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'Bush-ama' tax cuts: The $2.2 trillion decision

POSTED BY: NIKI2
UPDATED: Wednesday, May 5, 2010 13:52
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Wednesday, May 5, 2010 10:43 AM

NIKI2

Gettin' old, but still a hippie at heart...


Quote:

They're often called the "Bush" tax cuts. But at this point they might as well be called the Bush-ama tax cuts.

That's because President Obama has embraced the tax relief measures introduced in 2001 and 2003, proposing they be extended indefinitely for most Americans. If lawmakers do nothing, the measures expire Dec. 31.

The tax cuts lowered income and investment tax rates, boosted the child credit, reduced the estate tax, and narrowed inequalities affecting married taxpayers.

Another reason for the new Bush-ama moniker: Like President Bush, President Obama has not called on Congress to pay for the cost of the tax cuts. In fact, the extension of the cuts is exempt from the new "pay-go" rules that Obama signed into law recently.

Extending the tax cuts for most Americans will increase the federal deficit by an estimated $2.2 trillion over 10 years.

Deficit hawks are uber-frustrated.

"Why do you spend over $2 trillion in your budget -- the most you spend on any single policy item -- on your predecessor's tax policy, which you repeatedly explain is to blame for the deterioration and unsustainability of our nation's fiscal outlook?" Diane Rogers, chief economist for the Concord Coalition, wrote in her blog Economistmom.com.

In a nod to deficit reduction, Obama did propose that lawmakers let the tax cuts expire for high-income households, couples making more than $250,000. Doing so would reduce the deficit by $678 billion from where it would be if the cuts were extended for everyone.

But recently, while he didn't say so explicitly, Obama seemed open to rethinking his campaign promise not to raise taxes on the middle-class. In an interview last month, he said he would weigh recommendations from the bipartisan fiscal commission he created to suggest ways to put the U.S. fiscal house in order.

"We should be able to solve this problem without putting a burden on middle class families," he told CNBC. "Having said that, I'm also going to wait for the fiscal commission to provide me [with] their best recommendations. ... At a certain point, what we've got to do is match up money going out and money coming in."

(more at http://money.cnn.com/2010/05/04/pf/taxes/bush_obama_tax_cuts/index.htm
?cnn=yes&hpt=Sbin
)

BASTARD! ASSHOLE! ing mutherfucker!

Okay, from now on they're the BushAma tax cuts to me


"I'm just right. Kinda like the sun rising in the east and the world being round...its not a need its just the way it is." The Delusional "Hero", 3/1/10

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Wednesday, May 5, 2010 12:08 PM

DREAMTROVE


Surprised?

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Wednesday, May 5, 2010 1:07 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Quote:

Originally posted by dreamtrove:
Surprised?



Hardly ever.

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Wednesday, May 5, 2010 1:15 PM

AURAPTOR

America loves a winner!


the tax cuts were great. we need to make them permanent.

it's the spending we need to control.






Bones: "Don't 'rawr' her!"
Booth: "What? she'rawred' me first."

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Wednesday, May 5, 2010 1:52 PM

DREAMTROVE


The dollar is dead. You can pay me in RMB

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