Showdown over Bush tax cuts Wednesday

The Senate showdown over the Bush tax cuts is expected on Wednesday.

Senate Majority Leader Harry Reid (D-Nev.) filed cloture on the Senate Democrats’ tax plan Monday, which sets up a key procedural vote on the bill on Wednesday morning unless an agreement is reached with Republicans for an earlier vote.

The Democrats’ plan would only continue existing tax rates for household income under $250,000. For the top 2 percent of earners, income above $250,000 would be taxed at a higher, 39.6 percent rate.

Two members of the Senate Democratic Caucus have said they would oppose the bill – Sens. Joe Lieberman (I-Conn.) and Sen. Jim Webb (D-Va.), both of whom are retiring after their current term. Senate Republicans have called for extending all tax rates for an additional year.

Senate Democratic leaders dropped a provision last week that would have taxed wealthy estates – an attempt to win over support from wavering senators in their caucus.

The Republican-led House is expected to vote next week to extend all expiring tax rates.​

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Showdown over Bush tax cuts Wednesday - POLITICO.com

Guess who is going to be glued to C-Span Wednesday? This guy :2razz:
I hope they do not pass. I hope their are given some great speeches. I hope Bernie Sanders isnt going to have to stand up by himself and give a 7 and a half hour speech (even though that was amazing) if it comes down to a filibuster.

Thoughts?
Comments?
Response?

fun fact,raising the taxes on the rich wont raise enough money for anything,infact estimates by cbo are based off of no variables existing,this is why i hate cbo as it has been wrong 98% of the time.

in actuallity the tax costs will cost next to nothing across the board or break even,and going by gdp growth from the tax cuts to now,and with % of gdp as income tax staying fairly constant,the tax cuts didnt cost a dime,this is liberals arguing that you cant use household finances for economies,but using household finances to calculate tax cuts,and ignoring all variables,as variables are bad in liberal math.

Here is what will happen. The Democrats will do nothing, and let the cuts expire, and then the automatic cuts will kick in. At that point, the Dems can bring their own version of tax cuts up (Assuming they are still in control of the Senate), and Republicans can either go along with it or else look like the party that wants to raise taxes. I know, it's a crappy thing to do, but what else would you expect from the Democratic and Republican psychopaths on Capitol Hill?

danarhea said:

Here is what will happen. The Democrats will do nothing, and let the cuts expire, and then the automatic cuts will kick in. At that point, the Dems can bring their own version of tax cuts up (Assuming they are still in control of the Senate), and Republicans can either go along with it or else look like the party that wants to raise taxes. I know, it's a crappy thing to do, but what else would you expect from the Democratic and Republican psychopaths on Capitol Hill?

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what the GOP will do is to present an extension and the Dems will look like being against that I suspect the GOP will get the senate too though

TurtleDude said:

what the GOP will do is to present an extension and the Dems will look like being against that I suspect the GOP will get the senate too though

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the Democrats will demand that the extension remove the tax-cuts for the wealthy. The GOP will say no.

The extension will expire on Dec 31st, and on January 1st the Democrats will submit a bill to again cut taxes for the middle-class...up to folks to make $250,000 a year.

ALL Democrats will vote for it, and possibly enough Republicans will vote for it, as they won't be voting for a tax-increase on anyone, thereby not violating the Norquist Pledge.

Thunder said:

the Democrats will demand that the extension remove the tax-cuts for the wealthy. The GOP will say no.

The extension will expire on Dec 31st, and on January 1st the Democrats will submit a bill to again cut taxes for the middle-class...up to folks to make $250,000 a year.

ALL Democrats will vote for it, and possibly enough Republicans will vote for it, as they won't be voting for a tax-increase on anyone, thereby not violating the Norquist Pledge.

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could be, and the losers will be small businesses making over 250K. not only will their taxes go up, but they will have to pay obamacare penalties. their only way out will be to either raise their prices or go out of business. How will that create jobs?

Bobcat said:

could be, and the losers will be small businesses making over 250K. not only will their taxes go up, but they will have to pay obamacare penalties. their only way out will be to either raise their prices or go out of business. How will that create jobs?

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"The Tax Policy Center, a research group started by the Brookings Institution and the Urban Institute, analyzed IRS figures this summer and found that 2.2 percent of all taxpayers reporting business income -- 540,000 filers -- would be affected if Congress increases the tax rate on top earners."
PolitiFact Virginia | Eric Cantor says expiration of Bush tax cuts will raise small business taxes

Chock that one up to another bull**** talking point...

Thunder said:

the Democrats will demand that the extension remove the tax-cuts for the wealthy. The GOP will say no.

The extension will expire on Dec 31st, and on January 1st the Democrats will submit a bill to again cut taxes for the middle-class...up to folks to make $250,000 a year.

ALL Democrats will vote for it, and possibly enough Republicans will vote for it, as they won't be voting for a tax-increase on anyone, thereby not violating the Norquist Pledge.

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It makes no difference what the Democrats want to do as they will not be in the majority after the election.

Hopefully they will let the bush tax cuts expire from precisely turtledudes bracket on up...then add a nice tax increase for the same and the world will be a much better place

I am not too concerned about the smaller small businesses....they will survive. Well the smart ones will...
When we had our retirement house built, I got a good look at several small businesses, the sub-contractors. Young men barely into thier 30's doing so well that they drive $50,000 trucks pulling equally expensive boats. Hard times hit, the boat has to go but nobody can afford it.
One of my dentists in times past did the same thing, plus....a new corvette and a new girl by his side....alimony and child support to the old girl. Everyone thinks getting rich quickly is the new standard. I am short on sympathy.
Does anybody else here remember back in the 70's there were news magazine segments on TV about those who could no longer afford private schools, luxury yachts, and overseas vacations? seems that some of our upper middle class were whining because they had to cut back to only 2 luxury cars in the driveway. Those people actually had NO CLUE how the rest of us lived.
All those things that they stood to lose, I never wanted. The more things you have, the more stress you have.
We can afford the big toys now, still don't have them.
Things are similar now, but I still short on sympathy for the rich and near rich and the wannabe rich. The stress just isn't worth it....
I fully expect our tax rates will go up next year, no matter who wins, and our income is no where near $250K. Ours is about half that, but all we own is paid for. No stress on this old dude....

lpast said:

Hopefully they will let the bush tax cuts expire from precisely turtledudes bracket on up...then add a nice tax increase for the same and the world will be a much better place

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Yeah, taking more money from the people making 200K, the world will be a better place. :doh

The Senate bill that extends the lower brackets up tomorrow will fail. The House bill that extends all brackets will pass next week and the Senate will fail to vote on it. This ‘taxmagetton’ will continue until late December (just like last time) and the BTCs will get extended entirely. The economy and UE will continue flounder due to the uncertainty. IF the BTCs are not extended at all again, the economy and UE cease the flounder and go into a full nosedive with another recession next year. Be careful what you wish for. JMHO...:mrgreen:

TheDemSocialist said:

Read more @: [/FONT][/COLOR][/LEFT]Showdown over Bush tax cuts Wednesday - POLITICO.com

Guess who is going to be glued to C-Span Wednesday? This guy :2razz:
I hope they do not pass. I hope their are given some great speeches. I hope Bernie Sanders isnt going to have to stand up by himself and give a 7 and a half hour speech (even though that was amazing) if it comes down to a filibuster.

Thoughts?
Comments?
Response?

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Bernie Sanders is the best member of Congress. Too bad there are not 534 others just like him.

Thunder said:

the Democrats will demand that the extension remove the tax-cuts for the wealthy. The GOP will say no.

The extension will expire on Dec 31st, and on January 1st the Democrats will submit a bill to again cut taxes for the middle-class...up to folks to make $250,000 a year.

ALL Democrats will vote for it, and possibly enough Republicans will vote for it, as they won't be voting for a tax-increase on anyone, thereby not violating the Norquist Pledge.

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why did the clown in chief extend the Bush tax rates for everyone?

if the tax cuts for everyone but those who pay the most taxes are good, aren't they worth maintaining the tax rates for EVERYONE

if the tax hikes on the RICH are so important why is he demanding not hiking rates on the others

IF we really need to pay off the deficit, why do we maintain the cuts that "cost" the government the most?

ANSWER BECAUSE IT IS ALL ABOUT BUYING VOTES

haymarket said:

Bernie Sanders is the best member of Congress. Too bad there are not 534 others just like him.

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Yeah that would really destroy the country. it would justify armed rebellion to have a government run by nothing but moon bat socialists

TurtleDude said:

Yeah that would really destroy the country. it would justify armed rebellion to have a government run by nothing but moon bat socialists

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If we dont make you pay more it will destroy the country...lol

w

lpast said:

If we dont make you pay more it will destroy the country...lol

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what is more important to a guy like you

keeping your tax cuts or slaking your hatred of the rich?

TurtleDude said:

why did the clown in chief extend the Bush tax rates for everyone?

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yeah --- that was a really DUMB move.

TurtleDude said:

Yeah that would really destroy the country. it would justify armed rebellion to have a government run by nothing but moon bat socialists

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then your wetdreams of murdering your fellow Americans could come true.

TurtleDude said:

Yeah that would really destroy the country. it would justify armed rebellion to have a government run by nothing but moon bat socialists

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no, it would justify trying to get them unelected.

that's what you meant to say, right TD?

you don't advocate using violence to change the govt., when peaceful means are available, right?

haymarket said:

then your wetdreams of murdering your fellow Americans could come true.

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murder is not implied with dictators or their lackeys are put down

Thunder said:

no, it would justify trying to get them unelected.

that's what you meant to say, right TD?

you don't advocate using violence to change the govt., when peaceful means are available, right?

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armed rebellion presumes peaceful means are not an option

TurtleDude said:

armed rebellion presumes peaceful means are not an option

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So you believe in a armed rebellion against democratically elected people based off the reason of that you dont agree with them? Isnt that, you know, a bit undemocratic?

beerftw said:

fun fact,raising the taxes on the rich wont raise enough money for anything,infact estimates by cbo are based off of no variables existing,this is why i hate cbo as it has been wrong 98% of the time.

in actuallity the tax costs will cost next to nothing across the board or break even,and going by gdp growth from the tax cuts to now,and with % of gdp as income tax staying fairly constant,the tax cuts didnt cost a dime,this is liberals arguing that you cant use household finances for economies,but using household finances to calculate tax cuts,and ignoring all variables,as variables are bad in liberal math.

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Wrong, wrong and more wrong.... not only that, you incorrect, sir. The Bush tax cuts led to a 20% cut in income tax revenues and a income tax revenues and a 10% reduction in the income tax receipts to GDP ratio.

FDsys - Browse BUDGET

There really should be a rule that every statement made on this board be supported. Arguing with the ill-informed is a bit like having a fist fight with a psycho.... its not a fair fight for unfair reasons.

If people were serious about cutting the debt they would let the tax cuts expire and cut spending. But that doesn't get people elected, so what they should do is let them expire, but offer a different tax cut to be signed on Jan 1, 2013 that is inbetween the Bush tax cuts and the normal tax levels.