Senate Democrats Introduce Middle-Class Tax Cut Bill(With unemployment reauthorization)

[NNN0LHI]

http://www.accountingtoday.com/news/Senate-Democrats-Introduce-Middle-Class-Tax-Cut-Bill-56523-1.html

Senate Democrats Introduce Middle-Class Tax Cut Bill

Washington, D.C. (December 3, 2010)

By Accounting Today StaffSenate Finance Committee Chairman Max Baucus, D-Mont., has introduced a package of tax cuts for middle-class families after the House passed tax cut legislation Thursday extending the Bush-era tax rates.

Baucus is on a six-man bipartisan working group of congressional leaders and Obama administration officials who have been negotiating an agreement on the Bush tax cuts for upper-income earners since a meeting in the White House on Tuesday. Like the bill passed by the House, the bill that Baucus introduced Thursday would permanently cut taxes for middle-class families making up to $250,000 and individuals making up to $200,000 a year (see House Democrats Pass Middle-Class Tax Cut Package). Republicans have dismissed the House bill as a political maneuver, with House Minority Leader John Boehner, R-Ohio, calling it “chicken crap.” snip

The bill would extend the Making Work Pay tax credit, which gives all working Americans a $400 tax cut in their paycheck through 2011. It would also cut taxes for families paying college tuition, state and local sales taxes and property taxes. It would cut taxes for employers to spur sustainable energy advancements, business research and development, and investment, freeing up cash to expand and hire new workers. And the legislation would reauthorize federal unemployment insurance through 2011.

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This is what I wanted to hear.

[MineralMan]

1. Good. I doubt the measure will succeed, but it's very good

that it's been introduced.

[xchrom]

2. recommend

[emulatorloo]

3. Sadly Republicans are going to vote against cloture on any tax bill the Democrats introduce

They are going to vote against cloture on anything that does not include the taxcuts for the top 2%.

It is extremely frustrating to me.

I wonder if low information voters and independents will realize that House Republicans voted to raise their taxes yesterday. And that Senate Republicans will do the same.

[thereismore]

4. Baucus did this? Only because he knows his repugnant allies will block it. nt

[kentuck]

5. Good!

They can still save their base.

[TwilightGardener]

6. After today's unemployment news, I am less fixated on tax cuts for the rich than I was

even yesterday. I would trade a temporary cut extension for anything that might enable job growth, at this point. Edit to add: I think the job numbers have doomed the idea of letting the wealthy's tax cuts expire, since there is still such a strong opinion out there that tax cuts create jobs.

[mmonk]

7. Great. My only problem with the new tax cuts except for property taxes

realted ones which are high due to cuts at the Federal level, is that we keep the tax cut meme alive and well when the problems of this country are due primarily to tax cuts particularly at the top, deregulation, outsourcing and the corporate tax loop holes, and decreased domestic spending.

That being said, kudos to the House.