GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds

[Joanne98]

Source: WP

A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.

New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.

The analysis, requested by Democrats on the tax-writing House Ways and Means Committee, comes as debate heats up over tax cuts enacted during the Bush administration, most of which are scheduled to expire at the end of this year. Republicans want to extend all the cuts, which would cost the Treasury Department $238 billion in 2011, according to the taxation committee. President Obama and congressional Democrats have vowed to extend the cuts only for families making less than $250,000 a year and individuals making less than $200,000 -- 98 percent of American taxpayers -- in a plan that would add about $202 billion to next year's deficit.

Given the soaring national debt, many economists deem both proposals unaffordable. Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/08/11/AR2010081105864.html?hpid=topnews

[PNutt]

1. What The Hell

Just take away more SNAP benefits from the poorest among us so that our millionaires can have that $1oo thousand apiece, after all, they didn't earn any of those benefits to begin with.:sarcasm: Keeping our millionaires in the lifestyle to which they have become accustommed to should be our first priority. Right? Has this country really sunk to the level whereby our elected officials even have to discuss sheet like this?

[mwb970]

2. People will eventually get mad about being constantly raped by the rich.

I'd shore up the walls around my mansion if I were a rich guy.

[HughBeaumont]

3. You know the plan is crap when supply-side cheerleaders like Stockman and Greenscam think it smells.

Reagan's men, even. Sad that the GOP is still trying to pull the wool over the eyes of the people.

[Kingofalldems]

4. No way! There's more revenue when rich people's taxes are cut---

Rush said so. This is HUGH!!1!!

[kpete]

5. GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds

Source: Washington Post

GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds

Washington Post Staff Writer
Thursday, August 12, 2010

A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday.

New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.

The analysis, requested by Democrats on the tax-writing House Ways and Means Committee, comes as debate heats up over tax cuts enacted during the Bush administration, most of which are scheduled to expire at the end of this year. Republicans want to extend all the cuts, which would cost the Treasury Department $238 billion in 2011, according to the taxation committee. President Obama and congressional Democrats have vowed to extend the cuts only for families making less than $250,000 a year and individuals making less than $200,000 -- 98 percent of American taxpayers -- in a plan that would add about $202 billion to next year's deficit.

Given the soaring national debt, many economists deem both proposals unaffordable. Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/08/11/AR2010081105864.html

[sinkingfeeling]

6. I have doubts about those numbers being accurate. I thought a much greater portion of the cuts were

to the wealthy and should account for more than 15% of the deficit.

[Prisoner_Number_Six]

7. That's just about the price of one good surge, isn't it?

Just askin'.... :shrug:

[maxsolomon]

8. a non-starter. why are we wasting time talking about a GOP "plan"?

they're simply yelling a lot positioning themselves for september.

let ALL the * tax cuts expire. they were irresponsible from top to bottom.

[SLCLiberal]

9. ...

But but but, we can't end these cuts!

[Hissyspit]

10. GOP Plan to Extend Tax Cuts for Rich Adds $36 Billion to Deficit, Panel Finds

Source: Washington Post

GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds

By Lori Montgomery
Washington Post Staff Writer
Thursday, August 12, 2010
A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday. New data from the nonpartisan Joint Committee on Taxation show that households earning more than $1 million a year would reap nearly $31 billion in tax breaks under the GOP plan in 2011, for an average tax cut per household of about $100,000.

The analysis, requested by Democrats on the tax-writing House Ways and Means Committee, comes as debate heats up over tax cuts enacted during the Bush administration, most of which are scheduled to expire at the end of this year. Republicans want to extend all the cuts, which would cost the Treasury Department $238 billion in 2011, according to the taxation committee. President Obama and congressional Democrats have vowed to extend the cuts only for families making less than $250,000 a year and individuals making less than $200,000 -- 98 percent of American taxpayers -- in a plan that would add about $202 billion to next year's deficit.

Given the soaring national debt, many economists deem both proposals unaffordable. Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.

Obama campaigned on a pledge not to raise taxes for the middle class, however. And with midterm congressional elections in November, few politicians in either party are calling for full repeal. Instead, lawmakers are gearing up for a battle when they return to Washington in September over the small fraction of the tax breaks that benefit the nation's richest families.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/08/11/AR2010081105864.html

[babylonsister]

11. Wow. Dems better run with that. nt

[Liberalynn]

12. Oh dear those tea partiers

better get right on those nasty ole pukes. They are increasing the DEFICIT and we all know how much they are concerned about the DEFICIT:sarcasm:

[tridim]

13. The chart that Rachel showed is UNBELIEVABLE!

The mid-terms are going to be fun.

Edit: Here's the chart..

http://www.washingtonpost.com/wp-dyn/content/graphic/2010/08/11/GR2010081106717.html?sid=ST2010081200375

[Hissyspit]

14. You might like this:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8937370

[PSPS]

15. I'm sorry, but $250,000/year is not "middle class."

The median household income in the country is around $50,000 and that doesn't go very far especially for a family.

Go back 35 years and a single middle-class wage earner could support a family, buy a house, get the occasional new car and even afford a 2-week vacation. After Saint Ronnie hit town, it was all downhill -- now two wage earners are required to even have a chance at such "luxuries" and, for the last ten or twenty years, it required the assumption of debt such as credit cards and using the house as an ATM machine via multiple HELOC's.

The country's social, economic and industrial zenith was when the top marginal tax rate was over 70%. Now it's 35% and this rescission would bump the top rate to a whopping 39%! OH NOES!!11!! Four percent!11!!1

Anyway, I understand Obama's political calculation here. He has to draw a line somewhere. But I don't feel that a family making a quarter million a year deserves a tax cut.

[SpiralHawk]

16. "Bring it on. Smirk." - Republicon Fat Cats

"More more more more more more tax cuts for rich republicons. You little people can just eat shit and die. Smirk."

- Republicon Fat Cats

[Historic NY]

17. Just like the rest of the crap from the 8yr * reign...

[RedSock]

20. ... and Bush's 3rd term continues (eom)

[Rosa Luxemburg]

18. Thanks Lori!

great article!

[No Elephants]

19. And how much did Panel Obvious cost taxpayers?