tagged w/ Tax Cuts
On Friday I wrote that a fiscal cliff deal that would appeal to enough GOP House and Senate legislators to provide a winning margin, particularly in the House, would invite a flanking movement from the left. 1 That may indeed be brewing. Today’s reports2 portray Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell at impasse over both the $250,000 income ceiling for maintaining the Bush era tax rates, and the proposal sought by all Republicans and some Democrats (including the President) to use a new inflation indexing equation when adjusting social security benefits and tax rate income levels, the so-called Chained CPI. Dylan Matthews at the Times perfectly summed up its real attraction to our punch drunk pols this . . .
http://latestbloomer.uskoa.com/fiscal-cliff-countdown-unchain-us-senator-reid-from-chained-cpi/On Friday I wrote that a fiscal cliff deal that would appeal to enough GOP House and... more
Republicans have been using debt and deficit blackmail as a bargaining strategy since the days of Ronald Reagan.
Reagan's brand of politics was successful at promoting the notion that federal government spending on social programs is mostly wasted on pointless handouts to lazy recipients. He carefully cultivated the impression that "government spending" meant "free money” for people who were nothing more than moochers. Sound familiar?
Ronald Reagan was swept into office on the same Republican fearmongering- propaganda that grips the country today…”spending is out of control, the country is going bankrupt and government is too big.”
There is no denying Reagan inherited an economy that was in a deep recession, but his response to the debt crisis was far different than Republicans would have us believe.
Despite his “small government” rhetoric, Reagan expanded the federal government by 7%, employing a larger federal workforce (those pesky public employees) than any President in history other than Johnson who presided over the Vietnam War.
He did enact a huge tax cut, but then raised taxes eleven times; increased defense spending; ballooned the federal deficit to the largest peacetime deficit in history; raised the debt ceiling 17 times and accumulated a debt burden that equaled the previous 200 years of American history, turning the United States from a creditor nation into a debtor nation. For the first time in the history of the nation, the United States borrowed in order to cover federal budget deficits.
David Stockman, Reagan’s economic wizard and the architect of the trickle-down budgets wrote:
“The Reagan deficits were intentional, designed to cut revenue as a way of pressuring Congress to cut programs Republicans wanted to destroy....The plan... was to have a strategic deficit that would give you an argument for cutting back the programs that weren’t desired....”Republicans have been using debt and deficit blackmail as a bargaining strategy since... more
When asked about Grover Norquist, things took a turn for the hysterical. Speaking about the problems facing (Weeper) Speaker of the House John Boehner with his own caucus, Simpson didn’t pull any punches...
http://veracitystew.com/?p=46263When asked about Grover Norquist, things took a turn for the hysterical. Speaking... more
Elections are indeed political one night stands. And Americans are now waiting for Obama to call. On my personal voting tendencies, the freedom of choice, and the fiscal cliff that wants your first born.Elections are indeed political one night stands. And Americans are now waiting for... more
Recent reports estimate that the rich are hiding at least $21 trillion and possibly as much as $32 trillion in un-taxable offshore accounts. For those among us who are unsure, here’s what $32 trillion looks like: $32,000,000,000,000. No matter how you write it or say it, this figure is nothing to sneeze at; neither are the taxes owed on earned interest from these accounts.
http://veracitystew.com/?p=40030Recent reports estimate that the rich are hiding at least $21 trillion and possibly as... more
The Financial Times reports House Republican leaders are capitalizing on ex-President Clinton's Tuesday remark that he would have "no problem" extending Bush-era tax cuts. House Speaker John Boehner (R-OH) said, "Extending all the current tax rates for at least a year is really important if we're going to help job creators and give them more confidence to put Americans back to work. Even Bill Clinton came out for it -- before he was against it." After Clinton's initial comment that he would not oppose a short-term extension, a spokesperson said Clinton does not support extending tax cuts for the wealthy.
http://mailview.bulletinnews.com/mailview.aspx?m=2012060701usnewsbull&r=5419627-3660&l=03d-7fe&t=cThe Financial Times reports House Republican leaders are capitalizing on ex-President... more
Was the Civil War a Pyrrhic victory?
In spite of lessons learned from history, and a growing chorus of warnings from economists, the Republicans (led by Paul Ryan's budget proposal) continue to insist on austerity measures and deficit-cutting while our economy remains fragile.
We now have the Euro-Zone has our model for what happens when such a destructive and misguided action is taken...
" the UK is suffering from trickle-up austerity. As is the case with Greece, reduction in wages, cuts to benefits, cuts to entitlements trickled up to businesses large and small. The result was a decline in consumer spending and a subsequent rise in prices that produced a feedback system of less consumer spending. These are the reasons why Europe is headed for a double-dip recession."
http://veracitystew.com/?p=35974In spite of lessons learned from history, and a growing chorus of warnings from... more
By David Ferguson
Saturday, April 21, 2012 14:21 EDT
And now, Gentle Readers, it’s time for another edition of Tea Party Republicans Say the Darnedest Things. On Thursday, April 19 at a Tea Party rally in Lamoni, Iowa, Think Progress reports that Republican Congressional candidate Dan Dolan declared that President Obama’s support of the so-called “Buffett Rule” is proof that he “does not love” the United States of America.
It is Dolan’s contention, apparently, that the president is using public support of the Buffett Rule, named for billionaire Warren Buffett, an adjustment designed to bring tax rates on millionaires in line with the rates normal citizens pay, as a wedge issue to divide the country against itself.
Dolan said, “I have a hard time thinking that he loves this country if he’s willing to turn them against themselves for his own advancement.”
Public opinion polling shows that the Buffett Rule enjoys a wide margin of support among American citizens, with 72 percent in favor, including 53 percent of Republicans.
Watch video of Dolan’s statement, embedded via YouTube...
"I wonder how this Guy and others will feel when BO is reelected and lets the Bush Tax Cuts expire, Oh I am gonna LMFAO!!!" =)By David Ferguson Saturday, April 21, 2012 14:21 EDT And now, Gentle Readers,... more
It's time to take a serious look at what Mitt Romney really stands for. These are some of the important things to consider.
1. Romney's positions are the most radically anti-women of any candidate in a generation: He supports banning all abortions, backed a so-called "personhood" amendment that could make certain forms of birth control illegal, and says he would "get rid of" federal funding for Planned Parenthood that provides preventive services like cancer screenings for millions of women.
2. Romney would repeal Obamacare. Insurance companies would once again be allowed to run up premiums, unjustifiably deny coverage for pre-existing conditions, drop patients when they get sick, discriminate against women by charging them more for coverage than men, and spend more of your premium dollars on CEO profits and bonuses instead of your actual health care.
3. Romney is a risk when it comes to foreign policy and national security. On many of these questions, he has shifted his position for political reasons, even within the same campaign. His only clear commitment is to endless wars: He has no plan to end the war in Afghanistan and would leave our troops there indefinitely. He called the President's decision to bring our troops home from Iraq by last Christmas "tragic."
4. Despite the lessons of recent history, Romney would double down on the disastrous tax policies that handed windfalls to the wealthy, but stacked the deck against the middle class. Under Romney, millionaires and billionaires would get a $250,000 tax cut, while families with kids making less than $40,000 a year would, on average, actually see their taxes go up. To the surprise of no one, Romney also opposes the Buffett Rule. He would allow millionaires to continue to take advantage of loopholes and special deals that often allow them to pay a lower tax rate than the middle class. And he supports tax breaks for companies that ship jobs overseas.
5. Romney would end Medicare as we know it -- replacing it with a voucher scheme that would drive profits for insurance companies by forcing seniors to purchase private insurance, paying whatever costs a voucher wouldn't cover out of their own limited budgets.It's time to take a serious look at what Mitt Romney really stands for. These are... more
By Sahil Kapur / Talking Points Memo
Appearing on two Sunday talk shows, the GOP's top budget guru Rep. Paul Ryan promised to close enough loopholes to pay for the large tax cuts in his budget blueprint unveiled last week -- but he repeatedly refused to specify any.
"We're proposing to keep revenues where they are, but to clear up all the special interest loopholes, which are uniquely enjoyed by higher income earners, in exchange for lower rates for everyone," Ryan said on CBS' Face The Nation. "We're saying get rid of the tax shelters, the interest group loopholes and lower everybody's tax rates." By Sahil Kapur / Talking Points Memo Appearing on two Sunday talk shows, the... more
By David Edwards
Monday, March 5, 2012 13:19 EST
Republican presidential Rick Santorum is advising President Barack Obama not to raise taxes on the wealthiest 1 percent of Americans because “higher-income people don’t have to pay taxes if they don’t want to.”
“Once we defeat Barack Obama this economy will start turning around,” the former Pennsylvania senator told a crowd in Miamisburg, Ohio. “Because you’ll know you have someone in there who’s going to unshackle businesses, reduce rates, not increase them. The president’s promised increased taxes if he’s re-elected.”
“All he wants to do to solve the deficit problem is increase taxes on people, particularly higher-income people,” Santorum continued. “You see, that sounds very populist. Go after the 1 percent. It’s interesting because the British just did this. They went after the 1 percent in Britain. They dramatically increased taxes on the highest-income Brits. And guess what? It failed.”
“What happened? Well, higher-income people don’t have to pay taxes if they don’t want to because they can move their money somewhere else, they can move their investments. They can stop investing. They can stop working. They don’t need to work. They’re higher-income people.”
DeAnne Julius, the former chairwoman of Chatham House in London, has explained that Britain’s 50 percent marginal tax rate on high-income earners should not be compared to 35 percent rate imposed on wealthiest Americans, who can take advantage of loopholes in the U.S. tax system.
“[R]elative to other countries, the U.K.’s 50 percent tax rate for high earners is uncompetitive, while the U.S. top rate of 35 percent is still highly competitive,” Julius wrote in an October 2011 op-ed for The New York Times.
“These factors led 20 British economists to warn that the 50 percent top tax rate is doing lasting damage to the British economy and is unlikely to raise much if any additional revenue,” she added. “However, these factors do not apply to the United States, where the current tax regime allows many high earners to escape paying even their proportional share of taxes and where both average and marginal tax rates are low by international standards.”
Watch this video from CNN, broadcast March. 5, 2012.
"Man this Guy is a Friggen' IDIOT!!!!"By David Edwards Monday, March 5, 2012 13:19 EST Republican presidential Rick... more
The bi-partisan Senate-House committee currently negotiating terms for an extension have remained split over how to pay for the payroll tax holiday -- something the GOP was not concerned with for eight years of reckless spending under George W. Bush.
http://veracitystew.com/2012/02/02/harry-reid-issues-warning-to-gop-over-payroll-tax-extension/The bi-partisan Senate-House committee currently negotiating terms for an extension... more
By Eric W. Dolan
Thursday, December 22, 2011
Sen. Bernie Sanders (I-VT) on Thursday blasted the influence of corporate money on American politics during an appearance on MSNBC’s The Dylan Ratigan Show.
“The United States Congress, and to a certain degree the White House, are dominated by big money interest,” he said. “If you look at who contributes to campaigns, by and large they are very wealthy people. If you look at the lobbying effort that takes place it Washington it is beyond belief. When we look at what happened at Wall Street and the collapse of the Wall Street as a result of deregulation, we can never forget that Wall Street spent $5 billion over a ten year period lobbying for that deregulation.
“I don’t look at Congress having a personality defect, people can’t get along and all that stuff, that’s not the issue,” he continued. “The issue is Congress is dominated by people who have a whole lot of money and if you look at what has happened in recent years, in fact Congress has been working very, very well for the top 1 percent or the top 2 percent.”
In hopes of getting money out of politics, Sanders has introduced the Saving American Democracy Amendment to the Senate. The constitutional amendment would state that corporations are not entitled to the same constitutional rights as people, ban corporate campaign donations to candidates, and give Congress and the states broad authority to regulate spending in elections.
Watch video, courtesy of MSNBC...
"I must say that extending the Payroll Tax for two Whopping months is a Bit of a Joke, and I am sick of Paying these Clowns (congress) to achieve so little!!!!"By Eric W. Dolan Thursday, December 22, 2011 Sen. Bernie Sanders (I-VT) on... more
By Peter Nicholas, LA Times
With most lawmakers gone for the holidays, President Obama took full advantage of the empty stage, appearing with everyday Americans to make the case that House Republicans need to relent and pass a payroll tax cut extension that would mean an extra $1,000 a year to a typical family.
Obama struck a note of disgust Thursday with the paralysis in the Capitol, making the point that only a small minority of House Republicans is blocking a tax cut extension that would help struggling families heat their homes, fuel their cars and pay for essential groceries.
All week, the White House has been inviting people to submit stories about the hardships they would endure without the extra $40 in their paychecks if the payroll tax cut expires at year's end.
Some of the people who wrote in stood behind him -- a reminder that the brinksmanship in Washington has real-world costs for average Americans.
Read More: http://www.latimes.com/news/politics/la-pn-obama-payroll-tax-40-dollars-20111222,0,555252.story
"This could be a Shining Moment for Barack Obama!!!"By Peter Nicholas, LA Times With most lawmakers gone for the holidays, President... more
Do you need more proof than this that Republicans are full of it?
This morning, Speaker Pro Tempore Michael Fitzpatrick (R-PA), under orders from Speaker Boehner, refused to allow Democratic Whip Steny Hoyer to speak on the floor and ask for unanimous consent to bring up the Senate bipartisan compromise to extend the payroll tax cut. Whip Hoyer and Congressman Chris Van Hollen are continuing to try to offer the Senate compromise even though Republicans walked off the floor. Once again, Republicans are risking a tax increase on 160 million Americans and the loss unemployment benefits for those who have lost their jobs through no fault of their own.
http://www.youtube.com/watch?v=wV71OKdEqRI&feature=youtu.beDo you need more proof than this that Republicans are full of it? This morning,... more
By Andrew Jones
Tuesday, December 20, 2011
Despite inheriting a recession, two wars and a myriad of other problems, New Jersey Governor Chris Christie (R) doesn’t think President Barack Obama’s job is harder than his.
Appearing on MSNBC’s Morning Joe Tuesday morning, Christie continued his support for Mitt Romney in the GOP presidential race. But he decided to spend more time criticizing Obama, especially over his Teddy Roosevelt speech a few weeks ago.
“I’ve had to face much tougher things in New Jersey from a political perspective than he has,” he said. “I have a state that’s overwhelming Democratic, I have a legislator that’s overwhelming Democratic. Yet we accomplished the things I mentioned before, plus balancing two budgets without raising taxes.”
Despite Christie’s self-appraising, the unemployment rate in New Jersey under him is at 9.4%, higher than the national average and 15th highest overall nationwide.
Critics allege that a key factor in aggravating the state’s jobless rate is Christie’s refusal to take up several jobs measures proposed by New Jersey Democrats. He’s instead choosen to reduce revenues through tax cuts, roll back public health and safety regulations and fire public workers
WATCH: Video from MSNBC, which was broadcast on December 20, 2011.
He’s instead choosen to reduce revenues through tax cuts, roll back public health and safety regulations and fire public workers
"Sheeesh, what a Guy, he's got my Vote!!! NOT!!!"By Andrew Jones Tuesday, December 20, 2011 Despite inheriting a recession, two... more
Census shows 1 in 2 people are poor or low-income
Democrats abandoning millionaire surtax proposal
Giant plumes of methane bubbling to surface of Arctic OceanCensus shows 1 in 2 people are poor or low-income Democrats abandoning millionaire... more
US urges ban on texting, talking while driving
Dead woman found at warehouse of Belgian attacker
Focus on Senate after House OKs payroll tax cutUS urges ban on texting, talking while driving Dead woman found at warehouse of... more
Occupy Spokane marches into Riverpark Square and sings Christmas carols occupy style.
After already cutting $10 billion away from vital programs and services in our community we are rallying to say "Enough is enough!" We will not stand for further cost-creating cuts to health care, education and social services in Spokane. It is time to raise revenue to buy back these devastating cuts and get our state economy back on track!
Occupy Spokane, Washington CAN!, the Peace and Justice Action League, UFCW 21, the WSNA and partners for a march in downtown Spokane to hear from Spokanites who traveled to the Capitol in protest of further budget cuts, and to hear from front-line everyday working heroes who are also impacted by state cuts.Occupy Spokane marches into Riverpark Square and sings Christmas carols occupy style.... more