McClatchy: Expiration of tax cuts sparks battle in Congress

[babylonsister]

http://www.realcities.com/mld/krwashington/news/nation/17180549.htm

Expiration of tax cuts sparks battle in Congress
By James Rosen
McClatchy Newspapers

WASHINGTON - Republican lawmakers, having lost control of Congress in an election colored by war, corruption and runaway spending, are reviving an old battle cry in their bid to reclaim the political high ground.

The Democrats want to raise taxes!

Sen. Kent Conrad and Rep. John Spratt, the Democratic chairmen of the Senate and House budget committees, are pushing to resolve differences between their chambers' spending plans in time for final passage of a unified measure by May 15.

Democrats, who campaigned successfully last fall on themes of GOP economic mismanagement, are eager to produce a budget that keeps the appropriators in line and displays fiscal prudence.

But even before the Democrats complete the five-year blueprint, Republicans are on the attack.

more...

[no_hypocrisy]

1. I'm just waiting for the "compelling argument" not to reinstate Estate Taxes after 2010.

In 2010 you can die for free. No matter how much money you have. This is the year to go if you love your family.

However.

However, in 2011, the estate taxes return with a vengeance. January 1, 2011. One day you die free, the next, where's the accountant?

I'm waiting for a republican with a choked voice and tears in his eyes, to make a compassionate speech that if the estate tax is NOT permanently made defunct after 2010, there will be a motivation for murder. That's right. Unexplained deaths of kind, wonderful (and rich) folk who will die en masse before midnight December 31, 2011 to beat the tax deadline by their heirs ("deadline" taking on a new meaning). And therefore to save the lives of innocents, the estate tax cannot possibly be allowed to return.

And hey, the republican majority set it up just for that reason, to prevent the estate tax phase out from being temporary, but rather, to become a permanent absence.

[meldroc]

2. Which tax breaks do the Democrats want to let expire?

Quite frankly, since the .gov is continuing to spend money like drunken frat boys with their first credit cards, there's going to have to be a tax increase, or the debt will drive this country into insolvency. I would very much prefer that the tax increases only affect people who make more than $500,000 per year - yes, I'm turning into an "Eat the rich!" type of guy.

[annabanana]

4. I understand that they are a well marbled species...

and can be prepared in many delectable ways.

.

We're not "raising taxes".. We are rolling back the gross handouts to the wealthy

And Don't you forget it!

[Cant trust em]

3. My tax situation

I'm 27, no kids, and make about $40K a year. I have enough money to live in high rent San Francisco, eat out all the time, travel, and save. I don't need a tax break so people making $200K a year CERTAINLY don't need one.