let all of the tax cuts excpire

[buckman]

When capital gains expires prepare for a stock market crash as people dump stocks before 1/1

[justplugit]

Newest unemployment report up to 9.8 percent and there
are STILL those who want the Bush tax cuts recinded.

[JohnnyD]

Originally Posted by justplugit

Newest unemployment report up to 9.8 percent and there
are STILL those who want the Bush tax cuts recinded.

Most don't want them completely rescinded. The Dems want to put an income limit on who gets the cuts and the Republicans want the cuts extended across the board.

With the incoming shift of power, I'd be willing to bet that the cuts get extended for everyone and the Dems require some of their other agenda items, like extending Unemployment, get piggybacked into the extension.

[buckman]

Originally Posted by JohnnyD

Most don't want them completely rescinded. The Dems want to put an income limit on who gets the cuts and the Republicans want the cuts extended across the board.

With the incoming shift of power, I'd be willing to bet that the cuts get extended for everyone and the Dems require some of their other agenda items, like extending Unemployment, get piggybacked into the extension.

I think your right JD. Don't count on borrowed money to extend unemployment though.

[RIJIMMY]

Originally Posted by JohnnyD

Most don't want them completely rescinded. The Dems want to put an income limit on who gets the cuts and the Republicans want the cuts extended across the board.

With the incoming shift of power, I'd be willing to bet that the cuts get extended for everyone and the Dems require some of their other agenda items, like extending Unemployment, get piggybacked into the extension.

looks like it JD. Anyone watch Obama today. I really cant stand that guy. He has to once again slam the Republicans while discussing the compromise. Two weeks ago he admits he messed up, now hes back on his high horse pointing fingers.
Pelosi and dems once again with the "it will cost us" "why should we GIVE the wealthy" WTF???? GIVE??????????? ITS THEIR MONEY!! NOT YOURS!!!

What is the logic behind the 200K indiviudal vs 250K family? Some deep analysis or some off the cuff remark Obama threw out that is now some benchmark? So, according to the Democrats - a single person making 180K a year pays less percentage than a couple making 275K and 3 kids? WTF!
Extend the cuts, fund them by making cuts in the government. DEEP cuts.

[JohnnyD]

Originally Posted by RIJIMMY

What is the logic behind the 200K indiviudal vs 250K family? Some deep analysis or some off the cuff remark Obama threw out that is now some benchmark? So, according to the Democrats - a single person making 180K a year pays less percentage than a couple making 275K and 3 kids? WTF!
Extend the cuts, fund them by making cuts in the government. DEEP cuts.

I agree. The figure doesn't make any sense. I could get on board with putting the limit at $1M. None of this will get paid for without the government being forced into it. Two wars, a garbage economy, sky-rocketing social services... cuts won't happen until the entire country is in the same (or worse) economic state as California and the feds hands are forced.

[justplugit]

Originally Posted by JohnnyD

cuts won't happen until the entire country is in the same (or worse) economic state as California and the feds hands are forced.

I agree JD, as usual the Govt. always waits till there is a last minute
crisis before they act. There is no forward looking plan like a 5 and 10 year business plan.

With all the so called intellectual elites, their only plan is to do enough in their term to get re-elected.

I like what ScottW said, they don't get it, "it's the SPENDING stupid."

[mosholu]

We all seem to accept as a given that the tax rate will increase incrementally as you make more money. What bothers me about this whole discussion that everyone seems to believe there is some logic in the incremental rate increases stopping at 200/250G. The Republicans have done a great job as selling this as a middle class/small business issue. Only 2.9% of the country are over the 250G mark. There should be increases in the rate as your income goes up with maybe a cap at 50% at the level of 20 million. It will not significantly change the deficit picture, which must be addressed by spending cuts and elimination of subsidized tax breaks, but it will bring a level of fairness to the process.
The biggest thing that will effect all of us and was left out of the compromise announced by the President was any extension of the Build American Bond program. Over 20% of state and local government debt issued in the last year took advantage of this program. If it goes away, as the Republican insist, state and local governments are going to be hard pressed to raise the money they need any any break we get from the Feds will not cover the state and local tax increases.