Senate Republicans unveil a plan to make Bush tax cuts permanent

[TomCADem]

Source: Washington Post

Even as they hammer Democrats for running up record budget deficits, Senate Republicans are rolling out a plan to permanently extend an array of expiring tax breaks that would deprive the Treasury of more than $4 trillion over the next decade, nearly doubling projected deficits over that period unless dramatic spending cuts are made.

The measure, introduced by Senate Minority Leader Mitch McConnell (R-Ky.) this week, would permanently extend the George W. Bush-era income tax cuts that benefit virtually every U.S. taxpayer, rein in the alternative minimum tax and limit the estate tax to estates worth more than $5 million for individuals or $10 million for couples.

Aides to McConnell said they have yet to receive a cost estimate for the measure. But the nonpartisan Congressional Budget Office recently forecast that a similar, slightly more expensive package that includes a full repeal of the estate tax would force the nation to borrow an additional $3.9 trillion over the next decade and increase interest payments on the national debt by $950 billion. That's more than four times the projected deficit impact of President Obama's health-care overhaul and stimulus package combined.

"We have a spending problem. We spend too much. We don't have a taxing problem. We don't tax too little," McConnell told reporters Tuesday. "And if we want to begin to get ourselves out of this economic trough that we're in, the only way to do that is to grow the private sector."



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/09/14/AR2010091406838.html?hpid=topnews

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Why isn't the headline, "Republican Proposals Threaten Nation With Insolvency!" The Republicans can advocate tax cuts to millionaires with impunity, but god forbid that we save the jobs of teachers, cops and fire fighters. The deficit does not matter when it comes to saving a few bucks for the elite and privileged.

[MichiganVote]

1. Why is this man alive? Can someone tell me what he comes close to contributing to humanity?

[DJ13]

2. Obama needs to come out and clarify that he'll veto any continuation for the wealthy

tax cuts

I know the WH said today that they will defer to Nancy Pelosi on the Bush tax cuts, but anything passed requires his signature, so he has every right (and even an obligation) to tell them not to waste time trying to keep tax cuts for the > $250,000 level.

[TomCADem]

3. I Don't Think The Answer Is For President Obama To Try To Out Ideologue The GOP

It seems that we set up these artificial goals posts so that we have some reason to blame the President when the problem is that the Republicans are holding the middle class hostage. Now, lets the Republicans don't give s&*t, and the news media continues to run inteference for the Republicans 24/7. And, imagine that the GOP takes control of the House, then threatens to impeach the President if he does not agree to this. Then imagine that the press runs 24/7 stories about why is the President a Kenyan, communist Muslim, who hates America? Then imagine thousands of Americans in corporate funded buses streaming the D.C. demanding that the President be impeach for the high crime of not supporting GOP legislation. Finally, imagine "liberal" bloggers flooding the blogs of their own demanding the impeachment of the President for not being left enough such as the Rand Paul staffer who attacking Conway from the left.

Money makes everything possible, and you will believe the corporate narrative because you have no choice. You will be spitting out Frank Lutz talking points, except you will substitute "corporatist" for "socialist."

[DJ13]

4. Huh?

So its bad for the President to speak out and say he wont sign a Republican attempt to continue tax cuts for the rich?

[TomCADem]

5. It is bad for the President to paint himself into a hole with no exit strategy.

Heck, the same corporate media polls that many DUers rely on to attack the President also suggest that simply threatening to veto bills is not a magic bullet. So, what happens when the GOP takes over the house in 2010?

Are you seriously arguing that the President should commit 100% to shutting down government to make a point? The corporate media will not stand with the President. It will tell the people that it is the President's fault.

Look at Reagan and Dubya. People will forget, and most people will once again believe that saving your neighborhood billionaire is good for the common man. That's trickle down economics. It is a complete hoax that lives on by virtue of a corporate controlled media.

My take is that the President needs to be a President, and he really does not have the luxury of making ultimatums that really sound nice as sound bites.

The President does not need to push to create jobs, and highlight Republican efforts to prevent growth, rather than issuing silly veto threats like a teething two year old.

I think the President has made clear that he does not support a tax cut for the rich. And, he is slamming Republicans for trying to hold such tax cuts hostage. The DNC is running ads on this. Does a veto threat add much? No.

[Iowa]

6. Agreed. But he'll never do it.

[niceypoo]

7. Senate Republicans unveil a plan to make economic collapse permanent

[Timbuk3]

8. Read this on the local op ed page

"It's not 'the Obama economy' until 'the Bush tax cuts' expire."

[ezmerelda39]

9. The Conservatives

are definitely interested only in 'conserving' everything for themselves, everything that is except a few things like the environment, the infrastructure, schools, etc. And, they would like nothing more than getting their hands on Social Security so they can also 'conserve' that for themselves.

[MilesColtrane]

10. Republicans: Servicing the Knobs of the Rich Since 1877

[hootinholler]

11. Even as they hammer Democrats for running up record budget deficits,

Which is why of course the deficit was reduced by about 8% since August 2009.

:grr:

-Hoot