Obama will not immediately repeal Bush tax cuts.
Obama will not immediately repeal Bush tax cuts.
The New York Times reports today that President Obama plans to “set a goal this week to cut the annual deficit at least in half by the end of his term,” in large part through withdrawing from Iraq and raising taxes on the wealthy. Obama, however, will not immediately repeal the Bush tax cuts, instead letting them expire on their own in 2010:
Mr. Obama will also call for letting the Bush tax cuts on income, dividends and capital gains lapse after 2010 for individuals who make more than $250,000 a year. But while the top rate for income would rise to 39.6 percent, the top rate for capital gains and dividends would be 20 percent.
As a candidate, Mr. Obama called for immediately repealing those tax cuts. He decided instead to keep them in place through 2010, as scheduled, reflecting the widespread belief that raising taxes further depresses economic activity.
House Speaker Nancy Pelosi (D-CA) said in January that she was “urging” Obama to immediately repeal the Bush tax cuts, which she said were “the biggest contributor to the budget deficit.”
Topic Cloud
ArchivesBlog Roll
Who is President Obama listening to? This is not good. Time to start sending a few emails.
February 22nd, 2009 at 5:23 pm—
And to think there are those who claim Obama is a Liberal.
—
February 22nd, 2009 at 5:25 pmTo anyone who is surprised by this:
Obama is a Democrat.
February 22nd, 2009 at 5:27 pmHe decided instead to keep them in place through 2010, as scheduled, reflecting the widespread belief that raising taxes further depresses economic activity.
Exactly how “widespread” is this belief? I know Republicans believe it, whether or not it’s true, but who else thinks this is true?
Mr. President, you don’t need to wait. Repeal the tax cuts now. The people most “hurt” by this will still have plenty of money left. So you’re not really hurting anyone by repealing the tax cuts, you’re helping the entire nation.
February 22nd, 2009 at 5:27 pmMs. Pelosi, I’m ‘urging’ you to have Congress send a bill to President Obama repealing the Bush tax cuts. Don’t just ‘urge’, act!
February 22nd, 2009 at 5:28 pmSHRED Says:
And to think there are those who claim Obama is a Liberal.
February 22nd, 2009 at 5:25 pm
He may not be as liberal as we would like, but he’s sure as hell a lot more liberal than his predecessor. And that’s still a good thing.
February 22nd, 2009 at 5:29 pmI wonder what the chances are of disclosure of the 52,000 names of U.S. citizens that have tax dodging bank accounts with UBS of Switzerland? I suspect that would generate quite a bit of revenue for the U.S. and embarrassment for a whole bunch of upstanding buffoons.
February 22nd, 2009 at 5:31 pmBut, but, but Hannity said that the rich will create jobs with all that extra money.
AIO
February 22nd, 2009 at 5:33 pmThis is our President, doing what he said he was going to do.
February 22nd, 2009 at 5:34 pmGoverning from the middle. He doesn’t think it’s worth the fight. What he’s missing is that the Repuglycans are going to trash him anyhow, so why bother giving them ANY bone.
I’d be quick to criticize Obama on this, but I’m guessing that with all the turmoil, he’s careful to choose his battles. Congress should just send him a bill if they want to end these irresponsible tax breaks. I’m for it.
February 22nd, 2009 at 5:36 pmI think ending the tax cuts for the wealthy would be not just a positive for the deficit, but a tool to help ease the raging income inequality affecting the poor and middle classes.
But again, I don’t feel right criticizing Obama on this issue at this time. Maybe it can be moved up to some time this year.
February 22nd, 2009 at 5:46 pmGetting a repeal of the Tax Cuts through the House should be fairly easy, we’ve got a solid majority there. Getting it through the Senate? Obama would have to expend a lot of political capital to do it. It would be a very nasty fight, and I don’t know that he would win it.
February 22nd, 2009 at 5:51 pmI’d have no problem with this strategy as long as I also felt that President Obama’s administration and Congress would impose a new, extraordinary tax rate for all income over, oh let’s say, $10 million/year.
And get those names from USB and other offshore banks. In this age of electronics, and the obvious spying and funds tracking that BushCo created, how hard can it be to “follow the money”?
PEACE
February 22nd, 2009 at 5:52 pmThrow some of us “poor folk” a bone with a little meat on it how ’bout it?
Trying to decide how to spend this extra 13 bucks a week I’m supposed to get is killing me.
February 22nd, 2009 at 5:52 pmMcWars,
If he mentions in the State of the Union address Tuesday night that his intention is to let them expire and not repeal them early, then he’ll be stuck with that decision.
Again, he can repeal the cuts in the wealthiest Americans and it will only help the nation. It’s nothing but a right-wing canard that tax cuts for the rich creates jobs. The rich can piss and moan all they like, but they’ve had it too easy for too long. It’s time they start showing this great liberal nation their gratitude for having a society that makes it possible for them to become so stinking rich.
Take a half billion dollars each from the 400 richest Americans (all of whom are billionaires), and they’ll still have plenty of money left to live on and to pass on to their offspring. And we’ll get $200 billion more in revenues. They won’t be lacking for food, clothing or shelter, as way more than 400 Americans are right now. They don’t want to do it because they’re greedy and selfish. Screw ‘em. I’m not gonna shed any tears for rich people who have to pay more in taxes. They can afford it, most of us can’t.
February 22nd, 2009 at 5:56 pmSpencers mom, excellent ideas. Isn’t some watchdog group suing for those names already?
February 22nd, 2009 at 5:58 pmTroll JK, I left a little message for ya back on the thread where you claimed that the mortgage meltdown and economic crisis were caused by Barney Frank, Jimmy Carter, Janet Reno and ACORN.
Do give it a look when you’ve a chance.
Then you can sling some more insults my way.
Thanks loads!
February 22nd, 2009 at 6:03 pmJohn Kerry Says:
HA! HA!!
Conned again!!!
At least he hasn’t lied to us about everything, the way Georgwe W. Bush did. So he’s still an improvement over his predecessor.
February 22nd, 2009 at 6:03 pmOf course, it’s good to know that President Obama has the support of Troll John Kerry.
February 22nd, 2009 at 6:04 pmGee whiz, just as I was about to compliment Wayne for the great post, I have to gas-up the weed-eater.
February 22nd, 2009 at 6:08 pmProgressive? Welcome to centrism.
February 22nd, 2009 at 6:08 pmThanks, McWars. Go take a break and eat your weeds. :)
February 22nd, 2009 at 6:09 pmThe 400 richest Americans want zero capital gains and to keep their carried interest preferred taxation (most of them are PEU’s-private equity underwriters).
February 22nd, 2009 at 6:10 pmHow many of the richest 400 were on UBS illegal offshore tax haven list?
The Obama team settled with UBS last week.
February 22nd, 2009 at 6:11 pmANYWAY,
Wayne — I’ve never believed that the rich necessarily work harder for their money. Some riches come from innovation, but the rest probably comes from inheritances, the lottery and capital gains.
Point is, the work that people do for their wealth isn’t necessarily harder than the work one does at the factory from 8-5, or working a nurse working the late-night rounds at the hospital.
And then you have some rich people (Warren Buffet, chief among them) who believe they should simply be taxed at a higher rate because they recognize they wouldn’t be where they are today without those everyday people who didn’t grow up aspiring to be richer than eggnog.
February 22nd, 2009 at 6:16 pmSo we’re listening to Nancy Pelosi now?
The biggest contributor to the deficit is the 10 BILLION dollars a week we are spending in Iraq.
February 22nd, 2009 at 6:19 pmWell, well, well….state of the division is estatic.
guess you think this means that everything you said was true…..I don’t think so.
Changing everything the republicans set up will take time. This is just a setback and you can be Obama sees it as just that.
February 22nd, 2009 at 6:20 pmI’ve argued that point with another resident troll, Tracy, and he thought he could refute my premise by claiming, “Executives work their assess off to keep people employed!”, or something along those lines.
February 22nd, 2009 at 6:21 pmbe=bet
February 22nd, 2009 at 6:21 pmpretty cool:
February 22nd, 2009 at 6:22 pmMicrosoft aims to ‘Elevate America’
CNET News – 7 hours ago
by Ina Fried Microsoft is announcing on Sunday a job training effort aimed at giving technical skills to as many as 2 million Americans over the next three years.
Microsoft unveils new online employment resource Reuters
Microsoft unveils new program to train 2 million tech workers TechFlash
Seattle Post Intelligencer – TECH.BLORGE.com – Neowin – Centre Daily Times
all 38 news articles »
http://news.google.com/?ncl=1307072603&hl=en&topic=t
WAYNEBRO Says:
So we’re listening to Nancy Pelosi now?
The biggest contributor to the deficit is the 10 BILLION dollars a week we are spending in Iraq.
February 22nd, 2009 at 6:19 pm
I agree. In that case, we ought to be considering the amount of money we spend in Afghanistan each week, too. Spending in Iraq will go down as troops are moved out of there and into Afghanistan, and we don’t want to be fooled by reports of spending in Iraq going down without knowing how much spending is going up in Afghanistan.
February 22nd, 2009 at 6:22 pmWait a minute, dbadass isn’t here to tell John what’s for dinner.
February 22nd, 2009 at 6:22 pmPresident Obama is going to start making policy decisions based on the “widespread” beliefs of wingnuts? Is he going to make science decisions based on the widespread belief that evolutionary theory is false? Military decisions based on the widespread belief that saddam was involved in 9-11? How about the belief that he’s a muslim, that he’s not a US citizen, That he’s a secret terrorist? People believe what they’re told by the corporate MSM.
February 22nd, 2009 at 6:23 pmMcWars Says:
I’ve argued that point with another resident troll, Tracy, and he thought he could refute my premise by claiming, “Executives work their assess off to keep people employed!”, or something along those lines.
February 22nd, 2009 at 6:21 pm
Oh, yes, because flying around in luxurious private jets, eating in the most expensive restaurants and hotels, and living the high life can be so exhausting.
/sarcasm off
I seriously doubt Tracy can prove what’s he’s saying here, any more than he can prove anyting else he claims as fact.
February 22nd, 2009 at 6:25 pmObama must have used his political Sensors to feel out the three Senate Rebels … Snowe , Collins, and Spector…and came up with a Negative Reading.
Why fight for a TAX INCREASE that you can’t win.
And the Super Rich that aren’t Baseball Players, etc. get Most of their INCOME from Capital Gains, which I believe is taxed at 15% and wouldn’t be effected by a change in the Marginal Rates.
February 22nd, 2009 at 6:26 pmThese are the kinds of comments that make sense. People focusing on solutions and careful moves instead of knee jerk reactions and spreading panic.
Microsoft’s move is a FANTASTIC move to help the country and if more companies showed this kind of incentive we’d be out of this thing by Christmas.
And President Obama isn’t ready to just start tearing things down until he knows the full implications of it, and what reactions we might see in the market. I think he’s moving cautiously and wisely, not giving in to the panic mongering and and instead moving carefully and prudently so as not to cause further damage. While removing tax cuts in the higher brackets on the surface seems like a good move, it could easily lead to more layoffs and businesses failing which is the last thing we need right now.
Repeal the higher tax cuts, sure.
But do it smart.
February 22nd, 2009 at 6:29 pmsomething tells me we won’t be seeing twacy anymore now that his house has been foreclosed and he’s sleeping in his car in wal-mart’s parking lot.
i love you 43!
February 22nd, 2009 at 6:31 pmHouse Speaker Nancy Pelosi (D-CA) said in January that she was “urging” Obama to immediately repeal the Bush tax cuts, which she said were “the biggest contributor to the budget deficit.”
Keeping a moronic clod in office by taking impeachment “off the table” , didn’t help the country or its economy there , Nancy ………
February 22nd, 2009 at 6:31 pmI am kind of surprised – I have see people baited and insulted for even questioning Obama here and at other blogs.
Don’t get me wrong – I want him to do well. I think we need to give him a chance.
But I am also concerned with what he has said and done since winning the election. Are we really getting “change”?
I guess its not the criminal cabal behind dur chimpfurher, but I was hoping for more.
February 22nd, 2009 at 6:33 pmMore nonsense.
Last year Bush handed these losers 350 BILLION dollars with the “hope” that they would lend it out, and restart the economy.
Instead these criminals took the money, threw parties, bought fancy jets, remodeled their private offices, purchased failed corporations to use as tax shelters and paid out HUGE bonuses to the very people responsible for the mess we are in.
Some heads need to roll here and these CEO’s and their minions who squandered that 350 billion need to go to jail.
They are criminals and should be treated as such.
February 22nd, 2009 at 6:33 pmAnother Joe Says:
——————————————————————————–
I am kind of surprised – I have see people baited and insulted for even questioning Obama here and at other blogs.
Don’t get me wrong – I want him to do well. I think we need to give him a chance.
But I am also concerned with what he has said and done since winning the election. Are we really getting “change”?
I guess its not the criminal cabal behind dur chimpfurher, but I was hoping for more.
February 22nd, 2009 at 6:33 pm
After we’ve all been exposed to 8 years of thievery , incompetence and outright stupidity , it is beyond impossible to expect anyone , even Baby Jesus himself , to rectify all those ills in a little over a month ……
Give it some time ; perhaps 6 months , before rendering judgement……
February 22nd, 2009 at 6:37 pmMCMetal
No judgement was intended – just saying that if pelosi thinks we should do something and Obama says NO, it seems odd.
After all, she took “accountability” off the table (impeachment). This is just not what I would have expected.
February 22nd, 2009 at 6:41 pmAnother Joe Says:
——————————————————————————–
MCMetal
No judgement was intended – just saying that if pelosi thinks we should do something and Obama says NO, it seems odd.
After all, she took “accountability” off the table (impeachment). This is just not what I would have expected.
February 22nd, 2009 at 6:41 pm
I believe that is the correct path ; after taking impeachment “off the table” , I would do exactly the opposite that No-impeachment Nancy suggests………
February 22nd, 2009 at 6:43 pmhadn’t looked at it that way, mcmetal – maybe a very good point
February 22nd, 2009 at 6:52 pmBullshit! Obama is acting like a RepubliCon stooge! We could have got this from McSame. You increase economic activity by increasing and extending unemployment benefits; while paying for it with money from taxes the rich have not been paying, due to the Bush, RepubliCon tax giveaway to the wealthy. The Criminal Bush’s regressive taxation has a lot to due with his causing this depression. The RepubliCons have been transferring wealth from the poor and the middle class to the rich. Obama must return to progressive taxation or he is no better then Bush.
February 22nd, 2009 at 6:52 pmdbearton Says:
——————————————————————————–
Bullshit! Obama is acting like a RepubliCon stooge! We could have got this from McSame. You increase economic activity by increasing and extending unemployment benefits; while paying for it with money from taxes the rich have not been paying, due to the Bush, RepubliCon tax giveaway to the wealthy. The Criminal Bush’s regressive taxation has a lot to due with his causing this depression. The RepubliCons have been transferring wealth from the poor and the middle class to the rich. Obama must return to progressive taxation or he is no better then Bush.
February 22nd, 2009 at 6:52 pm
If Obama were to do that immediately , what would prevent company CEO’s from laying off more workers pronto , so that their own pay grade would remain the same/unchanged ?
February 22nd, 2009 at 6:56 pmBut since you brought it up, its to be Obama that is holding up enforcing the subpoena on kkkarl rove.
There is a great deal of criminality that does need to be looked at, otherwise, it gets legitimized.
Politicizing the justice department is about as bad as it gets, but rove probably has information on stuff that is even worse.
February 22nd, 2009 at 6:56 pmOne of the things I like most about Obama is that he is willing to change his mind. Based on all that I have seen, I believe he thinks he is doing what is best to get us out of this nightmare. I’ve had it with ideologues. I’m just going to give him a chance before I start complaining. He is really the last hope for this Nation.
February 22nd, 2009 at 6:57 pmMCMetal – not following your last post – surely you are not implying that somehow by laying off employees CEOs can reduce or escape the repeal of chimpy’s tax cuts.
February 22nd, 2009 at 6:58 pmAnother Joe Says:
——————————————————————————–
But since you brought it up, its to be Obama that is holding up enforcing the subpoena on kkkarl rove.
There is a great deal of criminality that does need to be looked at, otherwise, it gets legitimized.
Politicizing the justice department is about as bad as it gets, but rove probably has information on stuff that is even worse.
February 22nd, 2009 at 6:56 pm
Obama is the “final word” ; from what I’ve heard/read , Rove is in “negotations” with the Dem-led Congress.
Perhaps Obama is waiting , to make Congress not seem neutralized or neutered , as it was when Chimpy was Prez ; believe me , I want Turd Blossom and the rest of those pieces of shit held accountable for the myriad of improprieties and outright illegal activities they committed during the last 8 years…….
February 22nd, 2009 at 7:00 pmThe Bush-clone Blue Dog Democrat economic advisers in the Obama administration strike again.
February 22nd, 2009 at 7:00 pmscytherius – I like you point.
After 8 years of listening to the mainstream media “catapult the propaganda”, telling America that “gut” decisions and inflexibility are somehow great things in a president and leader, it is nice to think that perhaps Obama is a man that looks at situations again and again as circumstances and outcomes dictate.
February 22nd, 2009 at 7:01 pmAnother Joe Says:
——————————————————————————–
MCMetal – not following your last post – surely you are not implying that somehow by laying off employees CEOs can reduce or escape the repeal of chimpy’s tax cuts.
February 22nd, 2009 at 6:58 pm
I am no accountant ; nor am I privy to all those unconscionable loopholes that the wealthy enjoy.
I would appreciate anyone who posts here to set me straight on that , if I’m talking out my ass ………
February 22nd, 2009 at 7:01 pmFebruary 22nd, 2009 at 7:01 pm
dbeard, perhaps you missed this article
Let me quote you a tad…
“The new administration will outline spending cuts to halve the federal budget deficit in four years by cutting Iraq war spending, raising taxes on wealthy Americans and turning efficiency experts loose on government outlays, an administration official said on Saturday.”
Dork.
February 22nd, 2009 at 7:02 pmRUCerious Says:
——————————————————————————–
February 22nd, 2009 at 7:01 pm
——————————————————————————–
I’ll take :
“Intelligent Things the McCain/Palin Ticket Said During the Election Campaign” for $1,000 , Alex………
February 22nd, 2009 at 7:03 pmI’m with you.
February 22nd, 2009 at 7:08 pmI never thought Obama was particularly liberal, so it doesn’t disappoint me when he isn’t particularly liberal. He’s intelligent. He chooses his battles wisely.
February 22nd, 2009 at 7:20 pmstateofthedivision Says:
The Obama team settled with UBS last week.
Not only that, the Obama Team opened the investigation in February of 2008, even before they had the nomination wrapped up! Talk about hitting the ground running.
February 22nd, 2009 at 7:20 pmIncluding the massive deficit spending, of course.
BTW, Proud of what?
February 22nd, 2009 at 7:21 pmralph the wonder llama Says:
BTW, Proud of what?
His ignorance. What else?
February 22nd, 2009 at 7:23 pmwiley Says:
He’s intelligent.
Don’t forget articulate and clean also.
February 22nd, 2009 at 7:24 pmMcMetal, that was a curiously vacant post, weren’t it.
I had an entire article, with links and all, and poooof!
February 22nd, 2009 at 7:27 pmJeebutx.
Proud Says:
——————————————————————————–
Ralph, Ralph, Ralph, Just proud now that bambi suckered all of you so called progressives, it’s a beautiful thing.
February 22nd, 2009 at 7:24 pm
You , part of the loser zero-for-8-year prediction crowd , believe your assessment of a Democratic party president is credible , viable , or even remotely legitimate ?
Ummmmmmm………..Why , imbecile ?
February 22nd, 2009 at 7:27 pmProudtobeanIdiot, now it’s Bambi>? whatever happened to Little Black Sambo?
February 22nd, 2009 at 7:28 pmThere is some consensus that tax cuts stimulate the economy. President Obama did campaign on repealing them immediately. But, I think letting them expire on their own makes more political sense.
If the economy continues to suffer (totally unrelated to tax cuts), opponents could blame the worsening economy to Obama’s repeal of the tax cuts.
It’s an additional year. By letting them expire in 2010, Obama avoids the partisan attacks from those that would try to tie his repeal with more economic bad news.
I think this is a good idea.
February 22nd, 2009 at 7:28 pmSo… he’s NOT a “socialist”?
He’s not a “secret muslim”?
He’s not a “terrorist”?
Imagine that.
February 22nd, 2009 at 7:28 pmRUCerious Says:
——————————————————————————–
McMetal, that was a curiously vacant post, weren’t it.
I had an entire article, with links and all, and poooof!
Jeebutx.
February 22nd, 2009 at 7:27 pm
Yeah , I was rubbing my eyes there ; thought there was a bit too much Guinness/Jack Daniels clouding them …..
February 22nd, 2009 at 7:29 pmThey know they got busted on the assasinated monkey cartoon, so they’re trying to cover their tracks a little better on the racist rhetoric.
They’re not really doing so well at that.
February 22nd, 2009 at 7:30 pmProud Says:
Ralph, Ralph, Ralph, Just proud now that bambi suckered all of you so called progressives, it’s a beautiful thing.
February 22nd, 2009 at 7:24 pm
If you’re really that proud of our new president, then why don’t you refer to him by his proper name? Your own self-contradictions prove that either you’re lying or you don’t know what words mean.
February 22nd, 2009 at 7:30 pmUntil we get out of the Middle East, and return to progressive taxation and letting failed companies fail; we will continue on a downward spiral, started by Raygun and accelerated by the Criminal Bush. Will Obama change policy or become a RepubliCon stooge?
February 22nd, 2009 at 7:30 pmbackup Says:
——————————————————————————–
There is some consensus that tax cuts stimulate the economy.
February 22nd, 2009 at 7:28 pm
A “consensus” of Republicans/Cancervatives and no one else ….
There is no legitimate , even moderate economist , who will ever claim that “Trickle Down Your Leg” economics works ……
Because it’s simply a nonsensical fairy tale concocted by the GOP , in honor of their useless deity , Ronnie Retard , who genuinely sucked ass………..
February 22nd, 2009 at 7:32 pmProud Says:
Ralph, Ralph, Ralph, Just proud now that bambi suckered all of you so called progressives, it’s a beautiful thing.
It was the morons on the Right who thought President Obama was a socialist. Progressives never suggested he was a Leftist, and were always aware that he was a moderate liberal. He’s also got to deal with the unholy mess left behind by the incompetent and corrupt Bush administration. He’s made it very clear that a number of items he wanted on his agenda simply cannot be paid for in the current economy — an economy destroyed by the ideology and stupidity of the Right.
February 22nd, 2009 at 7:32 pmbackup Says:
There is some consensus that tax cuts stimulate the economy.
They only stimulate the economy in a nominal way, and nowhere near as much as extending unemployment and food stamp benefits do.
If the economy continues to suffer (totally unrelated to tax cuts), opponents could blame the worsening economy to Obama’s repeal of the tax cuts.
If, by your own assertion, the tax cuts have nothing to do with the economy, then how can repealing them be tied to the economy worsening? That makes no sense.
February 22nd, 2009 at 7:34 pmWayne.
Maybe they do and maybe they don’t. But, if the economy gets worse, there will be opponents that will point to the repeal of tax cuts for the worsening. If Obama lets them expire, it disarms that argument.
February 22nd, 2009 at 7:39 pmMr. Philby Says:
——————————————————————————–
SHRED Says:
—
And to think there are those who claim Obama is a Liberal.
————
He’s a dishonest liberal.
February 22nd, 2009 at 7:42 pm
That means we’re catching up to you GOP backing suckholes …….Only 40 million or so to go …….
February 22nd, 2009 at 7:44 pmbackup Says:
——————————————————————————–
Wayne.
Maybe they do and maybe they don’t. But, if the economy gets worse, there will be opponents that will point to the repeal of tax cuts for the worsening. If Obama lets them expire, it disarms that argument.
February 22nd, 2009 at 7:39 pm
The only ones that will claim that are the same ones who oppose everything he’s doing now anyway ; and only because they view him as the “enemy” , because he’s a Dem ……..
The GOP is the party of themselves and for themselves , and the hell with everything and everyone else …….Especially the country and its citizens.
February 22nd, 2009 at 7:47 pmAs a candidate, Mr. Obama called for immediately repealing those tax cuts. He decided instead to keep them in place through 2010, as scheduled, reflecting the widespread belief that raising taxes further depresses economic activity.
Further than what? What he’s saying is that raising taxes in a recession futher depresses economic activity, not that the case is true no matter what.
By allowing the tax provision to expire, he put the spotlight on past and current GOP in the House and Senate. It was their original idea to put a sunset clause in the legislation, so attacking Obama for letting it expire is a politically losing tactic, should they attempt it.
February 22nd, 2009 at 7:48 pmbackup,
McMetal is right. The only ones who will blame a worsening economy on a repeal of the tax cuts are the people who claim that anything Obama does, about anything, will be bad. In other words, the Republican Party. And, seriously, how much credibility do they have?
February 22nd, 2009 at 7:50 pmobamapolagist
That’s a mighty hefty word you’re swinging around. Careful you don’t strain a brain muscle.
February 22nd, 2009 at 7:52 pmTax cuts stimulate the economy when they go to those who spend every cent they get trying just to get by.
February 22nd, 2009 at 7:53 pmPhilbie reminds me of Mad Magazine’s spy vs spy, always getting his ass blown up at the end…
February 22nd, 2009 at 7:53 pmWayne, the technical answer to your question:
February 22nd, 2009 at 7:54 pmthe Republican Party. And, seriously, how much credibility do they have?
-0.932 creds.
Mr. Philby Says:
——————————————————————————–
mcmetal=obamapolagist
February 22nd, 2009 at 7:49 pm
——————————————————————————–
Mr Fart Blossom = Chimpy leg humper
February 22nd, 2009 at 7:54 pmTax cuts do have an impact on the economy when they make sense. Things like tax rebate incentives for hiring or creating new jobs, hiring minorities, minority and small business development (a liberal program like the 8A program), etc.
I’m afraid we sometimes poo poo ideas for partisan reasons, and since Bush gave tax cuts we naturally find ourselves dismissing them. I think its important in a crisis to not throw out the baby with the bathwater even if the plans are from our political opponents. I think President Obama see’s this.
Lets be real here with regards to Food Stamps and Unemployment extensions. These are not stimulus.
These are “lifeboat” measures.
Not stimulus.
Sure people will buy food with them but other than the Campbell soup company its not likely to move the economy forward that much and in fact, they ensure that next month we just need more. Its a dole and while its important to take care of our own, as any country not willing to care for its poor is ensured to fail, tax cuts when applied correctly can and do stimulate the economy and more importantly, can create jobs and buying on a larger scale.
Both however are band aid solutions compared to the actual injection of lending capital and the development of new technology. New technology like Green technologies that President Obama is pushing could have the same effect that the Technology boom of the 90’s which created massive wealth (not the .coms but the actual technology sector growth) and jobs. They solved the S&L crisis with the creation of the Resolution Trust Corporation, liquidating failed institutions and injecting what was then massive lending capital back into the system, and then we were blessed with the onset of the Personal Computer, and all the technology that came with it, bringing jobs and creating massive wealth on top of our already successful efforts in resolving the S&L crisis.
If we were to take similar steps now, and listen to some of the successful men who helped us through the last financial industry crisis by creating an entity to manage failing banks and liquidate assets, redistribute wealth and inject lending capital back into the system, then I think the Green Technologies that President Obama is talking about could have the same effect on our economy as the technology boom of the mid 90’s, creating massive jobs and thus creating wealth.
I think President Obama is on the right track right now, but I fear his biggest problem is all the well meaning (and not so well meaning) experts and analysts out there trying to make a name for themselves and spreading panic. He’s trying to make sense out of the wide diversity of information he is receiving and cut through the partisan emotions and objectives and I imagine that’s pretty hard to do. So at this point and I’m not saying you’re partisan Wayne, in fact you’re usually pretty even keeled and logical from what I can tell but I’m just saying that we should be real, and admit that unemployment and food stamps are not stimulus lifeboat measures designed to carry us through until real stimulus can occur.
February 22nd, 2009 at 8:01 pmMr. Philby Says:
Regarding the war in Iraq, Obama advocates an immediate start to the withdrawal of American troops, removing one or two brigades per month.
How’s he doing so far?
So, one month ago he was sworn in, and in the greatest recession since the great depression, with thousands being laid off, businesses failing right and left, and you want to critique his performance so far? Wasn’t Bush on his knees to the Chinese at about this same time in his term? What did he do, his first month in office?
February 22nd, 2009 at 8:05 pmWayne. you’ve got a great point. I’ll just put it this way. I don’t think it matters much one way or another whether Obama repeals the cuts or lets them expire in a year.
But, regardless of their effect on the economy, many people think they work:
http://www.gallup.com/poll/114256/Gov-Projects-Seen-Better-Job-Creation-Tax-Cuts.aspx
Just like the stimulus bill provided fuel for the partisan fire, so would a repeal of the tax cuts.
If the tax cuts were going to be ongoing, he should repeal them. But, since they will expire in a year anyway, Obama is smart to let them die on their own and avoid having to listen to Republican pundits firing up the masses about the judgement of increasing taxes in a poor economy. (I’m not saying it’s legitimate, but I’m saying it could prove unnecessarily divisive).
I think Obama is being savvy. There’s more to lose by repealing them, then there is to gain.
February 22nd, 2009 at 8:05 pmCorrection:
I’m just saying that we should be real, and admit that unemployment and food stamps are not stimulus BUT lifeboat measures designed to carry us through until real stimulus can occur.
February 22nd, 2009 at 8:06 pmas any country not willing to care for its poor is ensured to fail, tax cuts when applied correctly can and do stimulate the economy and more importantly, can create jobs and buying on a larger scale.
And when applied incorrectly, they do more harm than good.
We had low rates for upper earners for two presidential terms, and in that time, the gap in income between average earners and top earners increased, and the business climate was far from healthy during that time; except for military expenditures, growth was flat.
February 22nd, 2009 at 8:13 pmbackup Says:
——————————————————————————–
Wayne. you’ve got a great point. I’ll just put it this way. I don’t think it matters much one way or another whether Obama repeals the cuts or lets them expire in a year.
But, regardless of their effect on the economy, many people think they work:
http://www.gallup.com/ poll/ 114256/ Gov-Projects-Seen-Better-Job-Creation-Tax-Cuts.aspx
February 22nd, 2009 at 8:05 pm
Ummm ……..No , they DO NOT ; Republicans only do ……..
Increased government funding of projects received 63% approval from Dems and 50% from Independents with only 30% from Republicans ; while tax cuts , though getting 66% from Republican backers (naturally) , only received 30% from Dems and 36% from Independetns ……..
Stop with this “many people” bullshit.
Just state it for what it is :Republicans , and that’s it……
February 22nd, 2009 at 8:14 pmWaynebro,
I agree that some targeted tax cuts may do some good, but the tax cuts for the wealthy do not stimulate the economy, they simply make the rich richer. Repeal them.
backup,
What people believe and what is actually true are often two different things. Especially when people believe things that right-wing media tells them. It really doesn’t matter that people believe tax cuts (meaning income tax cuts for the rich) stimulate the economy, it’s false. But the right uses the minimal impact this does as a basis for giving more tax cuts (which just make the rich richer.)
February 22nd, 2009 at 8:16 pmbackup Says:
——————————————————————————–
I think Obama is being savvy. There’s more to lose by repealing them, then there is to gain.
February 22nd, 2009 at 8:05 pm
BTW
What exactly does Obama have to “lose” , anyway ?
In case you missed it , he WON the past presidential election……
February 22nd, 2009 at 8:18 pmI must admit, I loved reading, “raising taxes on the wealthy”, in the above post!
And about Obama not doing away with the tax cuts, I’m sure he’s thinking the wingers will have nothing to complain about for the time being.
Tax cuts for the middle class and working poor are in President Obama’s economic stimulus bill and they’re the ones who need the most help right now.
February 22nd, 2009 at 8:19 pmI agree, Backup! He is being savvy and clever by not doing away with them for right now. But you know what? I bet Santelli will be bullshit anyway! What an ass.
February 22nd, 2009 at 8:20 pmWell I’m not sure what you mean by the wealthy. These figures they come up with are targeted brackets designed to focus on Small Business Owners. People making 250,000 per yer or more, or even those making 10 million tend to be small business owners, and small business owners who make more money tend to spend more money and hire more people. Sure they hoard it in a panic, which is what’s happening now so we need to stop the panic. But they also invest in new equipment, technology, etc and that means stimulus.
I agree with you that that stimulus can be limited but in a stable economy they tend to be less limited. The better the economy the more effect they have. But I agree the cuts for the mega rich don’t tend to stimulate the economy because at that point they have enough money to invest in equipment, technology and jobs and if they’re not doing it then then more money won’t make much different. I’d cap em, probably at 10 mil, maybe less, but I’d keep em for now until things stabilize, and like Backup said until they expire at least. That way Obama doesn’t have to fight a fight that doesn’t need to be fought.
Besides, the real problem is frozen credit, and that’s where he needs to focus for real stimulus to occur.
February 22nd, 2009 at 8:25 pmNow I could be wrong but doesn’t Congress pass the laws and the President signs the laws or vetoes the laws. Including tax bills….
February 22nd, 2009 at 8:53 pmMy question is this:
Why, after all the hype and promises concerning ‘transparency’ can’t Obama simply explain his decisions in substantive dispatches?
His explanation about telecom immunity was a complete insult to our collective intelligence. The Obamaphiles will give him props on his ‘wisdom’ and savvy judgment. Other victims of the last eight years don’t want to go down the ‘trust’ road at all.
Nor, in my opinion, should they have to.
After 8 years of spin, lies, head-scratching and betrayal, why are we still left to try to divine what the hell is going on? It’s not a technology issue, since we have far more access to far more resources and forms of communication than at any time in history.
Why cannot this new administration give cogent, intelligent explanations? In that regard, we apparently still have not advanced very far in 200+ years.
We’re still left to hand-wring and anguish over some dumbfounding decisions, like telecom immunity and extending the bush-cheney state-secrecy “laws” and continuing to deny due process. I’m entirely wary about the possibility that Obama could repeat these outrageous stunts with other policy decisions; I’m also not deluding myself that he isn’t capable of doing just that. I want him to succeed, but his capacity for indifference to Constitutional violations, then empty generalizations by way of explanation, sends up red flags.
Why can’t he explain, in plain ‘transparent’ terms? Why are we forced to spend thread after thread trying to second guess his motives? (No, I’ll never assume any leader is benevolent, wise, in my best interests, etc., that dinner’s for suckers.) Where’s the clear, concise explanation?
Obama doesn’t want to repeal the tax cuts that were in place during the steep decline of our economy….why? Don’t give me some jack-story, convince me as if I was your boss and you were coming to me to explain why, as a company, we are keeping a money-losing employee that comes in late and gives the company reputation a black-eye….
February 22nd, 2009 at 8:54 pmstarting to think we’re getting the shaft again?
i’m not seeing the “CHANGE” i voted for.
Kucinich 2012
February 22nd, 2009 at 8:59 pmMr. Philby Says:
Can you say “hoodwinked?”
________
And in turn, this observation on your part is giving you some sort of pleasant tingling sensation in your trousers?
February 22nd, 2009 at 9:06 pmJustin Says:
Now I could be wrong but doesn’t Congress pass the laws and the President signs the laws or vetoes the laws.
_____________
You might get that impression from reading the Constitution, but after the last eight years of utter disregard for the aforementioned doc on the part of BotchCo, it would appear “government” in this country has descended into something akin to a cross between gang warfare and roller derby.
February 22nd, 2009 at 9:12 pmWhy Resistance Is Essential
February 22nd, 2009 at 9:13 pmTake a look at this from AP this evening.
Doesn’t look to me like he’s playing games here.
February 22nd, 2009 at 9:13 pmWAYNEBRO Says:
Doesn’t look to me like he’s playing games here.
__________
Well, I sure as hell hope not.
Is that you, Bartles?
February 22nd, 2009 at 9:15 pmYou bet I do.
As anyone who knows history knows, any country that will not care for its poor is doomed to failure.
Just ask Marie Antoinette.
February 22nd, 2009 at 9:22 pmbarack obomber Says:
THE tax rates are cut on all levels including yours and mine until 2010 i guess. Hope you like paying for welfare…
____________
Gee… this is pretty much a pointless comment.
Suuuuuuuuure… Botch’s tax cuts put money in everyone’s pockets… a few in the lower brackets and multiple BILLIONS in the up brackets.
The Botch years saw the greatest upward transfer of wealth in the history of country. Look it up… And what about those deficits… tax cuts in a time of war… brilliant. That Deciderer… whatta genius.
From the general level of intelligence you’ve repeatedly display here, I simply CANNOT BELIEVE you’re someone who truly, substantively benefited from those tax cuts the way the rich did.
But hey, maybe blowing hobos for nickels under bridges is your idea of living large, huh?
Hope you liked getting suckered by BotchCo.
February 22nd, 2009 at 9:23 pm114.barack obomber Says: Funny how stupid you all are liking higher taxes. Bush tax cuts cut taxes for EVERYONE. LOOK IT UP.
Where to begin…
Okay…next…
February 22nd, 2009 at 9:24 pmRegarding the war in Iraq, Obama advocates an immediate start to the withdrawal of American troops, removing one or two brigades per month.
How’s he doing so far?
After being in office for a single month? He made those statements before the economic downturn became a near-depression. With two wars, and the other messes he’s been left, only an unserious intellect would ask such a silly question. The pentagon is making preparations for withdrawl, so apparently they are taking him seriously, even if you are not.
February 22nd, 2009 at 9:25 pmI gave your comment a recommend Hanrisho, because you’re right, but only when talking about the top tax brackets as I said earlier. The large corporations.
But make no mistake about it small business tax cuts do stimulate growth, primarily due to the fact small businesses are always trying to grow, hence tax incentives and cuts can easily stimulate spending while creating jobs.
But as you said at the top they don’t seem to do much good at all.
February 22nd, 2009 at 9:29 pmhanshiro Says:
So anytime some right wingnut says that tax cuts will create jobs, ask them how many jobs Exxon Mobil has created the last 8 years.
_____________
Well… thank Dog Exxon still had enough extra money to do this:
http://www.independent.co.uk/environment/anger-at-oil-chiefs-400m-retirement-package-480602.html
Anger at oil chief’s $400m retirement package
Lee Raymond, the chief executive of Exxon Mobil, has bowed out from the oil giant with a $400m pay and retirement deal that has caused outrage among environmentalists. In his 12 years at the top of the company, Exxon has pumped an estimated six billion tons of carbon into the atmosphere and has led the opposition to action on climate change.
You wouldn’t want a retiring CEO to go begging in his old age, would you?
February 22nd, 2009 at 9:30 pmHave to comment – many want to proclaim that when Obama does this or Obama does that, it is part of some grand plan – a tactic that allows him to secretly implement a more progressive agenda.
I hope this is correct.
However, I am also sure not a single poster here is actually in a position to speak for why Obama does or does not do anything. In fact – only he can say.
We do need to hold ALL politicians accountable for what they do and not just what they say.
Yes – give Obama a chance. Sure, speculate all you want on why he does or doesn’t do things. Many here are correct, politics is a complex game.
But please accept that we are a more vibrant and relevant community when we have a dialog about what is actually happening and not the many reasons some think it is happening.
February 22nd, 2009 at 9:30 pmMr. Philby Says:
What’s the matter, P? Is that minority status starting to chafe?
February 22nd, 2009 at 9:32 pmObama administration backs Bush, tries to kill ‘lost’ White House emails lawsuit
Any way you look at this one – it is bad news for America.
February 22nd, 2009 at 9:32 pmBush’s own budget office: 2004
The only thing not taxing about all this is finding evidence to slap-down obomber…
February 22nd, 2009 at 9:33 pmMr. Philby Says:
“Vice President Joe Biden also will be given a role coordinating oversight of stimulus spending.”
LOL!
_________
Apart from hysterical hyperbole, give us a substantive explanation of this…
Or are you hoping BILLIONS simply go missing, like they did in Iraq, and nothing gets done to find out what happened?
February 22nd, 2009 at 9:34 pmI support Obama, but I also really want him to move to repeal those tax cuts for the wealthy. Or, better yet–repeal those tax cuts and reform the federal revenue formula-bring back progressive taxation. Anyway, the revenue lost because of those Bush tax cuts have really screwed our economy bigtime.
February 22nd, 2009 at 9:37 pmlaur Says:
Anyway, the revenue lost because of those Bush tax cuts have really screwed our economy bigtime.
_______
I’d be thinking it was also the INCREASES in Federal spending at the same time. If I’m not mistaken, BotchCo oversaw the largest expansion of the Fed govt in DECADES, all whilst cutting taxes.
You kinda hafta wonder what was WRONG w/ those guys?
February 22nd, 2009 at 9:40 pmbarfly Says:
What’s the matter, P? Is that minority status starting to chafe?
___________
Not to mention the sopping wet Depends…
February 22nd, 2009 at 9:41 pmJohn Kerry Says:
HA! HA!!
Conned again!!!
<<<<<<<<<<<<<<<<<<<<<<<<<<
Of COURSE you were. You are stupid. You are CONTINUALLY conned. You are ignorant and gullible.
February 22nd, 2009 at 9:43 pmObama won’t go after missing Bush e-mails? So much for open and transparent. White House e-mails during Hurricane Katrina were in the missing pile.
Obfuscation Obama.
February 22nd, 2009 at 9:48 pmbarack obomber Says:
What an ignorant putz you are. You are WAY too stupid to be talking about OUR intelligence. You are astonishingly stupid even compared to an earthworm. Why are you so proud to be so stupid? Why do you think regurgitating this idiocy will get you anything but laughs for your pathetic ignorance? Go play with the other retarded monkeys and let the adults talk
February 22nd, 2009 at 9:48 pmstateofthedivision Says:
Obama won’t go after missing Bush e-mails? So much for open and transparent.
________
I have to say… I do find that dismaying.
February 22nd, 2009 at 9:49 pmMr. Philby is dumb, unable to post anything beyond three or four words, and full of debunked talking points, but I do think of grabbing a Philly cheese steak every time I see his moniker.
February 22nd, 2009 at 9:49 pmObama cannot get anything passed in the Senate without at least one Republican vote. If you can tell me which Republican(s) would support rolling back the Bush tax cuts before they expire in 2010 I will agree that Obama is wrong provided you will concede that Obama is right when you can’t come up with the Republican Senators names.
February 22nd, 2009 at 10:13 pmDallasNE Says:
If you can tell me which Republican(s) would support rolling back the Bush tax cuts before they expire in 2010 I will agree that Obama is wrong provided you will concede that Obama is right when you can’t come up with the Republican Senators names.
________
I always kinda thought that was also the issue w/ impeachment. The Dems could have brought it up but it would have never moved forward.
On the other hand, if they had made a principled stand, I certainly would think better of them for doing it.
Same w/ Clinton and the Gramm-Leach-Bliley Act, which prolly truly did contribute to our current economic melt-down. Yes, it’s true the GOOP had enough votes at that time to get it passed, no matter what, but if Clinton really did disagree w/ it in principle, why didn’t he refuse to sign it? The GOOP could have overridden that veto, and then they would have owned the resultant mess completely.
You have to wonder what goes wrong w/ our legislators. They make TERRIBLE choices and then when the bill comes due, so to speak, they just shrug their shoulders and say “Image that… What’cha gonna do?”
Nothing’s unbreakable… including this country.
February 22nd, 2009 at 10:28 pmMr. Philby Says:
YOU are a liar and a fool and an ignorant punk conservative.
February 22nd, 2009 at 11:00 pmEven John McCain, for unknown reasons (perhaps strike back against Bush for the South Carolina massacre), took the following position on the first round of Bush tax cuts in 2001, as described in a 2008 article in Salon:
“I cannot in good conscience support a tax cut in which so many of the benefits go to the most fortunate among us at the expense of middle-class Americans who most need tax relief,” McCain said. He tried to reduce the cuts for the wealthiest taxpayers and then cast a “no” vote.
Of course, McCain has since taken a sharp 180 degree turn on such matters.
So far, it seems that Obama has made mostly easy, cosmetic decisions to appease his base (those that won’t unduly upset the opposition party), but seems unwilling to undo the Bush legacy that might ruffle any feathers.
For a while, supporters can remind themselves that he’s not nearly as bad as Bush was (or as McCain would be now, had he been elected), however, as all but the very upper class (what Bush referred to as the “haves and have-mores”, aka his “base”) continue to suffer the ravages of the ongoing recession/depression, this excuse will wear thin by the middle of this year, if not sooner.
Remember, McCain, Clinton and Obama were apparently considered “safe” enough that the mainstream news media actually covered them, so they must have all seemed sufficiently non-threatening and corporate-friendly. Remember when Kucinich could barely receive any press (except when he withdrew) and Edwards was scarcely mentioned except for the infamous $400 haircut (Palin’s expenditure of $40,000 for her husband was O.K., though)?
I hope I’m mistaken, however, Obama’s actions may well be reminiscent of Bill Clinton, who could arguably be labeled a conservative Democrat.
February 23rd, 2009 at 1:43 amMr. Philby Says:
No proof? Shocker!
>>>>>>>>>>>>>>>>>>>>>>
You have no brain? Not a shocker, typical moron troll
February 23rd, 2009 at 2:17 amHere we go again,
February 23rd, 2009 at 3:53 amTrickle down economics.
Now that he is in office, he can play ‘Pelosi’ on the american people. He is also keeping Bush’s secrecy on redition cases claiming the same ‘excuse’ of state security. What a CHANGE hey?!!!! I have seen many politicians doing it. Wining an election with a left discourse but governing with right wing policies… George Orwell described the process quite eloquently by saying that when the pig took over the animal farm, they begun to act exactly like their previous opressors. I’m not jumping on the Oba Oba band wagon! Afheganistan and Iraq are Obama’s war now! Bush’s war crimes, if not prosecuted, belong to Obama as well!
February 23rd, 2009 at 4:32 amYou can tell change is occurring by the sheer frequency of denial that change is occurring.
Myst
February 23rd, 2009 at 5:25 amYou can bet the the bank that the whining from
February 23rd, 2009 at 7:39 amKneel BBBBBBBBBooooooooooooorrrrrrrrrrrtttttttttzzzzzz pronounced exactly like gas escaping ones arse) will whine about this news solidly for the entire week,and may be next week!
I agree that I also want the Bush tax cuts on the wealthy to be repealed, but this is a fight, considering the urgency of s many issues on the Obama plate, that might not be worth the fight in the Congress. Repugs will be on every news show, writing op-eds, and screaming from the rooftops about an “Obama tax increase in dire economic times.” His administration will be put on the defensive, giving the repugs more fuel for their arson-attacks on anything Democratic – it just might not be a good thing right now to come from the White House.
February 23rd, 2009 at 9:33 amIt will happen anyway – but timing is everything.
Marie, the republican’ts are already on every on every news show and writing op-eds opposing everthing President Obama does. I heard before the inauguration that President Obama would keep the Bush tax cuts in place as a ploy to get the republican’ts to work with him in a bipartisan way.
Obviously it isn’t happening. In my opinion keeping the Bush tax cuts for the wealthy in place until 2010 is a big mistake. Screw the rich, they’ve had eight years to double their money, it’s time for them to sacrifice for the good of the nation.
February 23rd, 2009 at 9:53 amHow can any President continue tax cuts for the wealthy while the nation is stuck in two wars? It was a mistake started by Bush and continued by President Obama. Especially if he keeps our troops stuck in Iraq past 2010.
February 23rd, 2009 at 9:56 amHe is not cutting the deficit in half. In his fourth year he will spend half a trillion dollars, which is half of the deficit spending he will do in his first three years.
Tax cuts cause an increase in government revenue. Just not when the morons spend it faster than they can get it.
February 23rd, 2009 at 4:34 pmIt’s worth remembering that Obama tends to spread his actions out over a pre-planned timeline. He often doesn’t move as quick as we’d like him to, but he does deliver in the long run.
In this case, I think he sees enough of a political advantage to allowing the cuts to expire in 2010 through inaction than in taking action earlier to end them, and possibly giving the Republicans ammo and something to fight against.
February 23rd, 2009 at 6:15 pmObama should repeal almost all of Bush’s policies.
Submitted by Andrew Yu-Jen Wang
B.S., Summa Cum Laude, 1996
Messiah College, Grantham, PA
Lower Merion High School, Ardmore, PA, 1993
“GEORGE W. BUSH IS THE WORST PRESIDENT IN U.S. HISTORY” BLOG OF ANDREW YU-JEN WANG
ONLINE, ANTI-BUSH, EDUCATIONAL, SCHOLASTIC RESEARCH: LISTING OF MAJOR ISSUES
http://andrewyu-jenwang.blogspot.com/2009/01/online-anti-bush-educational-scholastic.html
February 23rd, 2009 at 8:13 pmOn the expiration of the “Bush” tax cuts, the tax brackets will change as follows:
February 26th, 2009 at 12:45 pmBrackets 10, 25, 28, 33 and 35 percent will be increased by 50%, 12%, 10.7%, 9.1% and 13.1% percent, respectively, to 15, 28, 31, 36 and 39.6 percent. Those of you at the bottom of the tax barrel will see a 50% tax increase. Still think that those tax cuts are strictly for the wealthy? That 13 bucks a week you have been blessed with right now will not come close to making up for what just about anyone paying income taxes at all will lose once January, 2011 comes around. Oh yeah, that will be 8 bucks a week you are looking to offset by then! That’s the tax code for Republicans and Democrats alike.