Bush, Hill Republicans Agree To Extend Expiring Tax Cuts

[onehandle]

Duh.
_______________________________

Democrats Point to Deficit and Benefits for the Rich

President Bush and congressional Republicans agreed yesterday on a $70 billion package of tax-cut extensions that they hope will help halt the deterioration of their political fortunes.

The package would extend the 2003 cuts to the tax rates on dividends and capital gains, continue tax breaks for small-business investment and the overseas operations of financial service companies, and slow the expansion of the alternative minimum tax, a parallel income tax system that was enacted to target the rich but is increasingly snaring the middle class.

But the agreement cannot come to a vote until House and Senate negotiators agree on a second piece of legislation containing many of the proposed tax breaks left out of the compromise, according to legislative aides. And the compromise is sure to spark a new round of recriminations from Democrats, who say the Republican Party continues to favor wealthy investors over lower- and middle-income workers, without regard to a budget deficit that is expected to reach $370 billion this year.

For the Republicans, the tax cuts may have to substitute for other measures proposed last week to help consumers cope with gasoline prices. Proposals including a federal gas tax holiday and a $100 rebate have run into a buzz saw of opposition from businesses and oil interests as well as consumers. House Majority Leader John A. Boehner (R-Ohio) dismissed the Senate Republicans' proposed $100 rebate as "insulting," adding that his own constituents considered it "stupid."

http://www.washingtonpost.com/wp-dyn/content/article/2006/05/02/AR2006050201290.html

[joemurphy]

1. When things go South, the Repubbies respond with a tax cut.

It figures.

[radfringe]

13. it's their version of cut and run

CUT taxes and RUN up the deficits

[msgadget]

2. LOL! Did you catch the part where they said

these tax cuts may be in place of 100 bucks they talked about giving everybody last week...? Ya can't make this stuff up! :rofl:

[Canuckistanian]

3. "Duh" is right

It's like Mussolini making "concessions" to Hitler.

These pigs all feed at the same trough.

[Up2Late]

4. I could have sore they agreed on this YEARS ago!

I think it was when they originally passed them, or soon there after.

[CatholicEdHead]

5. Still trying to grab what they can while they can

Though their donors do not pratice what they preach (e.g. distributing capital down, not up).

[Rose Siding]

6. Sure, give Dick that $100. I'm way less insulted now

Too funny. What a contentious meeting that must have been-

"Tax cuts for us, right?"

"Right"

"Big ones?"

"Oh, sure"

"Uh, how long do we need to stay in here to make it look good?"

"hahahahaha You think we care how it LOOKS?"

"hahahahaha"

[Charlie Brown]

7. the sad thing is, our great-grandchildren will be paying off the deficits

fiscal responsibility does not equal tax cuts while bloating the military budget.

[pdurod1]

8. GOP is done, Dems wake the hell up

borrow and spend = GOP
tax and spend = democrats

seems like the burden has been shifted towards the working Americans --clearly.

time to clean house on both sides...

[ShortnFiery]

9. Oh yeah, there's some real nasty politicians on both sides of

the aisle. I'm willing to bite the bullet though, one last time and vote strictly Democratic to win back the House. We MUST have one of the branches at least feign opposition or the country is sunk. :(

[6000eliot]

10. Because the country is so fiscally sound.

[gratuitous]

11. My friend had a dog . . .

Most dogs, when they're caught doing something they know is wrong, will slink away when you holler at them. My friend's dog, let's call him Bongo (mostly because that was his name) was a pig. There's just no way to say it nicely, the dog was a pig. We had a party at my friend's house, and Bongo got out on the sun porch where the food was. Being Bongo, he started helping himself to a plate of hors d'oeuvres. We noticed him almost immediately, and three people hollered at him, running toward him.

Instead of slinking away, caught, Bongo did something I've never seen a dog do before: He started gobbling the food even faster. You could just his little doggie mind saying, "I'm gonna get kicked out of here in about three seconds; might as well grab what I can!"

The Republican deal today looks like Bongo: They're about to get busted anyway, might as well snag another $70 billion on the way out the door.

[OneBlueSky]

12. BushCo = the biggest con in the history of the human race . . .

puts Henry Gondorff and Johnny Hooker to shame . . .

[rodeodance]

15. bushco as con artist--that should be a slogan!

[salin]

14. working to kill Social Security by spending

the revenues to fund (in part) the deficit, and to create huge interest rates (to pay to foreign banks) in future budgets.

Idiots. Remember what Melhman termed the GOP in Congress:

"Brand W Republicans." Let them sink with that 33% approval rating of Ws.

[OKNancy]

16. kick

[highplainsdem]

17. Republicans tentatively agree on tax-cut plan (Reuters)

http://today.reuters.com/news/articlenews.aspx?type=politicsNews&storyid=2006-05-03T123039Z_01_N03354064_RTRUKOC_0_US-CONGRESS-TAXES.xml

Republicans tentatively agree on tax-cut plan
Wed May 3, 2006 8:30am ET

WASHINGTON (Reuters) - Congressional Republicans reached tentative agreement on a $70 billion tax-cut package that would extend tax breaks on investment income for two years, a Republican U.S. Senate aide said on Wednesday.

-snip-

The bill that was negotiated by Republicans in the Senate and House of Representatives would extend through 2010 the 15 percent tax rate for capital gains and dividends that was the centerpiece of Bush's 2003 tax cut. That tax break currently is set to expire at the end of 2008 and the top tax rate on long-term capital gains would revert back to 20 percent, while dividends would be taxed the same as other income.

-snip-

The bill also extends a tax break for financial services industries on their foreign income that was due to expire at the end of the year, the aide said.

Republicans taking care of their base, the haves and the have-mores.

Of course they can't see any other use for that $70 billion...

[madame defarge]

18. (Potentially) dumb question...

If this does pass, and if (WHEN!) we take back the House & Senate in '06, can they repeal this law?

[liberalmike27]

19. Wow

Yet another tax cut, or extension of a tax cut. Sadly, investment income is taxed separately from income from digging a ditch, or doing manual labor. After all, punching keys on a computer, and buying and selling securities on the phone is so much harder that they deserve a special tax rate. Not!!

This is one of many travesties in the tax system. All income should be taxed on the income tax, and no special categories should be allowed. This also has the unfortunate effect of making my secretary mother pay the same tax-rate as Bill Gates on investments, which is so wrong. (well, technically I think it is a two-tiered rate.

Anyway, it's all giving away money we don't have in the first place. Give tax cuts when you don't have the money, and you are actually raising taxes over the long-term, and cutting money we can spend on legitimate governmental expenditures.

[mac56]

20. Who the hell cuts taxes during wartime?!

Idiots.

[rodeodance]

21. since when do financial services need incentives???--other than oil, I

think banks are making a haul.



.The bill also extends a tax break for financial services industries on their foreign income that was due to expire at the end of the year, the aide said.