Community | December 18, 2010 | 3 comments

Bipartisan Support of Tax Deal. Smart Move Win Win or a Losing Proposition?

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congoboy
Sen. John Cornyn (R-Texas) on Saturday thanked voters who expanded the GOP’s ranks on Capitol Hill for the extension of all Bush-era tax cuts.The House approved the $858 billion legislation late Thursday night after it sailed through the Senate a day before. It extends Bush-era income tax cuts – including cuts for households with incomes above $250,000, a bitter pill for Democrats. “First, Republicans prevented a massive, job-killing ‘New Year’s Day tax increase.’ Before Congress acted, every American taxpayer was looking at a much higher tax bill in just a few weeks. Those higher taxes would have been devastating to millions of American families and small businesses and could have increased the risk of a ‘double-dip’ recession,” Cornyn said.

“But our bipartisan agreement with the White House changed all that. Our agreement keeps marginal income tax rates low, preserves the one-thousand-dollar per child tax credit, extends relief from the marriage penalty, blocks higher taxes on capital gains and dividends, protects at least 21 million additional families from the Alternative Minimum Tax and reduces the sting of the ‘death tax’ on families and small businesses,” he said.

But the bipartisan deal Obama struck with Republicans also slashes the employee payroll tax by 2 percent for one year, renews the estate tax and extends unemployment insurance benefits for 13 months.

Despite inclusion of some Democratic priorities like the unemployment insurance, Cornyn called the bill a political win for the GOP, one made possible by the November elections in which Republicans took back the House and expanded their numbers in the Senate. http://thehill.com/blogs/blog-briefing-room/news/134335-cornyn-voters-blocked-ob...
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3 comments // Bipartisan Support of Tax Deal. Smart Move Win Win or a Losing Proposition?

  • carslut
    • 0
      carslut  

    • It was now or never. This couldn't/wouldn't have happened after the new regime takes over in the next month. I can't see why everyone was upset about the inheritance taxes on the rich, or the poor for that matter. Why is the Government entitled to any part of your estate after they taxed you your whole life on every chicken-shit thing they could AND they expect to fleece you after you die? WHO made this law? They should be hunted down, gutted and skinned. If I was the president I would end all of that shit NOW. Who the fuck do they think they are????..............grrrrrrrrrr.

    • 1 year ago
  • congoboy
  • freecrack
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