Another Middle Class Bailout: This Time for the Wealthy?

Discussion in 'Current Events' started by Agent_286, Dec 11, 2010.

  1. Agent_286

    Agent_286 New Member

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    Another Middle Class Bailout: This Time for the Wealthy?


    After using the middle class to pay for the Bush Wars, bailing out banks, Wall Street, CEOs, auto industries, insurance companies, President Obama, in a private meeting with Republicans, forged a bill to bail out the WEALTHY, who have been enjoying Bush Tax Cuts for the past 10 years, already costing the country trillions of dollars and driving up our deficit.

    Republicans, who have been whining about excess spending and our deficit (some of it inherited by a Republican president.. ie: two Bush Wars and uncontrolled pork spending) for two years but don’t seem to mind when the excess spending is directed to them, are complimenting President Obama on the generosity displayed by him in the private negotiations entered into by them and resulting in another $860 Billion Tax Deal which will be added to our fast growing deficit. Where Are the Republican’s shouts about excessive spending NOW?

    Two Questions for President Obama: 1) Are you even aware of the millions of former middle-class workers that are now unemployed, broke, in serious debt, losing their homes, and worrying how they will feed their children? In fact, isn’t it true that you and your family and other wealthy Americans have not even experienced our long depression caused by the wealthy corporate Americans because of their excessive greed and disdain for the middle class worker who toiled many hard years making these people wealthy.

    2) After you have bailed out everybody else, what plans do you have for the middle-class workers? You know, the citizens who have no tax deferrals, loopholes, etc. like the rich corporations do and therefore pay their full taxes and who weekly provide the necessary revenue to keep our state and federal governments running…what are your plans for us?

    But even more relevant: What are our plans for YOU? Let me count the ways:

    House Democrats defy Obama on tax cut bill

    By: CNN's Dana Bash and Deirdre Walsh


    "Wow did the [White House] mishandle this," a senior House Democratic Source told CNN. "Breathtaking. Members have major substantive concerns and they should have gently guided people to the finish line."

    Rep. Peter DeFazio of Oregon said: "They said take it or leave it. We left it
    "This message today is very simple: That in the form that it was negotiated, it is not acceptable to the House Democratic caucus. It's as simple as that," said Democratic Congressman Chris Van Hollen.

    http://politicalticker.blogs.cnn.co...obama-on-tax-cut-bill/?hpt=T1&iref=BN1&iid=EL
     
  2. Agent_286

    Agent_286 New Member

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    $860 billion tax-cut deal: Cost breakdown


    NEW YORK (CNNMoney.com) -- The Senate version of the tax-cut deal brokered by the White House and Republicans earlier this week is estimated to cost roughly $860 billion.The Senate will take its first vote on the bill on Monday.

    But even if the Senate passes the bill, House passage is far from guaranteed given many House Democrats' bitter opposition to the compromise framework in its current form. Unless they're allowed to make key changes, they have said they will not bring the bill to the House floor.

    Bush tax cuts: $544.3 billion. The package would extend the Bush tax cuts for everyone for two years.

    The bulk of that cost -- $463 billion -- is for the extension of cuts for families making less than $250,000, including two years of relief for 2010 and 2011 for the middle class from the Alternative Minimum Tax.

    The rest -- $81.5 billion -- is attributable to the extension of cuts that apply to the highest income families.The cost of extending all the tax cuts over 10 years would have been $3.7 trillion.

    Unemployment benefits: $56.5 billion. The package would also leave in place for 13 months the option to file for extended federal unemployment benefits -- which go as high as 99 weeks in states hit hardest by job loss. The Congressional Budget Office estimates the measure would cost $56.5 billion.

    Social Security tax break: $111.7 billion. The package would also offer workers a payroll tax holiday worth 2 percentage points next year, so that instead of paying 6.2% on their first $106,800 of wages, they will only have to pay 4.2%. The measure would cost $112 billion.

    Individual tax credits: $8.3 billion. The compromise framework would also extend for two years the increased value of a number of tax credits that benefit low-and middle-income tax filers, such as the earned income tax credit, the child credit and a revamped tax credit for college costs. The measure would cost $8 billion.

    Business tax breaks: $69 billion. The bill contains more than 40 business tax breaks. Some, like an extension of the research and development credit, has drawn bipartisan support and is typically renewed annually. But also included are roughly $11 billion worth of energy credits and a new temporary option for businesses to write off 100% of their expenses in 2011. That measure would cost $21 billion.

    Estate tax: $68 billion. The compromise framework also includes a lower estate tax, which barring any changes would return in 2011 with a $1 million exemption level and a top rate of 55%. Instead, under the proposal, the exemption level would be raised to $5 million and the top rate lowered to 35%The JCT estimates the measure would cost $68 billion.

    Paying as they go?

    Of course, the cost of the combined provisions could be reduced if lawmakers choose to follow their own rules to pay for any new tax cuts or spending increases by finding additional revenue or cutting spending elsewhere in the budget.

    But it's likely that few, if any, of the measures in the compromise framework would end up being paid for.

    One reason is that some of the measures - like extending the Bush tax cuts for the middle class - are already exempt from the so-called "pay-go" rules. Another reason is that many of the other measures - such as the payroll tax holiday and the unemployment benefits extension - will likely be deemed emergency spending.

    http://money.cnn.com/2010/12/07/news/economy/tax_cut_deal_obama/index.htm?iid=EAL
     
  3. SiliconMagician

    SiliconMagician Banned

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  4. country

    country New Member

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    Those evil, selfish rich people carry the load for people who pay no income tax. If not for those evil rich people, where would the govt get its money? Who would pay for your food stamps and other govt programs for the poor? The middle class by ourselves could not do it alone. Who would pay the unemployment checks for the next 13 months? Those of us making under $250,000? This class envy is getting tiresome. We should be thankful some have made their fortune. If not for them I would be paying much higher taxes.
     
  5. Agent_286

    Agent_286 New Member

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  6. waltky

    waltky Well-Known Member

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    Granny says, "Dat's right - tax dem rich business owners dat outsource our jobs...
    :fart:
    Tax the rich: How Obama will pay for his stimulus package
    September 12, 2011: President Obama proposes paying for his stimulus package primarily by raising more revenue from high-income households.
     
  7. hiimjered

    hiimjered Well-Known Member Past Donor

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    I love this, a tax break that saves the middle class and poor six times as much as it saves the rich is billed as a bailout for the rich.

    Next thing you know liberals will blame a TEA party minority in congress for the US credit rating downgrade.
     
    Rapunzel and (deleted member) like this.
  8. Rapunzel

    Rapunzel New Member Past Donor

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    LOL...they already have numerous times.
     
  9. waltky

    waltky Well-Known Member

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    Granny says, "Dat's right, let `em expire so's dey gets to know what it's like fer the rest of us...
    :grandma:
    Poll: Let tax rates for wealthy expire
    WASHINGTON, Oct. 25,`12 (UPI) -- A majority of small-business owners say raising taxes on the top 2 percent of taxpayers is the right thing to do, a Small Business Majority poll indicated.
     
  10. waltky

    waltky Well-Known Member

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    Granny says, "Raise `em a whole lot - dey ain't been payin' dey's fair share o' taxes for quite a while now...
    :grandma:
    ‘It Won’t Kill The Country If We Raise Taxes a Little Bit on Millionaires’
    November 12, 2012 - Fox News contributor and editor of The Weekly Standard Bill Kristol said “it won’t kill the country” if the U.S. government raises taxes on millionaires.
    See also:

    Economic Growth from Less Taxes is ‘A Rumpelstiltskin Fairy Tale’
    November 9, 2012 - Sen. Chuck Schumer (D-N.Y.) says the premise that cutting taxes will result in greater economic growth is “a Rumpelstiltskin fairy tale”.
     
  11. waltky

    waltky Well-Known Member

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    Granny says, "Dat's right - Obama gonna make dem rich folks pay dey's fair share o' taxes like the rest o' us...
    :grandma:
    Obama's Next Campaign: More Taxes for Rich Americans
    November 17, 2012 — President Barack Obama's re-election campaign may be over, but his economic campaign continues. The president is appealing to business and labor leaders, lawmakers and the public to press Republicans in Congress to go along with his plan to raise taxes on the wealthiest Americans. In his successful re-election campaign, Obama made relentless calls to middle class Americans to support his program of higher taxes for the rich and continued tax cuts for everyone else.
    See also:

    Obama, Congress to Continue Negotiations on 'Fiscal Cliff'
    November 17, 2012 - U.S. President Barack Obama will resume negotiations with congressional leaders later this month to try to resolve crucial government financial issues before the end of the year.
     
  12. waltky

    waltky Well-Known Member

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    Granny says, "Dat's right - dem rich folks can afford to pay more taxes `cause dey's companies been makin' lotsa money outsourcin' American jobs...
    :grandma:
    Taxing the rich: why $250,000 became the benchmark
    December 14, 2012 - Some Democrats had sought an income threshold well above $250,000. But since the election campaign and in 'fiscal cliff' talks, that's the number President Obama has settled on. Here's what's behind it.
     
  13. RP12

    RP12 Well-Known Member

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    Interesting dont you still claim to be an Independent?
     

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