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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: 264
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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#1. To: Flintlock (#0)

I'll rejoice when the Obama Care tax increases get buried. It isn't going to happen though. We're all going to be royally screwed next year, tax cuts or no.

It is better to be hated for what you are, than loved for what you are not. - Tommy The Mad Artist.

TommyTheMadArtist  posted on  2010-12-06   20:32:23 ET  Reply   Trace   Private Reply  

www.washingtonpost.com/wp...2/06/AR2010120605923.html

Tax-cut deal reached between Obama, Republicans

Video

Obama announces bipartisan pact on taxes President Barack Obama has announced a bipartisan agreement on year-end legislation to extend expiring tax cuts and renew jobless benefits as part of a sweeping attempt to strengthen the economic recovery. (Dec. 6)

By Shailagh Murray Washington Post Staff Writer Monday, December 6, 2010; 7:02 PM

President Obama and congressional Republicans agreed Monday to a tentative deal that would extend for two years all the Bush-era income tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers to encourage employers to start hiring.

The deal has been in the works for more than a week and represents a concession by Obama to political reality: Democrats don't have the votes in Congress to extend only the expiring income tax breaks that benefit the middle class. The White House estimates that the proposed agreement would prevent typical families from facing annual tax increases of about $3,000, starting Jan. 1.

Obama was able to extract an agreement from GOP leaders to support an additional 13 months of jobless benefits, a 2 percent employee payroll tax cut and extensions of several tax credits aimed at working families that were included in the stimulus bill.

The deal also would revive the estate tax, but it would exempt inheritances of up to $5 million for individuals and $10 million for couples. Democrats on Capitol Hill are strongly opposed to setting the cap at that high a level and to the 35 percent rate discussed by Obama and Republicans that would apply to the taxable portion of estates.

In brief remarks Monday evening, Obama said he was disappointed that the deal would extend breaks for the wealthiest households, but he warned Democrats not to make good on threats to allow all the cuts to expire, as an expression of the party's opposition to preserving the top-rate cuts. "Sympathetic as I am to those who would prefer a fight to compromise it would be the wrong thing to do," the president said. "The American people didn't send us here to wage symbolic battles."

The White House is preparing for significant opposition from Democrats and will send Vice President Biden to meet with Senate Democrats on Tuesday. Later on Tuesday, House Democrats are scheduled to discuss the proposed deal.

TwentyTwelve  posted on  2010-12-06   20:36:45 ET  Reply   Trace   Private Reply  

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.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

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

The democrats had and still have actually about 60% of both the senate and the house. THey also had the white house. They could've done anything they wanted. They chose to extend the special low 15% tax rate on investment income. The Democrats have absolutely no credibility.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-06   21:00:57 ET  Reply   Trace   Private Reply  

This is just further evidence that Democrats and Republicans are exactly the same -

Nyet, Comdare, nyet!

For rich people there is a special low tax rate of 15.0% on all investment income.

That is a flat out lie and shows your complete and TOTAL IGNORANCE.

I've explained it to you ten times before but you're still are toooooo stoooopid to grasp the concept, nor have you ever defined what you mean by the word "rich"

Rojo, you are a Grasshopper who is jealous of the Ants.

"The person who agrees with you 80 percent of the time is a friend and an ally — not a 20 percent traitor" - Ronald Reagan

Flintlock  posted on  2010-12-06   21:17:35 ET  Reply   Trace   Private Reply  

I'll rejoice when the Obama Care tax increases get buried.

Me too but we'll probably have to wait another election cycle.

"The person who agrees with you 80 percent of the time is a friend and an ally — not a 20 percent traitor" - Ronald Reagan

Flintlock  posted on  2010-12-06   21:19:29 ET  Reply   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   Trace   Private Reply  

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.

He should have said depression, the liar. Why just a few weeks ago the president said the recession ended in July of 2009. What a circus we have in Washington.

LACUMO  posted on  2010-12-06   22:34:51 ET  Reply   Trace   Private Reply  

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,

that is pure bs on your part. its more likely to simply pump a bubble like a real estate investment. In the US economy it is not economical to produce new things. The financial people direct all businesses that produce goods to foreign countries.

and when governments lose revenue, it is a very serious thing because that means jobs going down. When jobs go down there is a cascading multiplier effect, it brings other jobs down. that is true whether it is a job that you like or you don't like.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-06   23:06:00 ET  Reply   Trace   Private Reply  

I've explained it to you ten times before but you're still are toooooo stoooopid to grasp the concept, nor have you ever defined what you mean by the word "rich"

I guess I'm just plain stupid. I'll give up soon.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-06   23:07:33 ET  Reply   Trace   Private Reply  

For rich people there is a special low tax rate of 15.0% on all investment income

Flintlock, you don't even have a grasp of the English language. yet you dream that people so stupid will be able to solve America's problems.

I'm sure it is true that the investment income tax applies to rich people and poor people who receive investment income. It applies to all investment income. But the vast majority of that income is by rich people. and those rich people prior had a tax rate of about 39% on it. Whereas the poor person who prior to 2003 who had investment income may not have had to pay any tax on it if their income was low enough.

I never said otherwise. That special low rate is for rich people even if the law doesn't specifically say so. You simply don't have a command of the english language.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-06   23:37:21 ET  Reply   Trace   Private Reply  

I guess I'm just plain stupid.

And a leftist stooge, I guess that makes you totally useless.

"The person who agrees with you 80 percent of the time is a friend and an ally — not a 20 percent traitor" - Ronald Reagan

Flintlock  posted on  2010-12-06   23:46:43 ET  Reply   Trace   Private Reply  

provide pay for "middle class" jobs, not only for those directly involved but for equipment manufacturers and other suppliers.

requires a substantial reduction of bureaucracies

turning over tax collection to the banks

Yes, the middle class jobs in INDIA and in CHINA and in MEXICO. Equipment manufacturers in the USA.....lol.

Yes, but this will put another 20% of the currently employed into the unemployment lines.

WTF? You want Goldman Sachs and JP Morgan in charge of tax collection? As if they don't already OWN enough of this nation and haven't already screwed it up royally......you now want them in the tax collection business. Yikes!!

"The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. ... We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of." Edward Bernays, Father of Public Relations

abraxas  posted on  2010-12-06   23:56:59 ET  Reply   Trace   Private Reply  

No surprise. Impossible debts mean borrowing from the federal reserve which means profits by the federal reserve

which means higher taxes to pay off the interest on the loans from the federal reserve.

I want either less corruption or more opportunity to participate in it. Ashleigh Brilliant

angK  posted on  2010-12-07   0:25:18 ET  Reply   Trace   Private Reply  

GS is FDIC insured so I don't see what there's to worry about. The bank would just send the appropriate amount of money to the governments; you probably would not even have to file a return if you supplied the bank with deductions information.

Tatarewicz  posted on  2010-12-07   0:36:38 ET  Reply   Trace   Private Reply  

(Reducing government bureaucracies) will put another 20% of the currently employed into the unemployment lines.

Not if they're redeployed building high-speed rail lines and trains, desalination plants to re-water the southwest, weather modification experiments, pipelining water from Canada to Arizona. rebuilding roadway infrastructure, all wealth-based assets, instead of just consuming wealth and inhibiting its production.

Tatarewicz  posted on  2010-12-07   6:58:14 ET  Reply   Trace   Private Reply  

Not if they're redeployed building high-speed rail lines and trains, desalination plants to re-water the southwest, weather modification experiments, pipelining water from Canada to Arizona. rebuilding roadway infrastructure, all wealth-based assets, instead of just consuming wealth and inhibiting its production.

LOL!! Now you want a bunch of bloviated overpaid UNSKILLED bureaucrats to do HIGHLY SKILLED labor. Sheesh, this would further inhibit production. You don't see the logical disconnect here? Here's what we would have in the end: a no-speed rail line to nowhere, desalination plants that don't work and never will work in the southwest, the idiocy of bureaucrats in charge of weather modification (LOL! Isn't bad enough that they already think they are God despite EPIC FAILURE?), roadways that aren't fit to travel on.......and where are you going to steal Canadian water from exactly? Oh, I'm sure the unskilled bureaucrats will tackle that post haste.

So, where exactly in leftie utopia are you located?

"The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. ... We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of." Edward Bernays, Father of Public Relations

abraxas  posted on  2010-12-07   10:39:50 ET  Reply   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.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

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

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   0:06:29 ET  Reply   Trace   Private Reply  

you want a bunch of bloviated overpaid UNSKILLED bureaucrats to do HIGHLY SKILLED labor.

Physically-able bureaucrats like anyone else can be trained to do other things as was proven in WWII when lots of civil servants were trained to operate tanks and so on. Private contractors would make sure workers are doing a proper job just as is the case in multi-story buildings which rarely if ever collapse. It would be foolish to have the "government" alone undertake any of the projects I've mentioned.

Water resources need to be managed on a continental basis rather than along political boundaries, especially in Canada's case where the population depends on fresh produce from California, even in summer. Canada's water reserves can be increased by development of storage reservoirs which when combined with hydro electric plants would provide green energy. Best deal would be for Canada or at least the West to supply water to the US southwest in exchange for some desert territory which Canadians could develop as an assured food supply (and live in during winter months, using the high speed, 500 km/hr trains China is developing).

Tatarewicz  posted on  2010-12-08   0:48:04 ET  Reply   Trace   Private Reply  

I explained to you that here in Arizona we had some criminal events occur last summer where some people escaped from a privately run state prison and killed some people. those were actually a group of people who had been convicted of murders, and they were allowed to escape, completely unsupervised, simply let go. and then they went on a crime spree and killed 2 people. the end result was that there was publicity on privately run prisons. The state of arizona said that they were not saving any money on state prisons, that it was actually more expensive. and the state was very unhappy with the private prison failing to keep people. this became an issue and there was an article on it. the top prison official of the state was quoted in the article saying the private prisons simply didn't save money. Sorry, I don't have that handy.

I also read a long article about Goldman Sachs' involvement in founding private prisons in this country. They were the financier behind it.

I do participate in good faith, meaning I'm not attempting to give you disinfo.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-08   0:59:36 ET  Reply   Trace   Private Reply  

Water resources need to be managed on a continental basis rather than along political boundaries, especially in Canada's case where the population depends on fresh produce from California

you came from Russia and you sound like a communist to us.

Canada has plenty of water. and they have every opportunity to grow food in their own country too. If they want to buy food from us, then they can. You don't respect national sovereignty. You want government to dictate to everybody. you want to give away our territory.

you're a communist. You're not from here you've said. where are you from?

We really don't like communists.

We common americans never did anything to harm Russians. Why are you hostile to us?

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-08   1:09:02 ET  Reply   Trace   Private Reply  

here's another article on it (the tax deal)

They act like Obama is protecting the republican policy of the tax cuts for rich people in order to protect unemployment insurance and such. But the democrats have 60% in both senate & house or almost 60%. they are the majority. They don't have to accept no 15% tax on rich people. They don't have to cut unemployment insurance. They have a large majority and they are saying that they can't act as a majority. the minority made them do it.

Its just like when 90% of democrats vote to fund the wars and issue a statement saying that the republicans made them do it. which actually did happen.

Both parties are identical over time when you watch what they actually do. and they justify it by blaming each other.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-08   1:29:50 ET  Reply   Trace   Private Reply  

note that in the article I linked to in #23 there is no mention of the special low 15% rate for investment income. that is the flagrant part of the 2003 tax cut. and that is almost completely ignored in our mass media.

there is no way that americans would approve of rich people being taxed at 15% and poor people being taxed at 15.8%. yet nobody in the media even bothers to point this out to the Americans - very few at least. a tv watcher would simply never know. and few who read the newspapers even will figure it out.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-08   1:32:58 ET  Reply   Trace   Private Reply  

pipelining water from Canada to Arizona

Ex-cuuuse me for butting in here. You think Canadians are just going to sit there with their fingers up their noses while America waltzes in and takes their water?

Remember the Plains of Abraham!

I want either less corruption or more opportunity to participate in it. Ashleigh Brilliant

angK  posted on  2010-12-08   3:01:07 ET  Reply   Trace   Private Reply  

The people of the Phoenix metro area use more water per capita than any other metro area in the world. I think it is around 150 gallons per person per day. and tatar says we have a shortage of water. and we must give some land away to get more water.

we have no shortage of water here. the colorado river collects water from the rocky mountains and delivers it to us. We have water agreements between California, nevada and arizona. The federal government supervises those agreements as well and we share the water. we have lots of water.

We water lawns with bubbler style sprinkler systems tha spray streams of water through the air, depositing it on top of the ground. Almost all the water evaporates under this condition and does not get to the plants. If we want to save water, then we would require underground drip irrigation. That is what they do in tucson. We can save tons of water if we want.

We have swimming pools everywhere. They leak water like crazy into the ground. and you can have one inch of water evaporate on a hot day. We are the world champions at wasting water.

If the Canadians want to buy food from us they can. If they want to grow their own, they can. We don't need a communist to organize our affairs.

Psalms 137:1 By the rivers of Babylon, there we sat down, yea, we wept, when we remembered Zion.

Red Jones  posted on  2010-12-08   3:16:34 ET  Reply   Trace   Private Reply  

Here's what we would have in the end: a no-speed rail line to nowhere, desalination plants that don't work and never will work in the southwest, the idiocy of bureaucrats in charge of weather modification (LOL! Isn't bad enough that they already think they are God despite EPIC FAILURE?), roadways that aren't fit to travel on......

There are only two options.

1. We have these "misfits" working under supervision on various projects.

2. We continue to allow them dictate to us how we bring up children, what food/supplements we eat, the kind of house we build or live in and the thousands of regulations they've concocted that have to be complied with, whether they make any sense or not.

Tatarewicz  posted on  2010-12-09   1:33:29 ET  Reply   Trace   Private Reply  

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