Posts tagged ‘Taxes’

Why I like the tax deal

I really like this tax deal for two reasons:

  1. After running for 2 years on the platform of cutting the deficit, the absolute FIRST thing the Republicans did (just 30 days after the election) was to cut $100 billion in tax revenue with no corresponding cut in spending. (In fact, the same bill has an increase in spending).  Turns out they were full of crap – go figure.  Thanks for immediately showing us how you would add to the federal deficit by giving money to the richest among us!  $700 billion in TARP spending for wall street bankers and another $100 billion for the richest 2%?  (Many who probably also received massive paychecks and golden parachutes from TARP).  That’s getting up near a trillion dollars for bankers and the rich in just 24 months!  So much for “real America” and “Joe the plumber”. While the Republicans are saying their “top concern” for the next 2 years is to block Obama (not to cut deficits, or to faithfully represent the voters, but to continue being the party of “No”), Obama is keeping his door open and working with them.  Obama removed the Public Option at their demands (which now all my Republican friends are saying “Why can’t we buy the same insurance they get to buy. That’s a bunch of crap, we should be able to get what they can buy“.  Ahh, the uninformed Beck-heads who didn’t even know what “public option” meant…), and now he’s working with them on their tax demands. 
  2. Obama’s decision to work with Republicans and meet their requests is being viewed very favorably by independents. By not taking a hard Democrat stance, he’s shown them he’s a centrist and a moderate who will represent the broader spectrum of voters even when he personally doesn’t agree. By meeting the Republicans, he’s disarming them and winning over the moderate independents. He’s already got the Democratic support (in terms of 2012), now he’s picking up independents. And who decides elections? Not Democrats or Republicans….it’s the independents!

This move is neither stimulating jobs, nor reducing the deficit.  It has almost no value. It only helps those who earn a million dollars or more every 4 years.  But that’s what I like about it – the fiscal irresponsibility moves independents to the left.  Good stuff for 2012!   

In September, the CBO found that those $100 billion in tax cuts on income above $250,000 would reduce unemployment in 2011 and 2012 by…somewhere between 0.1% and nothing at all.

 Clearly, $100 billion for somewhere between zero and 100,000 jobs is pretty poor performance. Giving more government money to rich people just isn’t a good way to get people working.

The deal doesn’t include spending cuts to offset the expiration of lower tax rates. That means the government will have to borrow to pay for the plan. There are those who have doubts about how much the plan will boost the economy in the short term, especially if it adds to worries about bigger deficits and higher taxes in two years.



“The top 2% of wage earners like me  are going to get their Bush tax cuts extended.
…I cannot wait for the tax rate to stay exactly the same, so I can create all those jobs.”
           — Stephen Colbert, 12/06/10


December 10, 2010 at 6:27 pm Leave a comment

Joe Biden is Right

We have talked flag pins (McCain hasn’t worn one to a debate, yet) – let’s talk taxes as patriotism.  I fully and completely agree with Joe Biden: It is patently unpatriotic not to pay your taxes and even its most despicable for the ultra-rich, when they already have more than most people could ever want.

By MICHAEL RUBINKAM, Associated Press Writer Mon Oct 13, 12:32 AM ET;_ylt=AmQPSdhxpwQUl_JqvU8ty_9p24cA

In Pennsylvania, Biden defended a comment he made in an ABC interview last month in which he said the wealthiest Americans should show their patriotism by paying more in taxes. The Obama campaign has said it plans to hike taxes on people earning more than $250,000, but would cut taxes for those making less. Republicans have criticized Biden over the remark.

Accusing businesses and wealthy individuals of using “offshore tax loopholes” to hide $100 billion a year in income, Biden told the crowd Sunday, “It is unpatriotic when you earn your money in the United States of America and you hide it offshore to avoid taxes, making sure YOU have to make up the difference.”

His voice rising, the Delaware senator shouted: “It is unpatriotic to take $100 billion offshore and not pay your taxes! That is unpatriotic! So I don’t need a lecture on patriotism! I’ve had it to here!”

October 13, 2008 at 4:39 pm 2 comments

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