Why did the Republicans agree temporarily extend only the tax cuts for the highest bracket? (vanity)

[hecht]

By completely extending the lower rates, the reps have lost all of their leverage for making all the rates permanent. In two years this will allow Obama to demagogue " tax cuts for the rich" Also , why don't they ever turn it around to " canceling the tax hikes". Am I the only one who remembers that Bradley -Gephart set the maximum rate at 28%

[Surrounded_too]

Reject this deal.

Run it through again in January and make it permanent and retroactive.

[Thank You Rush]

Are you sure you have that right? No agreement has been reached so far but all I’ve heard is extending ALL Bush tax cuts temporarily.

[perfect_rovian_storm]

They didn’t. All the rates are to be extended for two years.

[Thank You Rush]

“”Run it through again in January and make it permanent and retroactive.””

Absolutely...It can be done in the new Congress just as the Clinton tax INCREASE was in 1992. The IRS can recalculate everything and employers can manage that. At least those in the private sector can but I’m not sure about the pencil pushers in any branch of government!

[VRWCTexan]

The supposed deal with obama was / is for a “temporary” 2 year extension of all tax rates - and this is not yet voted. or set in stone.

If passed - then in two years, right at election time, obama and the dems would be forced to campaign for a tax increase.

If the dems in the House jack around -— nothing will happen on this in the lame duck session -— and thus the Republican controlled House and stronger Senate can come back in early January and pass a better deal - one that obama would be hard pressed not to sign.

[FrankR]

We'll send a wire to Bill Clinton and see what he has to say about it...

[GoldenPup]

Only extended for two years so the GOP can beat the Dims over the head with the issue again in a presidential election year in 2012?

[jpf]

“Only extended for two years so the GOP can beat the Dims over the head with the issue again in a presidential election year in 2012?”

Yes.

[Cheerio]

Because the GOP has no clue how to “negotiate” with a RAT. They never seem to get it, and if I hear one more Republican say “that was the best deal we could get” I will explode. Who is to say that was the best? I left the GOP party in 2006 when Bush would not stand up and defend anything he had done, and the RATS were practically turning him into a laughingstock with their Valerie Flame and warrantless wiretapping crap.

[dirtboy]

Run it through again in January and make it permanent and retroactive.

Yeah, the GOP will be in charge of the House, Senate AND the White House next January!

Oops, they will only be in charge of the House.

[jpf]

Have you NOT noticed the Democrats going ape this week? No deal that does that to them can be all bad. If the GOP just holds pat now and lets them destroy themselves it’s a brilliant deal.

[Cheerio]

Do you see the RATS stand down when the American people don't want what they have for us?

Of course the GOP will not be able to get much legislation passed in the 112th, but I would be glad to see the House pass a Repeal of Obamacare every month and pass it onto the Senate for rejection. That is what the RATS would do if the tables were reversed.

[dirtboy]

My point stands - the GOP is still largely in an opposition role - but I am glad they will control the House, where a simple majority matters, as opposed to the Senate, where you need a supermajority to get your way.

But for the GOP to get anything passed over the next two years, they will need Senate Dems and Obama's signature on it. Some folks on FR act like that isn't the reality of the situation.

[Non-Sequitur]

Run it through again in January and make it permanent and retroactive.

Won't get through the Senate or past Obama.

[Cheerio]

Oh I agree totally that not much is going to be signed by the Kenyan. BUT pass the bills out of the House on a routine basis, predicated on what they were sent there to do for "WE THE PEOPLE". If the nation sees the GOP controlled House is attempting to pass what the American people voted for, but were turned down repeatedly by "THE RAT PARTY OF NO", in the Senate and White House, then all the better when election 2012 rolls around. The Tea Party will hopefully carry that election like we have not seen before - the old GOP may be dying.

[Wayne07]

Can you cite a source that says that only the top rate extension is temporary? Everything I have read is that it extends all the cuts only two years. I'd oppose the bill for the add on pork like ethanol, but if it were stripped down to just a two year extension, it might be OK.

http://www.journalofaccountancy.com/Web/20103647.htm

The EGTRRA introduced a new 10% tax bracket for individuals and reduced the tax brackets above the 15% bracket to 25%, 28%, 33% and 35%. Those changes were scheduled to sunset after 2010, so that in 2011 the 10% rate would disappear (with income in that bracket reverting to the 15% bracket) and the other rates would revert to 28%, 31%, 36% and 39.6%, respectively. With the bill’s postponement of the EGTRRA sunset, those rates would continue through 2012.

[dirtboy]

Well, in the case of extending the Bush tax cuts, those are just too important to not try and get them through now.

[Wayne07]

Oops, meant to reply to hecht, not surrounded_too. Looking into it more, it does look like the cuts are permanent, but only for 200k/250k and less brackets. Can;t believe the GOp is getting themselves into this situation.

[IAGeezer912]

I would prefer to see the Bush tax rates expire so everyone who earns a paycheck gets 3 CEU’s from the School of Hard Knocks for economics.

The low wage earners will see first hand what a favor Bush did for them and the unversal uproar will force Barry and his damn Senate Dems to accept whatever the 112th Congress puts forth. Let them try to block it at their political peril. The 2012 race would be very interesting.

The 112th can make the Bush rates permanate and re-troactive to 01Jan2011.