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Title: Obama, GOP reach deal to extend tax cuts
Source: Associated Press
URL Source: http://news.yahoo.com/s/ap/20101207/ap_on_bi_ge/us_tax_cuts
Published: Dec 6, 2010
Author: JIM KUHNHENN and DAVID ESPO
Post Date: 2010-12-06 20:30:13 by Flintlock
Keywords: None
Views: 340
Comments: 27

WASHINGTON – Brushing past Democratic opposition, President Barack Obama announced agreement with Republicans Monday night on a plan to extend expiring income tax cuts for all Americans, renew jobless benefits for the long-term unemployed and grant a one-year reduction in Social Security taxes.

The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.

Obama's announcement marked a dramatic reversal of his long-held insistence, originally laid out in his 2008 campaign, that tax cuts should only be extended at incomes up to $200,000 for individuals and $250,000 for couples. He explained his about-face by saying that he still opposed the move and noted the agreement called for a temporary, two-year extension of cuts at all income levels, not the permanent renewal that Republicans have long sought.

Poster Comment:

One small victory...savor it

Thank You Republicans, thank you!

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Begin Trace Mode for Comment # 18.

#3. To: Flintlock (#0)

This is just further evidence that Democrats and Republicans are exactly the same - other than the public images they nurture.

For rich people there is a special low tax rate of 15.0% on all investment income. That applies to all investments including investments in china, thailand, vietnam, etc. Nobody invests in America because the US dollar is over-valued, it is not economical to produce here as long as we're in that condition. So in effect with this special low 15% tax rate the American taxpayers subsidize investments in foreign countries - which is where the action is for investors. Not only that, a lot of the companies on wall street make most of their money in foreign countries. Invest in America and in reality you're investing in foreigners' jobs, not ours'. No matter, investment income is special and taxed at a very low rate.

Meanwhile the poorest people in America work for paychecks or else don't work at all. And these people are taxed on all income with no refunds at 15.8% of their income. The taxes on the richest are lower as a percentage of their income than the taxes on the poorest.

President Obama is so pitiful that he could not come before the American population and speak these things and the obvious outrage that it deserves. In fact, the entire mass media hides from the Americans the simple truths that the taxes on the rich are lower than the taxes on the poor.

Republicans, Democrats, mass media, all in it together as a team. And American taxpayers expected to pay the extra $200 billion or so per year that this ridiculous low 15% tax on rich people's incomes is just normal. Our leaders are systematically opposed to our interests.

Some clowns will say that the 2003 tax cuts caused jobs to be created. These people are idiots. They only cause impossible debts. No surprise. Impossible debts mean borrowing from the federal reserve which means profits by the federal reserve.

The Republicans and Democrats are both against us and on the same team. Everyone who supports them is also in turn anti-american.

There are some who believe that the tax cuts will somehow save mankind. These people are practicing idolatry. They have raised up an idea and decided to worship it out of their own personal foolishness. For government to surrender over $200 billion every year to rich people at a time when 45% of all government spending is financed by new debt is a fundamentally stupid thing to do.

Red Jones  posted on  2010-12-06   20:59:11 ET  Reply   Untrace   Trace   Private Reply  

For government to surrender over $200 billion every year to rich people at a time when 45% of all government spending is financed by new debt is a fundamentally stupid thing to do.

Most of the $200-billion the rich save in taxes will go into shares of companies which explore for minerals, research and develop innovative products like electric cars, batteries to power them and many other ventures, all of which, hold the prospect of wealth creation and provide pay for "middle class" jobs, not only for those directly involved but for equipment manufacturers and other suppliers. $200-billion going to the government in taxes just feeds a mostly useless bureaucracy, currently well illustrated by the antics of the 150-thousand member TSA, all of whom produce no wealth at all, just stymie others from doing so.

To avoid debt by ever-increasing government spending requires a substantial reduction of bureaucracies, particularly those that duplicate services of other levels of government, and privatization like turning over tax collection to the banks.

Tatarewicz  posted on  2010-12-06   22:14:11 ET  Reply   Untrace   Trace   Private Reply  

To avoid debt by ever-increasing government spending requires a substantial reduction of bureaucracies

you live in a dream-world tatarewicz. Between 2008 & 2009 government spent about $20 trillion on bailouts. that required no bureaucracy funding at all. the money went to rich people. Government spending has declined very dramatically since those bailouts, and bureaucracy was not reduced.

You act like Goldman Sachs will take the money it has and learn how to produce goods more efficiently or new goods that people want to buy. This is not what Goldman Sachs does. Goldman Sachs engages in financial manipulation for the sake of profit. it has nothing to with producing goods or services or jobs.

Goldman Sachs pioneered the private ownership of prisons. This only results in poor management of prisons, abuse of prisoners and does not save any money at all for the taxpayers. Whatever savings there are in lower costs to properly administer the prison is eaten up by profits of the financiers. We've documented that in the state of Arizona. Doesn't matter, people like you who want to create jobs by giving rich people money dominate our state. Last summer at a privately run prison actually run by a company set up by Goldman Sachs allowed several prisoners to just walk away from the prison completely unsupervised. and those prisoners included several murderers serving long sentences. They escaped and then went and murdered 2 people before they were caught. Private prisons are very costly to the public.

Goldman Sachs got lots of bailout money from the US. and is now getting bailout money from Ireland. That is how Goldman Sachs makes money.

You have no understanding at all of the American economy. And apparently very little history in our country either. In America the big money is not invested in producing goods or services and jobs. It is invested in financial manipulation and bubbles. Because that is how our incentives are arranged. In china they have different incentives where producing goods & services actually is the best way for them to make money.

The biggest financial manipulation the rich oligarchs of America engage in is to get the US government and many other institutions globally to collectively prop up the US dollar. People who create US dollars profit from this scheme. This makes it uneconomical to think that we can prosper by producing goods and services. Unless we produce them in foreign countries.

and in this environment you advocate almost no taxes at all on rich people. and you advocate large cuts in government spending which means large cuts in jobs and gdp during a depression. Cutting bureaucracy in Washington may be a good thing, especially oppressive bureaucracies like the DOE and the DHS. But unless you pull back the military mission you're not going to make a significant dent in deficit spending.

You shouldn't be so ideological. and you should be sympathetic to our people. Especially if you are going to live here.

Red Jones  posted on  2010-12-07   11:10:52 ET  Reply   Untrace   Trace   Private Reply  

#19. To: Red Jones (#18)

Whatever savings there are in lower costs to properly administer the (privately-operated) prison is eaten up by profits of the financiers.

Do you have the net cost of keeping an inmate in a privately operated prison/year?

Tatarewicz  posted on  2010-12-08 00:06:29 ET  Reply   Untrace   Trace   Private Reply  

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