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Thread: Hoyer: Permanent middle class tax cuts too costly

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    Hoyer: Permanent middle class tax cuts too costly

    The Associated Press: Hoyer: Permanent middle class tax cuts too costly

    House Majority Leader Steny Hoyer said Tuesday that tax increases will eventually be necessary to address the nation's mounting debt, raising a difficult election-year issue as Democrats fight to retain control of Congress.

    In the shorter term, Hoyer raised the possibility that Congress will only temporarily extend middle-class tax cuts set to expire at the end of the year. He pointedly suggested that making them permanent would be too costly.

    Tax cuts enacted under former President George W. Bush are scheduled to expire at the end of the year, affecting taxpayers at every income level. President Barack Obama proposes to permanently extend them for individuals making less than $200,000 a year and families making less than $250,000 — at a cost of about $2.5 trillion over the next decade.
    This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
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    Re: Hoyer: Permanent middle class tax cuts too costly

    He is essentially saying "we cannot afford it, but I don't want the voter's anger to be on my head, so lets delay letting it revert back to normal"

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    Re: Hoyer: Permanent middle class tax cuts too costly

    We could afford such permanent tax cuts if we significantly decreased entitlement (and probably also military) spending, but that's as much of political suicide as middle class tax rises. Of course eventually it gets to the point that a Greece style debt crisis becomes even more political suicide then either of those options so they'll deal with it eventually. But the longer the politicians put it off the harder it will be on the country.

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    Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    In fairness,

    U.S. House Majority Leader Steny Hoyer said permanently extending former President George W. Bush’s tax cuts for middle-class wage earners may no longer be affordable as the U.S. tries to curb its growing debt.

    Bush’s 2001 and 2003 tax cuts for all income levels expire at the end of this year. For those applying to middle-class earners, lawmakers must discuss “whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,” Hoyer said today in a speech in Washington.
    However, after all the ranting about how the Bush tax cuts were solely for the rich, it is nice to see some Democrats admitting that the Middle Class actually benefited from them as well.

    It will be interesting to see how the White House would respond to such actions (assuming they were not extended) since it would amount to a tax increase on those making less than $250,000 a year. Not saying that would be a bad thing persay, but it would be a political disaster... remember when GHWB said "read my lips, no new taxes"? When he followed that up with an increase, even if needed, it did not end well for him.
    Last edited by NolaMan; 06-22-10 at 04:45 PM.

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    Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    Moderator's Warning:
    Hoyer: Permanent middle class tax cuts too costly Threads merged.
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    Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    I'm not surprised. I had a feeling this was coming.
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Why so serious?

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    Re: Hoyer: Permanent middle class tax cuts too costly

    Quote Originally Posted by RightinNYC View Post
    The Associated Press: Hoyer: Permanent middle class tax cuts too costly



    This is going to be a tough issue for both parties. The tax cuts should be made permanent or ignored altogether - this "temporary cut/fix" shenanigans is little more than a budgetary tool used to hide the true costs of programs and push off hard decisions to the next group of leaders.
    I just think it's sad that our government is okay with taking money away from Americans, but seems to care not one bit about reducing spending. At some point the well is going to dry up, and then what?
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    Increasing taxes is FINE and definitely NEEDED...provided that the government curb spending and dedicate those tax increases to paying down the debt. However when you have a congress that RAISED its debt ceiling to 15.5 TRILLION and refuses to even pass an annual operating budget...really...what hope does ANYONE have of seeing deficit spending curtailed?

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    Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    Quote Originally Posted by VanceMack View Post
    Increasing taxes is FINE and definitely NEEDED...provided that the government curb spending and dedicate those tax increases to paying down the debt. However when you have a congress that RAISED its debt ceiling to 15.5 TRILLION and refuses to even pass an annual operating budget...really...what hope does ANYONE have of seeing deficit spending curtailed?
    "Reagan proved deficits don't matter."

    -Dick Cheney
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: Steny Hoyer Leaves Open Possibility of Extending Bush Tax Cuts for Middle Class

    Quote Originally Posted by Deuce View Post
    "Reagan proved deficits don't matter."

    -Dick Cheney
    And you...what do YOU think? Do you HAVE an actual original thought in your head? Do YOU actually embrace deficit spending? ****ing muppets...

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