Democrats not looking fiscally responsible so far

[TheFarseer]

I'm sorry, but someone has to say it. We're talking about ending AMT, compromising on the Estate tax, other tax credits for various things. We've got the excise tax credit this year. Then we're talking about spending more money for a wide variety of things. The only thing we're talking about saving money on is negotiating prescription drugs. The house did re-institute pay-go, but the Senate probably won't. Hardly anyone is talking about getting out of Iraq. Instead we're pondering escalation. Tell me how this ads up to fiscal responsibility.

[spanone]

1. Wow, they've had the Congress what, two days?? Yea, they've really fucked it up.

[MADem]

6. Yeah....why WEREN'T they working this weekend?? Whatsamatta wid dose lazy bums? NT

[TheFarseer]

7. I did not say they screwed up anything yet

I said what they are talking about is not encouraging to deficit hawks like myself.

[Warren Stupidity]

2. There should be no compromise on the estate tax.

The AMT has become a surtax on the middle class and should be abolished or restructured to be COLA adjusted automatically, as should all tax brackets on other dollar based rules.

[Missy M]

3. Give them a chance.....

it has only been a few days since they took over.

[neoblues]

4. Of course, with 2008 looming...

it's damned hard to be fiscally responsible; especially when it comes to taxes... which need to be restored, not cut. Then too, we don't have the media power to educate people that taxes are their civic responsibility, their chance to contribute (of course too, any real tax increases should apply primarily to those who've reaped the benefits of Bush's tax cuts--which pretty much excludes everyone below the "upper class").

[Robbien]

5. You are going to get many here posting you are not giving them a chance

That it is too soon.

Bah. The Democratic leadership is as surprised to be in power as Bush/Cheney was to be kicked out. Dem leadership has no clue why they are where they are today. Therefore they are pushing their own capitalistic agenda ignoring the reason why people voted them into power.

[spanone]

8. Yea, they should have solved all the fiscal and wartime problems by now. How dare them.

Just a bunch of dumbasses dragging their feet.

Dead thread.

[Robbien]

10. Being a bit extreme are you not?

Who said anything about everything being resolved. The issue put forth in this thread is what path are the Democratic leadership on, the common good or lobbyist friendly?

From all the noise so far, the common good is going to get tossed a few bones while the majority of the Democratic leadership attention will be on lobbyist issues.

[BayCityProgressive]

9. I understand what you're saying

It pisses me off that there is even any talk of giving the elite more tax breaks rather than paying down the debt or paying for the social needs of the working class.

[Warpy]

11. First of all, compromising on the estate tax is essential

since the dollar amount exempted hadn't changed for a good many years while inflation has progressed. The exemption needed to be raised, and I'm sure that is where the compromise will come from.

As for the AMT, I can't imagine they would end it completely, since that is the only way they can get tax money out of the super rich and the corporate. I do imagine they will create a reasonable floor so that the poor and middle class will no longer get socked by it.

Since they've had only two days, I think you are being just a little premature in condemning them.

[Robbien]

12. Estate tax. Why? First off, the bill doesn't expire until after 2010

The nontaxable amount has just increased from $1 million to $2 million in 2007 and 2008, and will increase again to $3.5 million in 2009. For the short term, estate tax is not a high priority item.

On the AMT, eliminating it will cost the government nearly $1 trillion through 2017. With the new PAYGO, Democrats will have to cut back on some of American's favorite tax breaks in order to make up the difference. This should not even be a discussion item with so many pressing issues on the table.

The Democratic leadership is allowing GOPers and lobbyists to choose the paths here.

[Warpy]

14. The estate tax exemption was $2,000,000 in 2006

I know because I filled out the tax form last year.

The estate tax will expire completely in 2010, then go back to the original $600,000 exemption in 2011.

THAT is where the compromise needs to come in, or the streets of Bel Aire, Palm Springs, and Palm Beach will run red with blood in 2010 as heirs seek to cash in while they can.

There have been temporary exemptions to the AMT passed in the last few years, lifting the burden from working folks. The GOP has failed to make those exemptions permanent. They need to be.

[Robbien]

17. The Dems have 100 hours. Estate tax needs attention four years from now

Why compromise today on something that is not urgently needed today. So many things are urgently needed today. Estate Tax and a one trillion AMT not being any of them.

If the GOP needs to make BushCo tax cuts permanent, then they should do so on their dime and find the money to fund it. Democrats do not need to help the GOP get more BushCo tax cuts. That is all that has been talked about the last twelve years, tax cut after tax cut after tax cut. Who knows who will be in charge in two years. While in charge the Democrats need to work on Democratic programs not spend their time compromising with the GOP on GOP tax cut programs. Now it is Democratic programs turn. In two years, BushCo tax cuts can have their time in the sun again if the GOP manages to sneak back in.

[MADem]

19. Agggh! Well, the crowd that produces "City Confidential" would be thrilled

They never cover the po'folks murders...it's always the upscale, country club, lifestyles of the rich if not famous types who get murdered that they profile!!!

[TheFarseer]

18. I'm not condemning anyone

I'm saying I don't like what I see so far and I hope they will prove me wrong. I think indexing the estate tax is not a bad idea, but you know we're going to end up with a 10 million dollar exemption or a lower rate and I think there's enough support to get rid of it entirely. We're going to whittle down AMT and not replace it with anything. But I'm not hearing anything except we want to be "Watered down Santa Claus" No one is going to make tough decisions. I hope we don't get into a bigger budget mess than with Bush and the repubs in going way overboard to prove we won't raise taxes. I want tough decisions made on the budget and I don't see it happening. Maybe I'll be wrong. I hope to God I'm wrong. The only thing that keeps me optimistic is they did re-institute Pay-go, but will they just ignore that when the going gets tough and Sean Hanitty is blathering about tax hikes???

[KittyWampus]

13. The Estate NEEDS Revision. If my father dies, I'll have to sell this place after 50 years

being in our family. Three generations this business has been in my family. That is as rare as hens teeth.

The real estate value of this place is worth about 5 million dollars. I'd never be able to pay the taxes on it.

#1. Trusts don't negate all taxes
#2. Why should a family have to leave something in trust? You should be allowed to hand down property without paying taxes.

And there are other families in the same boat here in the Hamptons. The ones owing farms and farmland.

[Warpy]

15. Agreed that the exemption needs to be raised permanently

to cover things like real estate inflated beyond all reason because the rich have discovered one area or another.

However, I'm not talking about estates under ten million when I say the inheritance tax must continue to exist. I'm talking about the estates worth hundreds of millions up to billions. Those estates, handed down in their entirety from generation to generation, would provide us with a de facto inherited aristocracy that would kill any notion of this country's ability to parade as a democracy.

Aristocracy and the attendant abuse of the population are what most of our ancestors fled. We don't need to recreate one here.

[KittyWampus]

16. Thanks for being understanding.