten years is up and now, what are the Republicans doing? Whining, of course. Whining about the fact that their own ten year reprieve that they passed into law is now up. Whining that their own law requires them to start paying for their largess starting at the end of this year. Poor widdle babies. I know its tough for you to stare your own gift horse in the mouth.

Peadawg

July 22nd, 2010
3:04 pm

“Ok, Peadawg…you win.”

Damn, how’d that taste coming out of your mouth?

“So yes, I DO think that cutting ONLY the DOD budget will go a long way to helping fix the deficit.”

And now we’re back to square one. Just cut the DOD and leave all the fraud in the handout programs alone. Gotcha!

Doggone/GA

July 22nd, 2010
3:04 pm

“the reason companies are not investing, a/k/a offering jobs, is the high degree of uncertainty within the Obama agenda”

Baloney. That’s the excuse that’s bandied about, but it’s all hogwash. They aren’t hiring because they don’t NEED to hire. Demand is down because unemployment is up, so they don’t need any employees to “service” demand that isn’t there.

The “uncertainty” is just an excuse to blind those who can’t or won’t look at the whole picture.

thomas

July 22nd, 2010
3:05 pm

Saul Good

July 22nd, 2010
2:54 pm

Your partisianship doesn’t allow you to see facts i beleive.

Your taxes will go up from their current rate IF congress does not apporve of a new tax code by Jan 1, 2011. The tax cuts will expire FOR EVERYONE.

Unless the adminstartion and congress pass something that says teh cuts will extend for this group and not that group then you are wrong and your taxes will go up.

Sorry, I know you are trying your very best to protect the “I will not raise taxes on 95%….” Obama spouted during the campaign.

However your style of telling me what my argument is does not work, possibly you should have insight as to someones views before you begin to question them?

Doggone/GA

July 22nd, 2010
3:06 pm

“Damn, how’d that taste coming out of your mouth?”

Taste, what taste? I went back and re-read what you posted, and actually is WASN’T me that used the work “only” – it was you, but I did reply in agreement. All I got out of it was to read your replies more carefully.

thomas

July 22nd, 2010
3:06 pm

Doggone/GA

July 22nd, 2010
3:04 pm

Is that your opinion or do you have proof?

Why should we trust you?

we already have proof of you disagreeing with your own statements… why is your opinion to be taken as fact?

JohnnyReb

July 22nd, 2010
3:07 pm

To any discouraged conservatives, in case you did not notice there is undebatable evidence an end to the Obama madness is underway at the grass roots. The turnout of Republican and Democratic voters in Tuesday’s election is clear sign the Dems are in deep do-doo. Roughly 676,000 voted for Rebublican gubernatorial candidates, dwarfing the 391,000 voting Democrat. Come on November!

TaxPayer

July 22nd, 2010
3:07 pm

thomas,

look for the “zeros” in the second table in the link I gave you earlier.

Scooter

July 22nd, 2010
3:07 pm

Hey Doggone,I know you are busy debating with others but please allow me to intrude.
I dont understand how you did not get a tax cut and I did. I was making about 35,000 at the time,which does not make me the “rich”. My paycheck did not change, but I recieved 600.00 on my refund that I would not have gotten if not for the tax cut. ????????

Doggone/GA

July 22nd, 2010
3:09 pm

“Just cut the DOD and leave all the fraud in the handout programs alone. Gotcha!”

How about some numbers then? How much would you expect to be saved by cutting the programs you suggested?

I would expect we could save at least $350 billion by cutting the DOD budget. Now, what are YOUR numbers?