Obama Tells Progressives He Won't Budge On Bush Tax Cuts

[Jack Springer]

Obama is right in that a tax increase on the rich would help cover the deficits this country is facing. This is proven. Lets make capital gains tax the same as income tax. Tax capital gains at a level of 25-30%. The snarky attitude isn't winning points here, Jack.

It's not snarky. I want people to see how little the tax hike would actually be.

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No, he didn't. You're delusional.

You don't listen to your dear leader.

 

[gewhite3]

OK, fine. If he said what you claim, post a link. He never said that it was the answer to ALL of our economic problems. I think you're hearing what you want to hear, like I said, delusional.

 

[TX-Beau]

I suppose that we are going to have to take on the whackjob right's HORROR OF HORRORS!!

SOMETIMES tax hikes are NECESSARY!!!

ARRRRRRRGGHHHHHHHH!

Especially when trying to pay for republican wars, republican deficits and the HUGE FUCKING GRAFT profiting their republican friends. Those idiots wanted to spend, they did, now there's nothing left but to pay the bill. and yes that includes the rich.

All you suckers on the right bought their lies as they did it, you still apparently want to live in their bubble, so sorry sucks for you, time to pay the piper, WHINE all you want. Revenues must go up, and no "loopholes," won't fucking cut it.

SUCK IT THE FUCK UP!

 

[maxpowr9]

This is kind of why I hope the "suicide pact" (I'm sick of the phrase "fiscal cliff") actually happens. I have no complaints in paying more taxes.

 

[TX-Beau]

We need to be paying more taxes, and then we need to make sure we don't elect idiots who do this again.

I see no problem going back to the tax structure under Clinton, remember that, no Apocalypse and SURPLUSES!

 

[JayHawk]

I agree maxpwr... fuck it drive the Republican Miss Daisies right off the cliff... the American people have already determined who is to blame... the party that lost and will still try to obstruction as a ploy....

 

[chance1]

Yeah the govt. is just so good at allocating funds to the right places

 

[BostonPirate]

I think what people here are not remembering about the tax bill is that one hundred percent of all americans get the bush rates on their first 250,000 earned, no matter how much you earn after that.

We also need to remember that the proposition is just for one year, not ten, like the bush tax cuts. New tax rates will have to be renegotiated next year.

 

[TX-Beau]

Yeah the govt. is just so good at allocating funds to the right places

The Pub government turned out to be VERY good at allocating funds to the right, so glad YOU agree!!

 

[maxpowr9]

I agree maxpwr... fuck it drive the Republican Miss Daisies right off the cliff... the American people have already determined who is to blame... the party that lost and will still try to obstruction as a ploy....

If you actually look at the brokered deal, "fiscal cliff" is a misnomer. A cliff implies an edge which it is not, only the tax part is. The spending cuts actually have a rollout (or gradual for laymen) effect. The cuts get deeper the longer they go on but are light at the top.

 

[BostonPirate]

If you actually look at the brokered deal, "fiscal cliff" is a misnomer. A cliff implies an edge which it is not, only the tax part is. The spending cuts actually have a rollout (or gradual for laymen) effect. The cuts get deeper the longer they go on but are light at the top.

we're good for six months with no major effects, but that's pushing it.

If the taxes go up across the board that will take about a one percent bite out of GDP, and that would translate to about two percentage points higher in unemployment... that's the vulgar numbers off the top of my head.

The CBO estimates by the end of the year, if no new tax plan is passed and sequestration is not stopped, that the GDP would drop by four percent, and unemployment would go above 9 percent again.

 

[JayHawk]

If you actually look at the brokered deal, "fiscal cliff" is a misnomer. A cliff implies an edge which it is not, only the tax part is. The spending cuts actually have a rollout (or gradual for laymen) effect. The cuts get deeper the longer they go on but are light at the top.

we're good for six months with no major effects, but that's pushing it.

If the taxes go up across the board that will take about a one percent bite out of GDP, and that would translate to about two percentage points higher in unemployment... that's the vulgar numbers off the top of my head.

The CBO estimates by the end of the year, if no new tax plan is passed and sequestration is not stopped, that the GDP would drop by four percent, and unemployment would go above 9 percent again.

I agree with both but another portion people seem to constantly leave out yet republicans have no problem holding hostage are the unemployment benefits currently funded. There is a hard shut off of benefits that currently assist 2 million people. That is a lot of suffer and that is a cliff. One day there the next day gone. The other portion of the cliff is the across the boards mandatory cuts to every program. That is significant because like Romney's intended defense spending a cut like that has no sense or thought associated. It is a cliff .

SO it is more than just taxes. But our congress is so fucking dysfunctional I have worked my entire career from October to at least January with no budget to work off of so i know at least defense knows how to spread things so to keep the ball rolling. I guarantee the unemployment benefits will be held hostage by the soulless right.

 

[Kulindahr]

We'll see won't we. Small businesses do not pay income taxes.

Um, they don't pay personal income taxes.

Plus I fucking agree that Romney et all should be AT LEAST paying the same percentage I do.

Absolutely. We need a minimum rate law for everyone above the median income.

Obama has sold the tax increase to the "rich" as solving all the economic problems of the USA. He even pushed it several times in his press conference today.

Citation, or this goes down as another lie.

 

[Kulindahr]

I think you raise a lot of interesting points. On small business, I tend to agree... that seems like a pretty rough cutoff if no incentives are added to promote small business growth.

If your business is big enough to pay you a salary of $250k, I don't see how it can be "small".

The thing is, only 3% of "small businesses" are even affected by the proposal, and 99% of those are "small" only by a quirk of law.

I suppose that we are going to have to take on the whackjob right's HORROR OF HORRORS!!

SOMETIMES tax hikes are NECESSARY!!!

Yep -- just ask Ronald Reagan.

 

[Kulindahr]

To those who think an income of $250k doesn't make you rich: it definitely does.

According to the federal government, $9600/yr is sufficient to live on. For a family of four, call it $40k. So after taxes and living expenses, the family has around $150 to do something else with.

In ten years, they could have a house paid for, serious medical savings accounts, and hefty accounts for two college educations.


Of course, some might want to argue with the federal government....

 

[Rickrock]

I have always made under $40,000 per year. I have heard of people making less. I realize that there could be people more qualified than I, but I consider anyone making over $125,000 to be rich. If two people in a household made that, it would be $250,000. I know that whatever you make never seems like enough, but I have a hard time coming up with sympathy for people making more than I do. I know that the cost of liviing is higher on the east and west coasts, but that is at least partially because people are willing and able to pay that. If they weren't willing or able to pay that, costs wouldn't be so high. We can't go backwords and reduce costs without hurting someone, but until I am there, I have only luke warm sympathy for them. We need to raise taxes. As far as small businesses are concerned, I would expect them to have some kind of business write-offs on their tax bills.

 

[TX-Beau]

I wouldn't. small business which are NOT the problem need to pay thier share as well AS DO huge corporations.

No one likes taxes. But it's time to stop listening to the whiny baby selfish tantrum throwing man-children on the right about them also.

 

[opinterph]

We'll see won't we. Small businesses do not pay income taxes.

Maybe that depends on how you look at it.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/S-Corporations

If your business is big enough to pay you a salary of $250k, I don't see how it can be "small".

All things are relative.

As far as small businesses are concerned, I would expect them to have some kind of business write-offs on their tax bills.

Absolutely. Cost of Goods Sold (COGS) and various other allowable expenses are subtracted from Gross Revenue before determining Taxable Income.

 

[chance1]

I think what people here are not remembering about the tax bill is that one hundred percent of all americans get the bush rates on their first 250,000 earned, no matter how much you earn after that.

We also need to remember that the proposition is just for one year, not ten, like the bush tax cuts. New tax rates will have to be renegotiated next year.

i think readywithreadywit already said that - look up

 

[ReadyWithReadyWit]

If your business is big enough to pay you a salary of $250k, I don't see how it can be "small".

The thing is, only 3% of "small businesses" are even affected by the proposal, and 99% of those are "small" only by a quirk of law.

Yeah... you raise a good point. This is true... I actually posted something similar elsewhere. So... I guess I will expand my case to include "medium business" as well ... in essence... any business that is still in the "rapidly growing phase"... and is actually pressed to hire people should be incentivized to do so if unemployment is indeed a serious concern. So...I guess I'm saying I wouldn't be as opposed to raising the tax cutoff somewhat for business (or, better yet, directly incentivizing hiring... especially full time employees) as I would be for individuals/households.