Feeds:
Posts
Comments

Posts Tagged ‘Tax Cuts’

Read Full Post »



NYTimes

Tax Deal Suggests New Path for Obama

DAVID M. HERSZENHORN and JACKIE CALMES
Published: December 6, 2010

WASHINGTON — President Obama announced a tentative deal with Congressional Republicans on Monday to extend the Bush-era tax cuts at all income levels for two years as part of a package that would also keep benefits flowing to the long-term unemployed, cut payroll taxes for all workers for a year and take other steps to bolster the economy.

Read Full Post »

Two weeks ago in this space, I wrote about how the Democrats appear to be totally incompetent at ballyhooing their own successes. And make no mistake, there have been numerous legislative triumphs over the last year.

Really. No, seriously. Stop laughing. There have been.

They rescued the economy. They set new emissions standards. They protected two million acres of national forest. They passed legislation to help unemployed Americans to afford COBRA health insurance. They expanded affordable health insurance for children. They passed historic hate crimes legislation. They passed the largest middle class tax cut in American history. They’re tantalizingly close to passing health care reform. All of this despite a record number of Republican filibusters by the crackpot minority party.

So I have to ask: H-H-Hello? Anyone home?

Two events this week have served to illustrate my point about the ongoing failure of the Democrats to self-promote.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 went into effect. Major Democratic triumph. At long last, some of the most predatory and nefarious scams orchestrated by one of the most predatory and nefarious industries have been officially banned. Of course the credit card companies will come up with new, cruel and unusual ways to screw us hard, but this was a major victory in the effort to reform the financial sector. No more random interest rate hikes. No retroactive rate hikes. Fair warning. Transparency.

But you’d never know it based upon the silence from Capitol Hill and the White House. It’s truly confounding. Where are the Democrats? They ought to be bumrushing everyone with a camera and a fake law library backdrop — thumping their chests about how this bill will make our lives just a little bit less complicated and costly. And holy hell, it was a totally bipartisan vote in the Senate, too. 90 to 5. The lawmakers who are scrambling to prove they’re “reaching across the aisle” and all that happy crappy glad-handing — all of the pandering to the voters who tell pollsters there’s too much partisan bickering, then turn around and vote along straight party lines — these Democrats ought to be the loudest and proudest of the bunch.

Hear that? Crickets chirping.

It gets worse.

(more…)

Read Full Post »

After nearly three decades of Reaganomics in which the wealthiest two percent of Americans have grown exponentially wealthier while middle class wages have remained stagnant, a growing faction of super rich Americans is seriously pissed off — and their Wingnut Revolution is upon us.

Sure, the interests and influence of the wealthiest two percent make them more responsible than most for the free market policies that created this current economic crisis. But if there’s one thing we’ve learned about those responsible for this recession, it’s that the concept of accountability is about as foreign as their live-in au pairs. Instead, they’re blaming this on Barney Frank and a legion of “losers” (read that: working class minorities) even though Ben Bernanke himself has debunked this myth.

But accountability (a “reckoning” as President Obama called it) is underway in the form of the president’s housing proposal, his healthcare plan and, naturally, the recovery act. At the end of the day, ninety-five percent of Americans will benefit from what amounts to the largest tax cut in American history, along with increased access to affordable healthcare and millions of new jobs.

Though, alas, the super rich will have to pay slightly more in taxes.

Yeah, that’s a shame.

(more…)

Read Full Post »

Obama: Tax Cuts Will Be Felt By April 1 (VIDEO)

AP |  LIZ SIDOTI   |   February 21, 2009 08:26 AM

WASHINGTON — The notoriously slow Congress passed the $787 billion economic stimulus package in a matter of weeks. President Barack Obama signed it into law less than one month into his presidency.

So, just how soon will Americans start reaping the benefits of tax cuts in it?

By April 1, according to the president.

“Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans,” Obama said Saturday in his weekly radio and Internet address.

He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people’s paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.

Obama says his signature “Making Work Pay” tax break will affect 95 percent of working families.

The $400 credit for individuals is to be doled out through the rest of the year. Couples are slated to get up to $800. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.

MORE HERE

Read Full Post »

%d bloggers like this: