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Bernanke Urges Congress to Renew Bush Tax Cuts
Newsmax ^ | Thursday, 22 Jul 2010 08:13 PM | By: David A. Patten

Posted on 07/23/2010 5:16:24 AM PDT by maddog55

Federal Reserve Chairman Ben S. Bernanke dropped a major bombshell on Democrats seeking massive new revenues to narrow the deficit, announcing Thursday that he favors preserving the Bush administration tax cuts in order to help a faltering U.S. economy.

“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke told the House Financial Services Committee. “There are many ways to do that. This is one way.”

Bernanke's statement put him directly at odds with White House officials and House Speaker Nancy Pelosi, who favors raising taxes on wealthy Americans by letting the tax cuts the Bush administration passed in 2001 and 2003 expire.

Bernanke's views also conflict with those of his predecessor, Alan Greenspan, who just last week told Bloomberg TV's Judy Woodruff that lawmakers should allow the Bush tax cuts to expire as scheduled at year's end.

Greenspan conceded however that doing so probably would slow growth.

Bernanke emphasized the importance of giving the economy a boost. But he also told the House that dealing with the deficit, which has ballooned during the Obama administration, remains a major consideration.

“We need to be taking steps to reassure the American people and the markets that our fiscal situation is going to be well controlled,” Bernanke told the committee members. “That means that if you extend the tax cuts, you need to find other ways to offset them.”

Bernanke's comments came on a day when the Dow Jones Industrial Average jumped 201 points, in part on reports of strong corporate profits.

(Excerpt) Read more at newsmax.com ...


TOPICS: Front Page News; Government; News/Current Events
KEYWORDS: bushtaxcuts; economy; taxcut; taxcuts; taxes
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To: randita

I would lay off 30%, and completely eliminate the Dept. of Energy and Education for a start.


21 posted on 07/23/2010 6:57:28 AM PDT by GreatMan
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To: maddog55

bump


22 posted on 07/23/2010 7:00:28 AM PDT by painter (No wonder democrats don't mind taxes.THEY DON'T PAY THEM !)
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To: maddog55

Oh wait, this is coming from the same idiot that does not one the Fed to be audited; this is coming from the same idiot that wants another Stimulus, etc. Riiiiiigggghhhht........=.=


23 posted on 07/23/2010 7:10:44 AM PDT by cranked
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To: maddog55

Bernanke has always been careful not to comment on tax policy hasn’t he?

Didn’t he basically cay - he’s the money supply guy - the interest rate guy - and tax policy belongs to the legislators?

So - Pelosi’s insanity and Greenspan’s continued slide into liberal la-la land (no doubt due to too much time spent w/ Andrea Mitchell) must have really ticked him off?


24 posted on 07/23/2010 10:40:51 AM PDT by Scotswife
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To: lbryce

“Tax cuts have come to symbolize everything Democrats hate about Republicans and no matter how effective maintaining the status quo may be,”

Isn’t that funny? Considering that was one thing JFK did quite well?
If they were smart they would have owned that one for themselves.

Of course- if they were smart - they’d by conservatives.


25 posted on 07/23/2010 10:44:04 AM PDT by Scotswife
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To: Mom MD
I hear you on the college thing. My wife is going back to full time work. She got a BS in education to teach. We will use her salary to pay off her loans and help the kids with college (we are not full-ride parents). Sounds like a plan, but what does the government think?

The government thinks I now make too much and should share my wealth. Never mind that my decision is to share my wealth with my four children in college. The government is going to tell me how to share my wealth. So what will I do?

My plan is to avoid tax but sticking as much money into my 401(k). This will save me on progressive tax rates of 35% or higher. Then I will borrow as much as possible for education costs. Borrowing costs are historically low. I will pay far less in interest than I will in tax. Some student loans are free and I can borrow from my 401(k).

26 posted on 07/23/2010 10:48:28 AM PDT by 11th Commandment (http://www.thirty-thousand.org/)
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To: 11th Commandment

Good ideas. We are going to attempt to pay cash, but as I have 3 kids, at least 2 of whom are bound for grad school and beyond, the kitty will give out at some point. I just wish I could pay for my kids education, not my kids and 4 others as well. (At lease by my choice, I am helping my son’s best friend with his education as well)

When I have to make twice what I need just to cover taxes, it gets pretty discouraging. Good luck with your kids and congrats to your wife!


27 posted on 07/23/2010 11:34:25 AM PDT by Mom MD (Jesus is the Light of the world!)
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To: Cyclone59

I agree the content is important, but it makes conservatives look careless when people make up things that can easily be fact checked by the lefties.

They can say, “See, these people just make things up and put them on the web. How can we trust anything they say?”

I think accuracy and proper attribution are very important. Especially if you are giving this to students. It’s embarrassing when a student says, “Mr. Cyclone59, I looked it up. That guy didn’t write it.” A teacher doesn’t want that.

Also, there are tons of sayings attributed to Lincoln that were written by various people who decide to make them have more impact by tacking Lincoln’s name on them.

“A good story in the defense of conservatism is a great story.” - Abraham Lincoln, 1867.


28 posted on 07/23/2010 12:17:36 PM PDT by Right Wing Assault (The Obama magic is <strike>fading</strike>gone.)
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To: maddog55
Bernanke Urges Congress to Renew Bush Tax Cuts

The Democrats will hold out hope of renewal to get votes. There is not a chance in the world that the Deficit Commission will recommend that ANY tax cuts.

29 posted on 07/23/2010 4:00:15 PM PDT by Mike Darancette (Socialism is the philosophy of failure, - W Churchill)
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