They first expired Dec 2010, who was president then and who controlled both houses of congress?
I agree 100% on the tax problems in this bill. That said, if the economy still stinks this doesn’t help Obama one bit. The tax cuts do expire at the end of 2012, but a new congress and president can put them right back into place during the month of January when we win. If Obama gets reelection, yes, the taxes are going up, but everyone on both sides are on record that taxes going up in a recession are bad...and unless we see substantial growth in the next 15 months, the economy and jobs will still be poor...the looming tax hikes are going to further hold the economy down. In the ivy league towers this may seem like a great plan, but like everything else in liberalism, the reality is a suppressed economy. Business now has a new 60 pound weight on their shoulders because their fiscal year 2012 and 2013 budgets are now weighted down. The lack of spending cuts, deficit reduction, and any progress on debt control are going to further impact an already ailing economy.
Now don’t get me wrong, I would vote this bill down in a second because it is a piece of garbage, but I don’t think it is much of a help to Obama’s reelection nor going to help improve the economy to benefit their party. I am sorely sickened by the inclusion of this idiotic super committee and the ramifications may be very bad for our country. That said, I don’t think this does a damn thing to help the Democrats in 2012....assuming our side doesn’t screw it up.
Not happy with the GOP? Looks like Karl Denninger will have to vote for Obummer again in ‘12.
Creative accounting.
The author’s correct, if a little slow on the take.
Plus, there’s another wolf in the room. If this bill passes, Congress will have abdicated their legislative authority to an unelected 6-member extra-Constitutional body. We’ll not even know their names before this bill is brought to the floor. This 6 member so-named “Super Committee” will have more legislative power than both houses of Congress combined. The Omoslem’s extra-Constitutional czars pale in comparison. Disgraceful!!
Everyone seems to be forgetting why Obama gave his OK to extending the Bush tax cuts in 2010. The reason was that those cuts removed many low income taxpayers from the tax roles and gave a substantial tax cut to those with modest incomes. So failing to extend the Bush tax cuts would have a huge impact on those in the lower income brackets a majority of which are Obama supporters with a capital D.
Looking ahead Obama could see that negotiating a revised tax code to retain the Bush tax cuts for the lower income brackets and reimposing higher taxes for those filthy rich and mostly Republican taxpayers was not going to be a walk in the park - not with the House in control of the GOP and all those new crazy Tea Party types sitting in what where solid Dem seats only a few weeks earlier.
So Obama decided he would simply wait until his 2012 triumph and the return of the House to it’s rightful owner (the Dims) and then he could do whatever he wanted with the Bush tax cuts.
Is he going to see it any differently in 2012, win or (much more likely) lose?
Obama won’t get a 2nd term. The fact that these tax increases are baked into an economy that is already faltering absolutely guarantees higher unemployment. The lousy GDP figures in the revised estimates for the 1st quarter show why UE rose despite the “good” (though fraudulent) numbers. Now, with guaranteed tax increases, businesses won’t be hiring as much, and many will begin to lay off workers again. There will be a sense of malaise not seen in this country since Carter was in office, with similar results. Obama is just a poser, with no clue as to how to steer an economy or be a leader, and both these negotiations and the future course of the economy will prove it beyond a doubt to everyone except a few Kool-Aid drinkers that worship him.
The ironic part is that this would likely have happened to anyone who was President this term. We’ve spent like there’s no tomorrow until...now there really isn’t a tomorrow to speak of. The entire world is crushingly overburdened by debt, and the only 2 ways out are default or hyperinflation (default after making EVERYONE with paper assets broke). For once in his charmed life, Obama has stepped into a steaming pile...so at least there will be a little joy in Mudville when this arrogant poser gets his butt kicked. All that’s needed is someone on the Republican side with more charisma than McCain or a tree stump (take your pick).
yes, IF they are allowed to expire. I’m sure that the tea-partiers are also well aware of this, and it would make a great campaign issue against 0bama and the democrats in the presidential election cycle - particularly since it is highly likely that the economy will still suck (if not into another recession).
They were able to poke a stick in the eyes of the ‘rats once, they certainly will be able to do it a second time to retain or make perminent the cuts. Sucker the ‘rats into thinking otherwise. All the while the rats are screaming about trying to find OTHER ways to increase taxes - methinks they realize this backdoor tax increase will be slammed in their face as well.
The taxes were going to increase anyway. And the FICA decrease was a piddly 2%. Most people didn’t even notice the difference when it expires.
bttt
If the government taxes corporations at a higher rate, either by raising corporate taxes or by inventive new ways of sucking money out of them, it's just going to be passed on to the middle class in the form of price increases.
At some point the democrats are going to get there way and impose "revenue increases" on everyone who currently pays taxes in order to buy the votes of the 47% of Americans that don't pay taxes.