Posted on 12/09/2010 8:44:22 AM PST by pabianice
Repubs promised no tax bill, no other bills. Dems refuse to let it come to a vote in Senate.
We don’t even have to play rope-a-dope with this crowd.
I’ll take the tax hit in order to get a clean bill.
I bet Obamao had a temper tantrum over this.
He probably dropped down on his historically incorrect rug in the Oval Office and kicked and screamed and held his breath like the immature toddler he really is.
2012 is just around the corner.
What we need in addition to not letting the Bush tax cuts expire, is lower taxes on top of that!
True. This is what O wanted, so he can say he tried to keep taxes down for the middle class.
Now the GOP takes the hit more or less...”for the wealthy...”
What a bunch of RETARDED SCUMBAGS!
Here's a list of major federal tax changes that will occur in 2011 if the Bush tax cuts are not extended:
• Individual income tax rates go from 10%, 15%, 25%, 28%, 33%, and 35% to 15%, 28%, 31%, 36%, and 39.6%.
• Child credit falls from $1,000 per child to $500 per child.
• Capital gains tax rates would revert back to 10% and 20% (depending on AGI), while they are currently at 5% and 15%.
• Dividends would once again be taxed at the ordinary income rates (see above), while today they are currently at 5% and 15%.
• After being fully phased out for tax year 2010, the estate tax would be fully reinstated with a top rate of 60 percent and a $1 million exemption.
Withholding tables will reflect the new rates. People will see the impact in their first paycheck in January. Some taxpayers will start howling on 7 January.
That truth is self-evident! We are nowhere near the optimal point on the Laffer curve, and I do not believe a ‘progressive’ tax can ever be there.
No “risk” about it. The only question would be whether stopping the increase would head it off. This economy is going D-A-A-O-W-N. Businesses and investors did all the activity they could this year planning to hunker down next year. And so it will be.
the house will re vote in January and make it retroactive back to january 1.
These folks have their principles and they are seated from districts in which they have no chance of losing, as long as they stand on those left wing positions.
This is no lose for them.
If there is no resolution that gets taxes held at current levels, rather than raised, it will take 1-1.5% off GDP next year. That will destroy any chance of Obama winning re-election.
He knows it.
This failure to get a WH position through Congress is due to Emmanuel’s departure.
I'm with you. Let the rats take the blame for cutting off the parasites' tar tar sauce.
The banks are not lending to those business people who can actually make money with the loan. They are not taking any chances.
Maybe Emanuel saw this fiasco coming, and that's why he departed.
I’m not sure since I would guess that the 15% going to be 28% bracket comprises most of the people in Bwaaney Fwank’s district and others like him, I doubt come the first payday in Jan they are gonna be all that happy that some Wall Street speculator is gonna pay 3 points more while they take a 90+% increase in rate.
The Constitution and tradition demands that it happen but, like so many other requirements, the Founding Fathers were too naive to be able to imagine that abuses and incompetencies beyond their ability to imagine would bring the whole system down. Criminal tendencies, ignorance and incompetence creating the perfect economic storm.
With, literally, no way out.
I predict the shortest SOTU speech since G. Washington:
"Things are not too good.
We are working on it.
The End."
By allowing the 2001 tax cuts to retire, Congress would be increasing the bottom rate from 10% to 15% and the 20% bracket to 25%.
Do the math :
Raising the 10% bracket to 15% represents what percentage of increase? Hint: The correct answer is NOT 5%.
Raising the 20% bracket to 25% represents what percentage of increase? Hint: The correct answer, again, is NOT 5%.
Finally, raising the 35% bracket to 39% represents what percentage of increase: Hint: The correct answer is NOT 4%.
Extra credit question: People in which tax bracket will see the largest percentage of increase in their taxes?
Extra , extra credit question: People in which tax bracket will see the smallest percentage of increase in their taxes?
To those moving from the 35% to the 39% tax bracket...that’s roughly an 11% increase in taxes.
From 20% to 25%...that’s a full-blown 25% increase in taxes.
To those moving from the 10% bracket to 15%, their taxes will be increased by a whopping 50%.
So the low-income people get their taxes raised even more when seen as a percentage. And the rich folks lose a higher magnitude of money...but the percentage compared to what they already make is lower.
(posted by a freeper whose name I can’t recall-from about 6 months ago)
And Obama knew this and he gets to ‘look’ like he wanted to work it out but they will all be voted out so politically AGAIN it is a win win for Obama.
New manager comes to work, finds three envelopes in his desk drawer with a note saying “Open Only In Case of Emergency”.
Envelope #1: Blame Your Predecessor
Envelope #2: Blame Your Staff
Envelope #3: Prepare Three Envelopes
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