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I know that most lazy news outlets are going to say “House Democrats pass Middle-Class Tax Cuts” which is true – but the fact is EVERYBODY gets these tax cuts – if you make over a quarter-million a year, you still get the tax cut UP TO THAT AMOUNT.
I was happy to see two decent Republicans join the Democrats in this vote – the only two real mavericks in the House GOP – Ron Paul and Walter “Freedom Fries” Jones. Was this because they OPPOSE the tax cuts for OVER a quarter-million income? NO. It’s just because these two are above partisan game-playing, and know how important it is right now for the VAST BULK of us to have these tax cuts. Ron Paul and Walter Jones do not PLAY CHICKEN with the well-being of the nation, for partisan gain. Shame that there were only TWO such Republicans, and that TWENTY DINOS crossed over to do the bidding of billionaires and the GOP.
I propose calling this the Pelosi Tax Cut of 2010. I suppose now it goes to the House of Death, known as the Senate, to probably be killed by Republicans and Fake Dems there. Hopefully not. But even if so, I hope Americans are watching and can see which Party’s on the side of 98% of us, and which Party ONLY cares about millionaires and billionaires.
We really can not afford to extend the tax cuts for incomes over a quarter-million. It is absolutely KILLING us deficit-wise. The Republicans insist that continuing these huge Bush cuts for the very wealthy will create jobs – they even have a new catch-phrase if you’ve noticed – instead of “the wealthy” or “the rich” they call them “the Job Creators.” Um, no. They’ve had these Bush cuts for ten years now. If they were Job Creators we would have jobs, NOW.
Some friends have been trying to get me to do an Econ 101 post just to explain this basic stuff to some of you rubes and stubborn people. I’ll judge by the comments on this post whether or not I have to do that.
How did I learn about this news before anyone else in the OC? From a press release from Loretta, boasting about how she had voted in favor of this “Middle Class Tax Cut.” Irritatingly, the newly engaged Blue Dog didn’t bother to mention whether the measure had passed or not, but I’m sure that’s because she’s busy planning her nuptials. Well, apart from that, her press release is worth reprinting here… and make sure to thank Loretta for helping pass the Pelosi Tax Cut of 2010, and give Campbell, Rohrabacher, Royce, Miller and Calvert a rash of grief for holding the country hostage so that the very rich can hoard even more of their money in these difficult days.
REP. LORETTA SANCHEZ VOTES TO EXTEND
CRITICAL TAX CUTS FOR MIDDLE CLASS FAMILIES
WASHINGTON, D.C. – Congresswoman Loretta Sanchez (CA-47), a member of the bipartisan Joint Economic Committee, today voted to extend middle-class tax cuts that will spur economic growth in Orange County and across the country. The Middle Class Tax Relief Act of 2010, an amendment to the Senate amendment to H.R. 4853, would extend tax cuts for millions of families and small businesses without the deficit-busting baggage of new tax cuts for the wealthiest Americans. Unless Congress acts, tax cuts for middle class families will expire on January 1.
“Extending these tax cuts will save middle-class families in my community nearly $1,000 per year,” said Rep. Sanchez. “That kind of money matters when you’re struggling with a tough economy. The fact that Republicans would hold these tax cuts hostage for 97% of small businesses and working families really shows how out-of-touch they are with the American public.”
Under the Middle Class Tax Relief Act, 97% of American families and small businesses will get tax cuts of $1.5 trillion over 10 years. For all families making less than $250,000 a year, the bill permanently extends the 2001/2003 tax cuts, including current tax rates, marriage penalty relief (including the Earned Income Tax Credit), capital gains and dividend rates, and $1,000 child tax credit for earnings above $3,000. The bill also protects more than 25 million taxpayers from the alternative minimum tax by extending the alternative minimum tax (AMT) patch through 2011 and permanently extends small business expensing.
The bill also allows the fiscally irresponsible, Bush-era tax cuts for the wealthiest 3% of Americans to expire. If extended, these budget-busting tax cuts would saddle our children with more than $700 billion in debt, nearly 80 percent of which would be used to provide millionaires and billionaires with an average bonus tax cut of $100,000 a year (Joint Committee on Taxation, 8/10/10). Economists say extending these cuts is the wrong way to strengthen the economy and create jobs, especially at a time when the U.S. debt exceeds $13 trillion.
Congresswoman Loretta Sanchez is proud to represent California’s 47th Congressional District, which includes the cities of Anaheim, Garden Grove, Santa Ana, and parts of Fullerton in Orange County. She serves as Vice Chair of the House Homeland Security Committee and Chair of the House Armed Services Subcommittee on Terrorism, Unconventional Threats, and Capabilities. Rep. Sanchez is also a member of the fiscally conservative Blue Dog Coalition and sits on the bipartisan, bicameral Joint Economic Committee.
Probably not enough earmarks in the bill for Ken Calvert or Gary Miller to vote “Yes.” Speaking of that bastion of ethical behavior (Gary Miller), did you see how much money he requested in earmarks as a member of the “No Earmarks” Tea Party Caucus?
http://news.yahoo.com/s/yblog_exclusive/anti-earmark-tea-party-caucus-takes-1-billion-in-earmarks
The real question I have is…did the leader of “The Resistance” (my Congressional rep John Campbell) bother to grace the House chamber with his presence and vote? Or was there a car show he needed to attend?
A ceremonial vote taken by the empty headed weak only for self aggrandizement while others are hard at work trying to actually do something. I hope both parties listened in the last elections and reduce taxes for job creators. While I would ask for less tax imposition on the needy, that is not necessary since 47% of Americans pay no tax while pulling out $64,000 per family in government money paid by the other 53% that work for a living.
The Republicans insist that continuing these huge Bush cuts for the very wealthy will create jobs – they even have a new catch-phrase if you’ve noticed – instead of “the wealthy” or “the rich” they call them “the Job Creators.”…….. and they are right.
The problem is comrade sub. Vern that you are totally clueless when it comes to the economy. See http://www.orangejuiceblog.com/2010/11/the-harry-potter-tax-cuts/
I have made it simple so even the 1st grader cant understand that.
Please study my tutorial.
Otherwise you will be a fool for the rest of your life.
Yeah, and I can just imagine your excuses for why tax cuts for the rich hasn’t created jobs for ten years.
Too many regulations, right? Or there just weren’t ENOUGH tax cuts? Or that too many poor people bought houses they couldn’t afford and ruined everything for all the poor bankers.
Non of the above comrade sub. Vern.
The reason is that we had “Tweedle-dum and Tweedle-dee” for last two presidents who completely destabilized a trust into the USA future and rich people are of shore or sitting on their money. Big corporations like Microsoft, Google, Facebook moved their corporations to Ireland with 11% tax and loophole that creates corporate tax about 2.5% vs. 38% in USA. I guess it is better to make 2.5% tax on billions for Ireland then 38% tax on nothing for USA.
Once the Liberals will understand that concept then we can move forward.
There is one regulation pending on daytime trading as I do which forced all banks in Foreign Exchange and traders like me to go of shore too. Again thanks to stupid Obama other country will make money not USA.
http://www.babypips.com/blogs/espipionage/new_cftc_rules_on_retail_forex.html
Democrats do not want people to make money that is a reason. They do not want transactions.
Learn from communist Chines you dumb heads!!!!!!!!!!!!!!!!!!!
Obviously it is just a fraction of the problems created by Democrats and RINOs.
Since I know that I will never open your head I will not try.
Seems to me the glee in this post about one part of Congress passing this legislation is overstated. All reports I have read are that the Senate will reject it, so it is going nowhere in its present form. Lot’s of activity, but no action.
Vern,
If you’re going by how much extending the tax cuts will cost our vaunted treasury (I’m referring to where you say that the tax cuts for the rich is “KILLING us deficit-wise,” here are two numbers for you:
Cost of extending the tax cuts for the “rich” over 10 years – $678 billion
Cost of extending the tax cuts for the “middle class” over 10 years – $2.7 trillion.
Under your logic, we should do away with the cuts for the “middle class” because they are much more of a drain on our treasury.
No, Newbie, we can’t be allowing the tax cuts on the middle class – those making under $250 grand, 98% of us – to expire during this economic downturn. That would be even more disastrous than the cost to the deficit. YOU KNOW THAT.
I agree. I’m for tax cuts for all, including the so-called rich. I was just noting that if you go by straight numbers, the cuts for us middle-class folk are a bigger cost than the cuts for the rich.
Correct. If that were the only factor being considered. This is a much longer piece than just one sentence.
Brother Vern.
We constantly hear about the 98% of us yet approximatley 47% of all Americans do not pay any federal income tax. Help me out here. Can you explain the confusing math?
Good point Mr. Gilbert. To elaborate, those 47% that pay NO taxes actually pull out of the government an average of $64,000 per year per family, while the “rich” (that always cracks me up because the definition lumps together multi-billionaires with those that live what can only be described as a middle class life style) put in an average of $78,000 more than they take out. That seems fair to me – NOT.
The biggest tax increase in history is coming because the democrats in control screwed up and let the Bush middle class breaks expire.
Now they bought out their smoke and mirrors to deflect the blame elsewhere.
The 47 % actually do pay taxes just not income tax. The federal government still collects Social Security tax, medicare tax and unemployment tax from those 47%. If you happen to be self employed the Social security tax takes 13.8% of even dollar you earn. So the non income tax rate on the 47 % is somewhere between 10 -20 %.
While most of that is balance out by other credits there are actually very few that pay nothing to the federal government. Then you have the gas tax the other hidden taxes and fees on services, the percentage that gets more than they pay to the government is less than it would appear but just looking at income taxes.
There will be some deal to extend the tax cuts of this I have no doubt.
Jim. While it is true that we all pay a wide array of taxes, be it at the gas pump or simply going to a movie, the fact remains that the upper income folks pay these same taxes you reference.
At the end of the day many are paying over 50 percent of their income in some form of taxation.
As part of the 53% we do not get a free pass on these miscellaneous taxes or do we?