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Thread: Showdown over Bush tax cuts Wednesday

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    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.


    Read more @:
    Showdown over Bush tax cuts Wednesday - POLITICO.com

    Guess who is going to be glued to C-Span Wednesday? This guy
    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?
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    Re: Showdown over Bush tax cuts Wednesday

    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.
    “[The metric system is the tool of the Devil! My car gets forty rods to the hogshead, and that’s the way I likes it!” – Abe “Grampa” Simpson”

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    Re: Showdown over Bush tax cuts Wednesday

    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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    Re: Showdown over Bush tax cuts Wednesday

    Quote Originally Posted by danarhea View Post
    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?
    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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    Re: Showdown over Bush tax cuts Wednesday

    Quote Originally Posted by TurtleDude View Post
    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
    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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    Re: Showdown over Bush tax cuts Wednesday

    Quote Originally Posted by Thunder View Post
    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.
    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?
    "Just get the hell out of my way" John Galt to the government in Atlas Shrugged.

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    Re: Showdown over Bush tax cuts Wednesday

    Quote Originally Posted by Bobcat View Post
    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?
    "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...


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    Re: Showdown over Bush tax cuts Wednesday

    Quote Originally Posted by Thunder View Post
    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.
    It makes no difference what the Democrats want to do as they will not be in the majority after the election.
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    Re: Showdown over Bush tax cuts Wednesday

    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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    Re: Showdown over Bush tax cuts Wednesday

    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....
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