Posted on 07/22/2010 1:47:57 PM PDT by blam
Geithner Just Quashed Hopes Of A Bush Tax Cut Extension
Gus Lubin
Jul. 22, 2010, 2:09 PM
Following comments from Senate Democrats expressing willingness to extend Bush tax cuts, the White House dispatched Tim Geithner to kill the buzz.
Tim just announced Obama's plans to let the tax cuts expire for wealthy Americans in January, according to WSJ. Which is what people expected all along.
WSJ:
Mr. Geithner said there is "still some uncertainty about how strong the recovery is going to be," which may be impacting spending decisions by businesses and individuals. But he discounted that as a reason to extend the Bush-era tax cuts for top earners, saying most private forecasts show moderate economic growth and increasing public confidence in the recovery.
He also rejected concerns voiced by business groups and many Republicans that the administration's economic policies are creating uncertainty and holding back private investment. "Business always wants their taxes lower and always wants to live with less regulation," he said, adding that U.S. firms are "doing very well…competing around the world."
Although Congress -- which could turn red in November -- may put up a fight, the bills will expire naturally. Any political lockup means the White House wins.
[snip]
(Excerpt) Read more at businessinsider.com ...
But Timmy will find a way around paying his.
Human Wrecking Ball.
So now Turbo Tax Timmy has power over congress?
But our favorite trick: We can also withhold funds to states...Then they have to raise the taxes and fees. We're just so clever!!
See how that works out for him and his progressives.
What’s the meaning of ‘wealthy’? Anyone?
Reality: 1) Most Liberals in this administration
Their definition: 2)Any commoner making over $35,000.
Thursday, July 22, 2010
June Existing Home Sales Drop 5.1%
.Analysts agree that a sustainable pick up in the housing market is largely dependent on the jobs market getting much healthier....(duh)
Recovery?
http://www.foxbusiness.com/story/markets/industries/real-estate/june-existing-home-sales-drop/
Turbo Tax Tim- of all people to defend raising taxes.
This is going to move the lowest rate from 10 to 15%. I believe that's going to hit people under $35000 unless you're getting welfare or SSI. Anybody with tax knowledge can feel free to correct me. What is the loss of $1500.00 bucks or so going to do to somebody at those income levels.
I assume that was a question rather than a statement
$30.00 a week isn't chump change for someone making 35K a year. Increases in utilities and all kinds of fees and no pay increases add another $40 or $50 dollars weekly and you are looking at $2,500 to $3,000 a year lost in buying power.
I make considerably more than $35,000 and I calculated I am spending at least $400.00 more per month in expenses more than I did two years ago
Market up >200 today but this could leave a mark on Friday.
Did he announce this BEFORE or AFTER the market closed?
The Secretary of the Treasury acted stupidly.
What the Democrats don't want people to know is that the Bush tax cuts were "progressive". That is, they shifted more of the tax burden to the higher income taxpayers. Allowing the Bush tax cuts to expire will shift the tax burden toward the lower income taxpayers.
A 50% increase in their taxes in January will catch the eye of many people. But then the Democrats will blame the Republicans because they will then control Congress.
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