Posted on 11/06/2008 1:23:09 PM PST by Sub-Driver
Pelosi Favors Two-Step Stimulus, Seeks Permanent Tax Cut in 2009 By GREG HITT
WASHINGTON -- House Speaker Nancy Pelosi told the Wall Street Journal that she is considering a two-staged effort to boost the shaky U.S. economy, arguing for action now on a stimulus package of $60 billion to $100 billion, followed early next year by a companion measure that would include a "permanent tax cut."
In an interview Thursday morning, the California Democrat pointed to weakness in the nation's jobs market, and urged the White House, long skeptical of Democratic-led stimulus efforts, to work with Congress in the waning days of President Bush's term.
"Let's see if we can't do something, working together now, that gives us a two month jump," she said. She said any measure enacted in a lame-duck session of Congress this month would effectively be a downpayment on additional measures enacted later. "We'll take the longer view as soon as we take over in January."
Ms. Pelosi said she doesn't favor a capital gains tax cut, as pushed by congressional Republicans. But she did say the "second piece" of the Democratic stimulus agenda should include a tax cut.
The speaker said she prefers a direct tax cut over tax rebate like the one pushed by President George W. Bush a year ago. The speaker said a direct tax cut can have a more immediate impact on the economy, especially if the government adjusts tax withholding tables to speed dollars into worker paychecks. "The impact is faster than a rebate, which takes a few months to get into people's hands," she said in the interview.
(Excerpt) Read more at online.wsj.com ...
Democrats believe government payments to people that don’t pay taxes is a tax cut.
That’s where her Permanent Tax Cut comment comes from.
DOJ won't charge former New York Gov. Eliot Spitzer
SAN FRANCISCO (MarketWatch) -- The Department of Justice on Thursday said it will not seek criminal charges against former New York Governor Eliot Spitzer due to insufficient evidence.
"Our investigation has shown that on multiple occasions, Mr. Spitzer arranged for women to travel from one state to another state to engage in prostitution. After a thorough investigation, this Office has uncovered no evidence of misuse of public or campaign funds.
In addition, we have determined that there is insufficient evidence to bring charges against Mr. Spitzer for any offense relating to the withdrawal of funds for, and his payments to, the Emperors Club VIP," said the Justice Department in a statement. Spitzer resigned as governor earlier this year after he was linked to the Emperors Club VIP.
In response to the DOJ's announcement, Spitzer said in a statement, "I appreciate the impartiality and thoroughness of the investigation by the U.S. Attorney's Office, and I acknowledge and accept responsibility for the conduct it disclosed."
¿¿¿¿Scrappleface????
you are giving them way too much credit......
there is a catch, bank on it....
Ah, you have to remember what a “tax cut” MEANS to a socialist -
giving money to people who don’t pay taxes.
I'll believe it when I see Obama signing the law.
Let’s see how much of her “tax cut” goes to people who pay income taxes.
I don;t necessarily believe her, but if she gives me a tax cut i’ll take it.
You sure this isn’t Scrappleface?
It's not your imagination, and honestly I've only noticed it SINCE Murdoch took over.
It's at the point I'm about ready to ditch it and go with IBD.
Cap gains tax cuts incentivize investors to take risks and create wealth.
Can’t have that now can we?
You may well be right.
I liked Mararet Thatcher’s retort to lefties:
‘The facts of life are conservative!”
Dang, I miss her......
Pelosi-speak translation: "We need to figure out a way to get your money faster than waiting for the Bush tax cuts to expire in 2010. We're going to implement Obama's plan for tax cuts for the bottom 40% of wage earners (who pay no income taxes) now. And we're going to make it permanent. Where are we going to get the money to write annual welfare checks to people who don't pay taxes? By adjusting the tax witholding tables to punish those eeeevil, selfish, unpatriotic rich people Obama promised to give a tax increase. Duh!"
Funny how all the sudden these Democrats are being portrayed as financial genius
.
The speaker said a direct tax cut can have a more immediate impact on the economy, especially if the government adjusts tax withholding tables to speed dollars into worker paychecks. “The impact is faster than a rebate, which takes a few months to get into people’s hands,” she said in the interview.
It sure ain’t the journal it used to be.
Is this before or after she lets the Bush tax cuts expire? Smoke and mirrors.
Note to Republicans and Bush: Go for the permanent, across the board, tax cut. Scrap everything else.
I hope to see her ‘two-step’ her ‘teeth sucking @ss’ out of Washington and take ‘Digger O’Dale’ with her! I absolutely detest those two.
Let's wait to see what's in the fine print. My bet this is a stall to try to calm the markets.
Bingo.
Pelosi is talking about "tax cuts" for both payroll and income (wage income only, not capital gains, interest, or dividends) taxes as an alternative to "stimulus checks."
I have a very bad gut feeling about this.
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