Posted on 09/14/2010 4:16:48 PM PDT by Kaslin
Fiscal Policy: Sen. Mitch McConnell has introduced a bill that would extend the Bush tax cuts for another year. Are there enough Democrats running scared in this economically difficult election season to pass it?
If enacted, McConnell's bill — the Tax Hike Prevention Act of 2010 — would keep the Bush tax cuts from expiring in a little more than 100 days. All the income tax brackets — from 10% at the bottom to 35% at the top — would remain in effect through 2011.
The marriage penalty would not return under McConnell's bill, the $1,000 per-child tax credit that would fall to $500 would be retained, and capital gains and dividend taxes would stay at 15% each.
This a far better course for the Republicans to take than House Minority Leader John Boehner's surrender last Sunday. On CBS' "Face the Nation," the Ohio lawmaker, and next speaker should the GOP retake the House, admitted he would vote to raise income taxes on the highest earners if rates for everyone else remained the same.
In addition to giving the Democrats a campaign boost by agreeing with their leadership, Boehner threw his support behind poor public policy. Since those whose rates would jump from 35% to 39.6% under the compromise Boehner would vote for are the taxpayers who use their investment capital to expand the economy, they would be left with less to invest.
This makes no sense at any time and even less when the jobless rate is stuck just below 10%, economic growth is a notch above stagnant and the future is uncertain.
(Excerpt) Read more at investors.com ...
And THAT is how it's done.
Correct
I agree permanent would be best, but perhaps when we win the House back and the Senate, we can make it permanent. The arrogant pos can veto it, all he wants to, as vetoes can be overridden
One year is crap. It keeps uncertainty around which is causing business to be worst.
Do it for 2 years (right b4 next presidential election) is MUCH SMARTER1
I heard Brent Mussberger on Fox laughing that the Obama crowd was going to try to extend the tax cuts and “rebrand” them as the Obama tax cuts.
It's not catching on - hardly anybody remembers "Bonehead" Merkle anymore.
Yeah but this way, they can use again with Obama before 12.
Why doesn’t that surprise me. After all they claimed victory for Iraq, like the surge was 0bama’s idea. But then that is typical of they left. They have no ideas of their own, so they steal the republican ideas and then claim then as their own
One year is better then nothing
That’s the kind of crap that got us here to begin with. Grow some balls and propose a bill that makes them permanent.
POTUS O-Hole will veto if passed.
Ever heard of that a veto can be overridden? Nuff said
Even if Republicans win majorities in both the House and Senate, there isn't going to be enough critical mass (2/3 majorities) to overturn an O-hole veto.
http://www.wisegeek.com/how-does-congress-override-a-presidential-veto.htm
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.