Posted on 09/12/2010 12:22:35 PM PDT by tobyhill
High unemployment must be met with tax cuts for the middle class, the new chairman of President Obama's Council of Economic Advisers said Sunday, but the U.S. can't afford an extension of the Bush-era cuts for high-income earners.
Austan Goolsbee declined to speculate what the unemployment rate might be at the end of the year, but told "Fox News Sunday" that the middle class shouldn't get squeezed by expiring tax cuts.
"The president strongly believes that ... after a decade of astounding squeeze on the middle class that was followed by the worst recession in our lifetime ... you cannot afford to raise taxes on the middle class. We should make that permanent," Goolsbee said.
With the unemployment rate at 9.6 percent, lawmakers are looking for ways to create jobs. Republicans say tax cuts should be extended for people who make more than $250,000. But they are willing to vote for cuts for the middle class even if high-income earners are left out of the mix.
(Excerpt) Read more at foxnews.com ...
One of the quotes i saw on TV is the US couldn’t afford to lose the $100K in taxes each of the millionaires would pay. That over 10 years it would cost $700 billion.
Just how many millionaires do we have?
Eliminate ak wekfarem fiid stanosm subsidized housing and subsidized transportation and all tax cuts are affordable!
Make your own way in this world or quit taking up space on this planet!
Eliminate ak wekfarem fiid stanosm
Eliminate all welfare, food stamps,
Thank you tobyhill!
Finally, I can say...."It's the SPENDING stupid"!!
That's how it goes with a tyrannical government though, we work only to feed the beast.
It depends upon what ones definition of "millionaire" is. ; )
Please notice how the Dems and the media tie themselves into knots trying but can’t quite avoid admitting that the evil Bush tax cuts benefitted the middle class, not just “the rich” (which is just the high-earning end of the middle class anyway).
Goolsby is not a supply sider. He is a targeted tax guy. He and Obama are old buds, that's why Obama promoted him. Larry Summers hates his guts.
Goolsby had big fights with Summers over the car bail-outs. Goolsby wanted to let them go.
Even some of Goolsby's position papers question his stand on taxes and say targeted cuts don't do what Goolsby thinks they do.
He is probably the only one in the cabinet with any common sense.
He's a part-time stand up comedian.
I love how they “can’t afford tax cuts,” but can afford every trillion dollar spending package.
They are a bunch of marxists.
Oh yes, I would listen to those jerks. They have done so well so far! /s
How soon till this jokeman hits the exits. I figure 2 months.
High income earners are the very people that create jobs!
Have you ever heard of a poor person hiring anyone?
Enough of this bull shit!
All of Bush’s tax cuts were for the middle class.
The truly wealthy are not affected by income taxes - they don’t pay them, and have voiced their preference for increasing the taxes that they don’t pay.
.
Austan Goolsbee is seriously stupid!
He was on Fox News Sunday and couldn’t answer one question without laughing. I honestly don’t think it’s funny that people have lost their jobs.
******
Goolsbee has been a Research Fellow at the American Bar Foundation, and served as Senior Economist to the Progressive Policy Institute (PPI).
Goolsbee is the former host of the television show History’s Business on the History Channel, and he appeared frequently as a surrogate for the Obama presidential campaign and as a leading spokesperson for the administration. His skill on television has been widely noted in the media.
He is also a frequent guest on the comedy news shows.
Goolsbee married Robin Winters on November 1, 1997. She was a management consultant with McKinsey & Company at the time and earlier the director of business development at MTV International.
I watched him say that today on Fox. Bush gave the middle class and low income reduced federal income tax rates -- among other tax cuts. I brought home more of my paycheck with the Bush tax cuts. What is Goolsbee talking about a past decade of middle class squeeze?
LOL! Fox News is spewing this? The Saudi owners speaks to protect Obama. 5 out of the 6 TV networks in the USA have Saudi shareholders, joint ventures or multibillion deals.
They ALL support Obama and they ALL support Islam.
New definition of millionaire: A millionaire is anyone who has earned a total of one million dollars or more over the course of their lifetime.
Huh? The top 25% pay 60% of ALL Federal Revenues from the INCOME and SOCIAL SECURITY taxes alone. That doesn't include capital gains, sales, estate, corporate, or any other taxes. Just income and social security.
Six out of 10 dollars that flows to the US Federal Government comes from the paychecks of those wealthy folks. All corporate taxes, capital gains taxes, fees, duties, tariffs, fines, and the income and social security taxes of the other 75% of taxpayers covers the other 40% of receipts.
The supermajority of income to the Federal Government comes directly from the paycheck of the wealthy. That's the fact.
Additionally, the top 1% - the "truly rich" - pay 40% of ALL income taxes. Even though they only make 22% of the adjusted gross income of the US.
Those "truly wealthy" you decry are by any measure carrying the bulk of the load in taxation, and it's predominantly by income-related taxes (income and social security). They pay them, and they pay them in a greater share than any other group out there.
We have enough class-warfare nonsense from the Democrats and lefists; we don't need it within the conservative ranks, too!
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