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Posts Tagged ‘Bush Tax Cuts’

Apr 16 2012, 6:42 PM ET

The Atlantic

Matthew O’Brien

The last time we checked in on Mitt Romney’s tax plan, the numbers didn’t add up. Actually, there weren’t any numbers to add up. Instead, there was a not very plausible promise to make the numbers add up at a later date. At stake was that Romney only spelled out the taxes and not the tax deductions that he wanted to cut. Basically, he told us what was for dessert, but not for dinner. Because he promised that his plan would be “revenue neutral,” these numbers had to offset each other. But if Romney’s recent hot mic moment is any indication, they don’t. Not even close.
Let’s start with a quick four-step recap of Romney’s tax plan. First, he extends all of the Bush tax cuts. Second, he cuts income tax rates an additional 20 percent. Third, he undoes the tax hikes and credits from Obamacare and the stimulus. Finally, he eliminates the capital gains tax for all but the richest households. The first three parts of this plan shower high-earners with most of the money. The last part is a bit of a fig leaf for the rest of us. After all, the top 0.1% of households earn half of all capital gains. Exempting middle-class households from this tax certainly helps them, but there’s just not that much money there.
There are two important numbers to keep in mind when it comes to Romney’s tax plan: $480 billion and $900 billion. The former is how much the nonpartisan Tax Policy Center reckons his plan would add to the deficit in 2015 alone in a world where the Bush tax cuts continue; the latter is the same for a world where the Bush tax cuts expire. Since Romney has pledged that his plan will be revenue neutral over the current baseline — that is, with the Bush tax cuts — that leaves him with a $480 billion hole to fill by closing loopholes or cutting spending.

Which brings us back to Romney’s recent run-in with a hot mic. During a more candid moment at a fundraising event, reporters overheard Romney lay out at least two loopholes he would consider closing: the mortgage interest deduction on second homes for high-earners and state income and property tax deductions. Let’s consider these in turn.

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Art by- Tracy Knauss (With copyright permission)

This guy is enough to make you barf up your bacon bagle. What a worthless TeaBagger who’s OD’d on his own excessive ego. His contract with the overwhelming majority of Republicans in Congress is equivalent to black mail. His note-signing minions promise to never raise taxes. When they even think of doing so, Norquist raises holy hell with them. Born with silver nitrate in his mouth, as the spoiled brattchild of a Polaroid bigwig, Norquist throws his weight around like he’s Mr. Big. Republicans who can’t think for themselves and who walk in lock step with orders from above, are easy prey for Norquist. Yet now he’s raised the bar higher with his threat that Republicans will Impeach President Obama if he doesn’t extend the Bush Tax Cuts. He thinks he has Obama on the defensive because cutting the program that extended the taxes of the wealthiest Americans, will also cut the taxes for everyone else as well. So Norquist thinks it’s a safe bet that Obama will bail, and he feels confident in his threat. Let’s hope the president keeps his promise NOT to extend the tax cuts for the wealth, yet seeks legislation to extend it for the rest of America.

Here’s the link: http://thinkprogress.org/​economy/2012/01/29/414010/​norquist-republicans-will-impea​ch-obama-if-he-doesnt-extend-b​ush-tax-cuts/

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by Joan McCarter for Daily Kos

Mon Apr 25, 2011 at 05:20 PM PDT

The progressive advocacy group Americans United for Change is taking on the GOP, running versions of this ad on broadcast television in the districts of Reps. Steve King (R-IA), Sean Duffy (R-WI), Chip Cravaack (R-MN), and Paul Ryan (R-WI).

“What are House Republicans thinking asking millions of seniors, the less fortunate and the disabled to make more sacrifices and the richest among us to make less,” says AUC executive Tom McMahon in a statement.

If Republicans have their way, there would be no more guaranteed Medicare benefits for America’s seniors, only a guarantee of paying more and more out of pocket for less care after being left to the mercy to the private insurance industry. There would only be a guarantee that millions of Americans would lose their jobs – only a guarantee that America’s poor and disabled will live sicker and die younger while millionaires get another tax break they don’t need and the nation cannot afford. This is not a path to prosperity, only a path to bankrupting seniors so Paris Hilton and BP can have another tax break. And there’s nothing courageous about that.

The television ads are in addition to robocalls the organization began making last week in 23 districts for a total 360,000 calls. But Americans United for Change isn’t the only game in town. The House Majority PAC, a new Democratic Super PAC, has launched a six-figure ad buy with radio ads targeting 10 Republican House members.

In what it’s calling a “substantial” media buy, the House Majority PAC is rolling out 60-second radio spots accusing Republican members of voting to “gut Medicare.””Just days ago, Sean Duffy voted for the Republican budget plan that’s going to have the wealthiest Americans lining up at the trough,” says one spot targeting freshman Rep. Sean Duffy (R-Wis.). “It protects billions in subsidies for big oil, and cuts taxes by trillions for the wealthiest Americans and big corporations. That’ll just make the deficit worse.”
….

The nine other GOP targets are Reps. Paul Gosar (Ariz.), Rick Crawford (Ark.), Allen West (Fla.), Chip Cravaack (Minn.), Charlie Bass (N.H.), Ann Marie Buerkle (N.Y.), Joe Heck (Nev.), Francisco “Quico” Canseco (Texas) and Blake Farenthold (Texas).

The biggest chunk is being spent against West, in FL-22. The good news is outside progressive and Democratic groups recognize the political value of protecting Medicare. Hopefully they’ll help convince Democratic electeds that the push for austerity and the subsequent hurt on the middle class is a really bad idea.

SOURCE

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Crooks & Liars– By bluegal Monday Feb 15, 2010 8:00am

I still can’t understand why David Gregory has a job, when it takes another reporter from another network to show the hypocrisy Gregory’s own guests are displaying right at his Meet The Press desk.

Fareed Zakaria argued on February 4 that the budget Obama inherited was completely broken in the first place, first by the Bush tax cuts and secondly by the prescription drug plan for the elderly and two wars that were “off budget.” The Bush Administration set the next several generations up with a massive budgetary mess that will not go away with politics running the governmental show.

But Zakaria points out that even those who are NOT elected officials, including Hank Paulson and Alan Greenspan, are so subservient to the corporate overlords that they will not hear of rescinding the Bush tax cuts for the wealthy even after they wail over the horrible-ness of the deficits.

Until some grown-ups run the show in Washington, our Federal financial house will be a condemned hovel.

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