Posted on 07/21/2010 6:04:27 PM PDT by 2ndDivisionVet
Edited on 07/21/2010 7:26:20 PM PDT by Admin Moderator. [history]
Just when you thought Congress was spent -- literally -- and done for the year they'll turn around and surprise you. No money left to do anything? United Republican opposition? Democrats are planning to take on the great white whale of spending: extending President Bush's middle class tax cuts. The cost is estimated from $1.6 trillion to extend them to as much as $2.7 trillion to make them permanent. According to Senate Democratic sources, the latter is what they're going to go for -- and they're planning to do it before the midterm elections.
(Excerpt) Read more at swampland.blogs.time.com ...
Are the Repubs to expect everything will be handed to them on a silver plater?
This is the purest competition for Votes, if they mess it up, they deserve to lose, there is no other way to say it, if they cannot sell permanent tax cuts for everyone, why bother with them?
2.7 trillion? Where are they pulling that number from? Fantasyland?
Is that over 10 years? 50? 1000?
WHAT THE HELL ARE THEY TALKING ABOUT?
It seems when a politician is running for election I’m a poor middle class and they are going to make my life richer.
After they get elected all of a sudden I’m rich and they want to take it all.
All this spin is confusing.
.....smoke and mirrors, just wait till the uniformed schmuck out there realizes that when he does his taxes for 2011 the value of his health plan is going to be added to his income moving him UP a few tax brackets,thus removing any so-called tax cut. whoopee!
I am going to agree that I thought the Bush Tax Cuts were only for the "wealthiest 1 percent of Americans" -Couric, Brokaw, Williams.
Do you think we were lied to ?
AGAIN
If true, they will forever more be named “the obama tax cut for the middle class”, NOT “Bushes tax cut for the wealthy”!
Just like renaming: terrorists, the war, illegal immigrants, etc.
Conservatives do not have to play by the leftist rules. The only box existing here is the box that that lines the hole the leftists dig for themselves.
Conservatives should simply make the case that they want complete tax cuts but will take what they can get now until they regain power. As well, they should make the case that although they have to settle for less in the right direction they will not trade a little step forward for two steps backward e.g. any massive spending tied to the middle class tax cut...
In essence, turn the tables -so that the 'middle class' tax cut extension if defeated is only defeated as a result of additional leftist spending measures included with the measure that the left would not remove...
Hell, if the MSM is constantly trying to promote the view that lowering taxes raises the deficit and raising taxes somehow lowers the deficit, Republicans should make mandatory cuts in federal spending a condition for signing onto any Democrat-sponsored “middle-class tax cut” extension. Call the MSM and the Democrat’s bluff, don’t play by their rules.
Nope. And the IRS is busy with new regs to make it worse: Starting in TY2010 if you file paper 1099s the 'A' copies must all be machine readable by the IRS, starting with the first one. The allowance for the first 50 copies to be hand-written has been dropped. The special MICR forms are now always required (Pub 1220 page 5).
If you file more than 250 1099s you must file them electronically at the IRS web site (fire.irs.gov). If you have more than 250 and don't file them electronically there is a fine of $50 per 1099.
If have less than 250 1099s you must use a special MICR encoded blank 1099 form that the IRS will ship to you that they can optically read. You cannot write out a 1099 out by hand anymore. You cannot print the 1099 PDFs from the IRS website and type/write in the boxes - they will not be accepted (IRS Pub 1220 Page 5). If the form cannot be optically read there is a fine of $50 per 1099.
You have to contact the IRS and ask them to ship you the required number of blank 1099s that have the red-letter MICR printing. You have to feed these blanks into your printerand carefully align the empty boxes with your printer. It took more over an hour of fiddling to get it right.
Joy!
Please, raise taxes.
The government shall not see an increase in revenue, rather a decrease.
The Spineless GOP will let them get away with it, then after the election the “Blue Ribbon Panel” will say, NO, we CAN’T AFFORD IT!!!
Then we will all get screwed totally.
Please, raise taxes.
The government shall not see an increase in revenue, rather a decrease.
Thank you for that very informative post. Underground economy here we come. It doesn’t take a bank to make a transaction.
Keeping only the “middle class” cuts wont help that much. The small business and people that drive spending are getting hit hard, and will get hit harder if the tax cuts for the “wealthy” are allowed to expire. I hope the republicans stick to their guns, but am afraid they will fold. They will anger a lot of the base if they ignore those making above whatever the dems decide are “middle class”
Tax cuts DO NOT equate to spending. Those who argue that tax cuts cost the government are of the belief that all income belongs to the government, and by the grace of Congress, they allow us to keep some of their income that we generate.
Of course, what is the "middle class" to a Dem? Maybe they are talking about those 60+ percent who don't pay any federal tax. More wealth redistribution is more like it, not "tax cuts."
Democrats are planning to take on the great white whale of spending: extending President Bush's middle class tax cuts. The cost is estimated from $1.6 trillion to extend them to as much as $2.7 trillion to make them permanent... the latter is what they're going to go for -- and they're planning to do it before the midterm elections... will Republicans protest at a) such huge amounts of deficit spending, and/or b) extending the middle class cuts without those for the top two tiers? Republicans argue that letting the top cuts lapse will hurt small businesses -- the engine of job growth -- at exactly the wrong time.
Why bother? As I recall, Tom Daschle said that the middle class taxpayer would barely get enough to buy an old dented muffler.
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