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Thread: Senate Democrats to scrap Obama's $400 tax credit

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    Senate Democrats to scrap Obama's $400 tax credit

    Senate Democrats to scrap Obama's $400 tax credit

    A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010 and blends sleight of hand with modest restraint on domestic programs to cut the deficit to sustainable levels.

    Senate Budget Committee Chairman Kent Conrad, D-N.D., promises to reduce the deficit from a projected $1.7 trillion this year to a still-high $508 billion in 2014. But to do so, he assumes Congress will let Obama's "Making Work Pay" tax credit delivering $400 tax cuts to most workers and $800 to couples will expire at the end of next year. Those tax cuts were included in Obama's stimulus package.
    So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."

    Hm.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    WASHINGTON (AP) - A top Democrat in the Senate announced a budget blueprint Tuesday that would scrap Barack Obama's signature tax cut after 2010 and blends sleight of hand with modest restraint on domestic programs to cut the deficit to sustainable levels.

    Senate Democrats to scrap Obama's $400 tax credit
    Hopefully we are all making enough by then to afford some taxes.

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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by RightinNYC View Post
    Senate Democrats to scrap Obama's $400 tax credit



    So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."

    Hm.
    So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy...

    The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.

    That does not preclude Obama or Congress from altering the tax code again when the Bush tax cuts expire. They tinker with the tax code nearly every year anyway. I would expect to see some tax cuts for the non-wealthy in the tax code after 2010.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by Kandahar View Post
    So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy...

    The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.

    That does not preclude Obama or Congress from altering the tax code again when the Bush tax cuts expire. They tinker with the tax code nearly every year anyway. I would expect to see some tax cuts for the non-wealthy in the tax code after 2010.
    The problem is that this continuous tickling of the tax code by everyone helps produce market instability.

    One year your paying more the next your paying less.

    No doubt we are going into another boom, bust cycle.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by Harry Guerrilla View Post
    The problem is that this continuous tickling of the tax code by everyone helps produce market instability.

    One year your paying more the next your paying less.

    No doubt we are going into another boom, bust cycle.
    Oh I agree that the politicians tinker with the tax code far too much...but that's the nature of democracy. Every time we elect a new Congress or President, they want to undo what the previous Congress or President did. And there's no easier place to do that than in the Tax Code.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by Kandahar View Post
    Oh I agree that the politicians tinker with the tax code far too much...but that's the nature of democracy. Every time we elect a new Congress or President, they want to undo what the previous Congress or President did. And there's no easier place to do that than in the Tax Code.
    I try to refrain from blaming Obama for everything even though I completely disagree with him.

    Most of the foul stuff is coming from Congress, they have to really make some better choices like permanently fixing the tax rate.
    At this point I'd accept something progressive just so we don't keep screwing with the system itself.

    That should help level out the boom bust cycles we deal with, most of which can be attributed to changes in regulation and taxation.
    Last edited by Harry Guerrilla; 03-25-09 at 01:13 AM.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by RightinNYC View Post
    Senate Democrats to scrap Obama's $400 tax credit



    So "cut taxes for 95% of Americans" actually meant "two-time stimulus payments for something more like 80% of Americans before we allow that and the Bush tax cuts to expire, thus raising taxes on the majority of people."

    Hm.
    I'm not claiming that this is going to be a popular decision, but with all of the spending that's going on, I don't see how any meaningful tax cuts are going to be considered for the long term. That debt has to be paid somehow. My only hope is that the higher taxes are truly implemented across the board, including the corporate sector. No more corporate socialism, and maybe the debt will get knocked down a bit.

    The stimulus payments are useless, like they always are. No one is going to care if they get $400 if their income tax is through the roof.

    Another campaign promise is broken. Are we surprised? All politicians running for office say they'll cut taxes. It's universal. Do you think Obama would have been elected if he revealed his stimulus plans combined with long term higher taxation? No way Jose.

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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by Kandahar View Post
    So no tax cut is ever good unless it's permanent? Really, there's no way that Obama can win with some people unless he just abolishes all taxes and dissolves the country into anarchy...

    The stimulus tax credits are designed to spur the economy during a severe recession and are not intended to be permanent, hence the expiration date. Bush's tax cut was designed to do, well, I'm not quite sure what...but that also was not intended to be permanent, hence the expiration date.
    But this wasn't sold as a stimulus tax credit, it was sold as a "tax cut."

    I'm not saying it needs to be permanent, but when someone says they will "cut taxes," that IMO does not mean "two-time stimulus payment."
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Quote Originally Posted by RightinNYC View Post
    But this wasn't sold as a stimulus tax credit, it was sold as a "tax cut."

    I'm not saying it needs to be permanent, but when someone says they will "cut taxes," that IMO does not mean "two-time stimulus payment."
    What makes you think that the two-time stimulus payment was what he had in mind when he offered tax cuts to the middle class? He was talking about middle-class tax cuts even BEFORE the economy imploded last fall.

    It sounds to me like two completely different policy items. The fact that he's doing one does not preclude him from also doing the other.
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    Re: Senate Democrats to scrap Obama's $400 tax credit

    Ahh, change from politics as usual. All this Administration has done is reaffirm to me that the trick to politics is simple. Lie your ass off, tell people exactly what they want to hear, don't give two ****s about principles unless you think those principles are what people want to hear, and then when you get in always find some reason to go back on those promises and you're die hard supporters will always be there to make excuses for you.

    Thank you Barak Obama, you've TRULY brought CHANGE to Politics as Usual.

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