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 ...
I was trying to put this in words, but you nailed it better than I could.
This tax cut will be used to reward certain groups while ignoring or punishing others.
Heck, they could raise taxes for millions of people, but lower them for a larger group and even if the actual result was a net increase in tax revenue, they would say that X million Americans received a tax cut.
Ya just know there’s a big, fat, ugly catch somewhere.
Just answer the question: How can you tell a Marxist is lying?
You're not up on your Marxist thinking, I see - you need re-education!
Let me clarify.... Barack Obama wants to raise the capital gains tax from 15% to 28%; Nancy Pelosi wants to raise it from 15% to 25%. So she is actually advocating a 3% nominal reduction in the tax rate that Obama wants - that's a tax cut!
Remember, we don't use the current tax rates as the baseline, only what the highest potential tax rate could be!
I believe her but would like to see the details. My belief is that she would like a permanent tax cut for those that don’t currently pay taxes. No or low taxable income? No problem! San Fran Nan says “Just fill out your 1040LZY form and get a bunch of tax money back!”
“Ms. Pelosi said she doesn’t favor a capital gains tax cut.”
That is the only tax cut plan that will work in the long run.
Gotta like it though, divisions in the ranks.
OBama wants to redistribute the wealth, increase the size of the UN, eliminate global starvation... and the only way he can do it is through higher taxes.... yup . MAkes sense, all this in a receding economy where the taxpayer needs help.
AND she and others want lower taxes?????
Screw it, lets go nationalize some oil giants. If Chavez can gobble up a top producing gold mine, why not an oil company? Do something that makes sense!
Lets see change at work!
ding ding ding - we have a winner
I do get a kick out of the huge number of stories by some economist who works for the National Association of Realtors that's predicting a housing boom in the next two years. You know the exact same people that predicted that housing would take off again in 2007, 2008, etc.
NOW she wants tax cuts? Who for, the 40% of taxpayers [her base] who pay no taxes? Surely not those evil rich people.
A truism. Bush x41 played patty-cake with the Foley House over taxes and got burned bad enough to lose the 1992 election. Never, ever trust the rats.
Nancy better tell Barney:
Rep. Barney Frank (D-Mass.) said Democrats will push for a stimulus package after the November election, and called for a package reducing defense spending by 25 percent while saying Congress will “eventually” raise taxes.
Frank told the editorial board of the SouthCoast Standard-Times that he wanted to reduce defense spending by a quarter, meaning the United States would have to withdraw from Iraq sooner.
“The people of Iraq want us out, and we want to stay over their objection,” he said. “It’s extraordinary.”
Frank also said the post-election stimulus package will focus on spending for building projects, extending unemployment benefits, and further supporting states’ healthcare costs. “We’ll have to raise taxes ultimately,” Frank said. “Not now, but eventually.” Frank told the Standard-Times that if Democrats cannot secure the votes they need in November, they will try again in January, when they will likely have stronger majorities in the House and Senate.
Frank, the Chairman of the House Financial Services Committee, was an instrumental figure in engineering the bailout legislation to the U.S. financial industry, and indicated a new package may seek to ameliorate fears about investing. “The psychological problem is even worse than the real problem,” Frank said.
http://www.red-alerts.com/the-front/barney-frank-calls-for-25-defense-cut-higher-taxes/
Oh yes they will, they’re going to “cut taxes” on those who don’t even pay taxes.
[Aides separately said a later the tax relief could apply payroll as well as income taxes.]
Are they planning to eliminate payroll taxes on lower wage earners?
Yeah that made me take a second look as well.... “adjust tax withholding tables” ... that dog don’t lie...
Yep, why in the world does this woman think what she says means something.
I agree. It looks like more than a few are trying this tactic on the conservatives for us to swallow.
Can you post a link to the capital gains tax you mention? Thx.
Try 3 bottles of Lionshead Pilsner. Besides endless time to bullsh!t those Irish writers were good for a reason.
That’s what I say, if Obama goes the wacky left route we’ll win in 2010 and in 2012, but he goes tax cuts and less spending, then we win too!
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