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Thread: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

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    Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts - FoxNews.com

    President Obama
    and White House officials underscored the need to compromise Monday in unveiling a congressional deal to avoid the expiration of the Bush-era tax cuts at the end of the year, but some of the toughest critics of Obama's version of compromise come from within his own party.

    Democrats have generally argued that the tax cuts should be extended for the middle class -- but not for the wealthiest 2 percent. Republicans have argued that the cuts should be extended for all taxpayers.

    The "framework" of the deal that Obama outlined Monday evening calls for a two-year extension of the cuts in all income tax brackets. It also would extend long-term unemployment benefits through next year. The estate tax rate would be renewed, but at a lower rate than even during the Bush administration. And the Obama administration is proposing a one-year payroll tax reduction that sources say would cut the amount contributed to Social Security from 6.2 percent to 4.2 percent.
    Notably, unemployment benefits will be extended by 13 months (taking it to 3+ years), and social security taxes will be reduced from 6.2 percent to 4.2 percent, giving everyone a few extra bucks in their next paycheck.

    From a business perspective, not only will the Bush tax cuts be extended, small businesses will now be able to deduct 100 percent of their capital improvements/investments in their company (up from 50 percent before).

    This is more proof that Democrats like Obama run on these platitudes to get votes, but they know the only way to truly stimulate the economy is to put the money in our hands. The recent elections, and the real world, left him no choice but to go the GOP way and then engage in spin control.

    The problem for Obama is that, because he didn't extend the cuts for more years, the debate will rage on for the next two years until the issue comes back, just in time for the 2012 presidential election. And what far left liberals are going to trust him now.

    I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by Erod View Post
    Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts - FoxNews.com



    Notably, unemployment benefits will be extended by 13 months (taking it to 3+ years), and social security taxes will be reduced from 6.2 percent to 4.2 percent, giving everyone a few extra bucks in their next paycheck.

    From a business perspective, not only will the Bush tax cuts be extended, small businesses will now be able to deduct 100 percent of their capital improvements/investments in their company (up from 50 percent before).

    This is more proof that Democrats like Obama run on these platitudes to get votes, but they know the only way to truly stimulate the economy is to put the money in our hands. The recent elections, and the real world, left him no choice but to go the GOP way and then engage in spin control.

    The problem for Obama is that, because he didn't extend the cuts for more years, the debate will rage on for the next two years until the issue comes back, just in time for the 2012 presidential election. And what far left liberals are going to trust him now.

    I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
    Everyone should be happy about that 2%. That's not a smoke/mirrors 2%, that's the real thing. As to extending unemployment to three years, I think that's ridiculous. We need safeguards in place to avoid abuse. I personally know of no one who can't find a job....and at least two using it as their personal paid vacations. (I should caveat that I live in the Chicago Metro Area. I could see how rural areas could be quite different.)
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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by Erod View Post
    Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts - FoxNews.com



    Notably, unemployment benefits will be extended by 13 months (taking it to 3+ years), and social security taxes will be reduced from 6.2 percent to 4.2 percent, giving everyone a few extra bucks in their next paycheck.

    From a business perspective, not only will the Bush tax cuts be extended, small businesses will now be able to deduct 100 percent of their capital improvements/investments in their company (up from 50 percent before).

    This is more proof that Democrats like Obama run on these platitudes to get votes, but they know the only way to truly stimulate the economy is to put the money in our hands. The recent elections, and the real world, left him no choice but to go the GOP way and then engage in spin control.

    The problem for Obama is that, because he didn't extend the cuts for more years, the debate will rage on for the next two years until the issue comes back, just in time for the 2012 presidential election. And what far left liberals are going to trust him now.

    I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
    Well you got your wish, now you can stop bitching about the deficit... right? Because these tax cuts are gonna add a ****load more to it.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    You know, neither the Republicans nor the Democrats are doing the right thing here. None of them have the intestinal fortitude to do the right thing, which is to let the tax cuts expire AND let the unemployment benefits also expire. Want to balance the budget? Do you really? Then steps must be taken, and some of those steps are going to deal out a little hurt to everybody. But IF you are really serious about getting the deficit under control, it is going to have to be done. You just won't see any of our politicians on board, though, because they are cowards.
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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by danarhea View Post
    You know, neither the Republicans nor the Democrats are doing the right thing here. None of them have the intestinal fortitude to do the right thing, which is to let the tax cuts expire AND let the unemployment benefits also expire. Want to balance the budget? Do you really? Then steps must be taken, and some of those steps are going to deal out a little hurt to everybody. But IF you are really serious about getting the deficit under control, it is going to have to be done. You just won't see any of our politicians on board, though, because they are cowards.
    I did see a poll somewhere that Americans favour job growth over deficit reduction, trying to find it but I'm havin a little trouble.

    Dude, deficit reduction is so November 2nd ago! lol.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by danarhea View Post
    You know, neither the Republicans nor the Democrats are doing the right thing here. None of them have the intestinal fortitude to do the right thing, which is to let the tax cuts expire AND let the unemployment benefits also expire. Want to balance the budget? Do you really? Then steps must be taken, and some of those steps are going to deal out a little hurt to everybody. But IF you are really serious about getting the deficit under control, it is going to have to be done. You just won't see any of our politicians on board, though, because they are cowards.
    As much as I agree with you that the deficits needs to be solved, given the current economic situation, now is not the time to seriously make attempts to balance the budget. Looking at your plan of allowing the tax cuts to lapse as well as cutting unemployment, both would almost certainly lead to a double dip recession.

    As soon as unemployment begins to fall that represents the perfect time to begin scaling back government spending on all levels, as well as maybe letting these tax cuts lapse. But then getting people back to work will go a long way in cutting the deficit. Not only will revenues increase but also fewer people will need to use government programs.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by Spaceman_Spiff View Post
    As much as I agree with you that the deficits needs to be solved, given the current economic situation, now is not the time to seriously make attempts to balance the budget. Looking at your plan of allowing the tax cuts to lapse as well as cutting unemployment, both would almost certainly lead to a double dip recession.

    As soon as unemployment begins to fall that represents the perfect time to begin scaling back government spending on all levels, as well as maybe letting these tax cuts lapse. But then getting people back to work will go a long way in cutting the deficit. Not only will revenues increase but also fewer people will need to use government programs.
    The economy is by no means a one party system. There are producers, consumers, as well as leakages and injections. Firms take labor, capital and land from households and convert them into goods and services which are sold back to the household. In exchange for labor, land and capital the firms give households wages, rent and interest. This is a very simplified view of how economies work (I haven't talked about injections and leakages because they are irrelevant to this topic). If any part of this cycle is damaged, economic growth will decrease, and if this growth becomes decay, and maintains that status for two quarters, then it becomes a recession.

    Over the past recession income inequality has increased, unemployment has increased, real wages have stagnated or decreased and corporate profits have generally increased. If demand drops because of a lack of disposable income then the economy will suffer greatly. The rich can set up as many businesses as they like, but it won't be all that beneficial if nobody has the money to buy the goods. The 3rd Quintile of income (40%-60%, the middle class) brings in $45,199 on average per year, and has a total expenditure of $41,150. The department of labor has some interesting statistics. I never knew they were this comprehensive :O

    What am I trying to say? Not that we shouldn't worry about taxing the rich. Tax rates are a leakage from the economy, and thus decrease growth also. But rather that it's not always about supply side...

    A graph I quickly whipped up:



    They should spend some of that on creating jobs.
    Last edited by SirPwn4lot; 12-07-10 at 12:44 PM.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Several officials said the package could add $900 billion or more to the federal deficit over two years.
    Borrow another $900 billion from the chinese for an extra year of unemployment checks and tax cuts for millionaires.. wtf really?
    yet again it's the working middle class thats getting screwed from both sides.

    The working middle class can no longer retire comfortably in the US, soooo I'm outta here eventually.. already got me some land outside of the US that I'm investing on and keeping what little money I have outside of this country.
    Last edited by Tedminator; 12-07-10 at 05:21 PM.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    Quote Originally Posted by Erod View Post
    I will say this: I'm grateful that he capitulated, although extending the benefits to over two years seems like a bad message. Many Americans are licking their chops at free money for no work for three years. We all know a few folks like that.
    I had these same thoughts. As I've studied unemployment benefits in other countries (some in Europe have been as long as five years) it's clear that there's a group of people who will stay on the benefits until they run out. Sad but true.
    Because all things are not created equal.

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    Re: Obama Announces 'Framework' for Deal With Congress to Extend Bush-Era Tax Cuts

    I expect to hear none of these right-wing Republicans complaining about the size of the deficit over the next two years....seeing that the GOP will be responsible now for adding trillions to the deficit.
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