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Posted on 07/25/2012 4:54:37 PM PDT by Sub-Driver
With VP Biden Presiding, Senate Passes Democrats’ Tax Cut Plan
Vice President Joe Biden made the rare move to come to Capitol Hill this afternoon and fill his seat as “president of the Senate,” presiding over the Senate as they cast two votes on dueling tax cut plans.
In the end the vice president did not need to cast a tie-breaking vote, and the Democratic tax cut plan passed by a vote of 51-48.
“The bill is passed,” Biden announced from the chair.
Sen. Lieberman, I-Conn., and Sen. Webb, D-VA., voted against the Democrats plan. No Republicans voted with the Democrats.
The Democratic plan would extend the Bush tax rates for families making under $250,000 for one year and let the rates for families earning above $250,000 expire.
“This is a big victory for the American people today,” Biden said at the Ohio Clock following the vote.
Republicans have long fought against this plan because they consider this a tax hike on small businesses, those making over $250,000 who would see their tax cuts expire. In a still-recovering economy, they say this would stunt hiring even more.
With Biden looking on, Senate minority leader Mitch McConnell, R-Ky., reminded the Senate that he and the vice president once negotiated in 2010 a two-year full extension of the Bush tax cuts because the economy wasn’t doing well at the time.
“Today my colleagues, the economy is growing slower than it was in December of 2010,” McConnell said, calling the Democratic plan a “uniquely bad idea,” as more than 50% of small business would see an increase in their taxes with the end of the extension.
(Excerpt) Read more at abcnews.go.com ...
Bad headine
Should read “Democrat Senate passes Tax Increase Plan on Business, Savings and Investment”
F'in idiot. Taxes to go up significantly for those households making $250k gross or more - the small business owners who employ people.
And I haven't had time to check, but does the democrat's plan stay increases on those below that limit for one year only? We'll talk again in 12 months to see how well thats going, American people.
Better Yet
“Democrat Senate Extends Bush Tax Cut for Middle Class and Passes Obama Tax Increase on Business, Savings and Investment
Just shut it down...call their bluffs and stop this bs.
Grow a spine and refuse to capitulate to the dumbles...MAKE them blow it all up...
Azzholes.
I voted for Sara Palin to be there instead of Biden.
DOA in the House. The Senate bill is unconstitutional and nothing more than meaningless BS. The likes of Reid and Schumer get to shake their pom-poms and lift their skirts, but that is about it.
I had an uncle who was a lumberjack/truck driver back in the 80s before the EPA and green groups took total control of the logging industry. This ‘rich’ man grossed about 200K a year.
He netted about $30K after all was said and done.
In today’s dollars, he’d be one of Obama’s taxed ‘rich’...until the first tax payment. Then he’d be out of business and paying no tax at all. Expect to see that writ large under the Dems’ cunning plan.
Under the Democratic plan passed today, individuals earning over $200,000 and couples making at least $250,000 would see their top rates rise from 33 percent and 35 percent today to 36 percent and 39.6 percent in January.
And, in as much as all measures for raising revenue must originate in the House of Representatives, the point of this vote was what?
The Democratic plan would extend the Bush tax rates for families making under $250,000 for one year and let the rates for families earning above $250,000 expire.
That's wrong. Families earning over $250K will still have the benefit of the lower rates on the first $250,000. They will pay the higher rates on income in excess of that.
That is not to say that I am in favor of the Democrats' plan, just that they are being dishonest and the press is too stupid to understand.
What really makes me seethe is President Flustercluck’s oft used lie that failure to tax the snot out of people is a government expenditure. It’s not the $%&^&&(*^ government’s money in the first place.
Lies, lies and more lies, all Orwellian newspeak gobbledegook- it is all this president knows how to do. God knows he can’t do anything productive. It’s no different than saying that it costs a thief money if he is not allowed to pick the pockets of unsuspecting tourists, or it costs a hobo if someone chooses not to buy him a drink.
Not smart politics for the Dems. Tax increases on those over 250k will hurt top producers meaning that investment and business expansion/ job creation will plummet. Much consumer spending will also decline because those asking over 250k account for a large percentage of consumer pending. The only aspect of the economy that will not be directly affected is lower end consumer spending.
With the EU economies starting their nosedive, and guaranteed tax hikes with a Dem victory, one would think that the market should start to swoon at least by September just in time for the election.
This was reported on our local news like it is now a done deal. Lol Fuggin idiots.
I haven’t been paying close attention this week.
But why didn’t the Republicans filibuster before hand?
They can’t pass anything without 60 votes.
Was this an “arrangement” by McConnell?
It was sort of stupid then.
Because the House votes on the tax extension next week.
Because the Republican plan didn’t get 50 votes.
Dumb asses.
Strange that The Minority Leader did not point that out. </sarcasm>
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