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Thu Dec 20, 2012, 09:51 AM

Why I would like to see all the Bush Tax Cuts expire for good.

Most of us here have probably seen the charts on what affect the Bush Tax Cuts have had on the deficit over the past decade. They have contributed more towards the deficit than any other item, including the two wars, and the stimulus.

We all know that tax rates are at their lowest in more than 50 years. Our nationís infrastructure is crumbling, and we have a recalcitrant GOP congress, who due to gerrymandering could potentially rule the House for the remainder of the decade. It is doubtful that Obama will get any of the stimulus money he is seeking out of this deal. No future administration will EVER be able to raise the tax rates in the future, EVER. Iím pissed off that the Democrats have allowed the rightwingnuts to control the debate to the point where if the Democrats allow the expiration of the Bush tax cuts, it is now tantamount to the largest tax increase in history.

Even when the economy fully recovers, the Bush tax cuts (soon to be the Obama tax cuts) will continue to add to the deficit, and with the aging population and longer lifespans, we will be called upon to make further cuts in spending in the future with no chance of any additional revenue. Yes I realize a return to more people employed will mean an increase in revenue, but will it be enough to offset the increased spending needed to offset "entitlement spending". (And please spare me any debate on whether certain costs are 'entitlements' or 'owed to us'.) They will continue to whittle away at our tax deductions because they donít have the balls to take on the ďJob CreatorsĒ. The Dems wonít allow the mandatory Defense cuts called for by the Sequestration to go into effect because they say it will throw us back into a recession, but I believe this has always been our biggest Trump card.

Last night on Chris Matthews show, Boehner stated that he is holding out for retaining the Bush Tax Rates for 99.81% of the nation. By Obama proposing to leave the rates the same for those making up to $400,000 we are already up to 99% from a starting point of 98%.

Now Iím at the point where Iíd just as soon see all the tax cuts expire if it means that we have the opportunity to selectively lower taxes at some time in the future when we have a more rational House and have some flexibility in meeting the future demands of our nation.

http://www.msnbc.msn.com/id/3036697/ns/msnbc_tv-hardball_with_chris_matthews/#50252308

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Reply Why I would like to see all the Bush Tax Cuts expire for good. (Original post)
politicaljunkie41910 Dec 2012 OP
Recursion Dec 2012 #1
JayhawkSD Dec 2012 #5
taught_me_patience Dec 2012 #8
exboyfil Dec 2012 #2
politicaljunkie41910 Dec 2012 #4
mucifer Dec 2012 #3
JayhawkSD Dec 2012 #6
democrattotheend Dec 2012 #7
davidpdx Dec 2012 #9

Response to politicaljunkie41910 (Original post)

Thu Dec 20, 2012, 09:56 AM

1. I think the cuts for those under $250K cost $2 trillion over 10 years

while the cuts for those over $250K cost $800 billion.

We really do need those revenues again, all of them. We did fine in the 1990s with these rates, after all.

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Response to Recursion (Reply #1)

Thu Dec 20, 2012, 10:35 AM

5. Absolutely. 100% agreement with you. n/t

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Response to Recursion (Reply #1)

Thu Dec 20, 2012, 04:22 PM

8. You mean the bush tax cuts benefited all levels of income?

If you read DU, you'd think the Bush tax cuts only benefited the rich. If the BTC benefitted the rich proportionately more, shouldn't it mean the repealing all of them would hurt them proportionately more?

Full disclosure: I'm in favor of letting all the Bush tax cuts expire. I strongly believe that it is unfair to raise taxes on only one segment of the population.

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Response to politicaljunkie41910 (Original post)

Thu Dec 20, 2012, 09:57 AM

2. You are right

Not nearly enough revenue with the proposals in Washington. I don't think either side is serious. It would mean a $2-3K hit for me (mostly in the child and tuition credit).

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Response to exboyfil (Reply #2)

Thu Dec 20, 2012, 10:20 AM

4. I would gladly accept a return to the Clinton era tax rates if it meant that the greedy

folks like Romney and company paid more. This would hopefully mean a return to: the old capital gains rates, an end to the concept of 'carried interest' enjoyed by Wall St. execs while working class folks pay earned income rates, and a return to the Clinton era inheritance tax rates. Also, full funding for the IRS so that they have the resources to hire additional people who are competent to fully investigate the rich and their offshore accounts, and Romney's complex returns which allows him to accumulate $100M in an IRA that no one else can fathom how this is possible.

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Response to politicaljunkie41910 (Original post)

Thu Dec 20, 2012, 10:09 AM

3. I remember when Al Franken had his liberal radio show every day he

would say that never in the history of our nation have we had tax breaks in time of war. He would have guests on who all agreed with that statement. It's hard now to take that away from the poor and the middle class so he has been saying recently to keep the tax cuts for those under 250,000.

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Response to politicaljunkie41910 (Original post)

Thu Dec 20, 2012, 10:46 AM

6. They already are the Obama tax cuts

The Bush tax cuts expired in 2010. Obama got them extended until 2012 and is now trying to extend them indefinitely, with some tinkering to less than 1% of them. This is how original, innovative and forward thinking he is, and indicative of how much "change" he is bringing to Washington. After four full years in office he is still arguing for extensions of the tax rates of his predecessor, and even calling them by the same name.

Under Reagan we had the Reagan tax rates.
Under George H W Bush we had tax rates originated by George HW Bush.
Under Clinton we had the Clinton tax rates.
Under George W Bush we had the Bush tax rates
Under Obama, campaigning on "change," we have two extensions of the Bush tax rates.

This is what passes for leadership under Obama, copy his predecessor.

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Response to politicaljunkie41910 (Original post)

Thu Dec 20, 2012, 03:53 PM

7. We should keep the 10% bracket

The Bush tax cuts created the 10% bracket (I think down from 15%) and I think we should keep that. But I would not mind if takes went up for people making over $100,000.

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Response to politicaljunkie41910 (Original post)

Fri Dec 21, 2012, 08:28 AM

9. I agree, for if not the only reason being we can stop naming them after Bush

But also that once you enact tax cuts, people believe that they are entitled to them and if you end them you are suddenly raising taxes. Well yes you are, but the tax cuts were meant to be temporary not permanent. That alone is a reason not to cut taxes.

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