Posted on 12/08/2002 8:50:03 AM PST by sarcasm
WASHINGTON (Reuters) - Key Senate Democrats stepped up a campaign on Sunday for tax cuts that favor the working class, arguing that the Republican plan gives too much to the wealthy and adds to a large and growing government debt.
The minority party in Congress also hopes to convince their Republican rivals to pare back proposed tax cuts to struggling U.S. corporations.
Their chances of doing that improved slightly on Saturday with the victory of Democrat Mary Landrieu in a run-off in Louisiana, giving the Democrats 48 seats in the Senate, against 51 for the Republicans and one independent.
``I've fought to try to make the tax package work for the people of Louisiana,'' Landrieu told Fox News Sunday. ``Ninety-five percent of the people of Louisiana have incomes under $75,000 and I want a tax cut with those people in mind.''
The Business Roundtable, an influential group of corporate chief executives, supports that notion, she noted, as does Pete Domenici, a Republican from New Mexico expected to take over as chairman of the Senate Budget Committee in January.
``We need short-term stimulus for this economy and that means putting money into the hands of ... working families,'' Sen. Joseph Lieberman, a Connecticut Democrat and possible presidential candidate in 2004, said on the same program.
Lieberman also said he will fight to get some additional investment in public works, an idea that harkens back to Franklin Roosevelt's New Deal -- putting federal money to work and creating jobs in projects administered by states and local governments.
Sen. John Corzine, a New Jersey Democrat and former Wall Street insider, echoed Lieberman and Landrieu in his call on Fox for tax cuts for the average American, and their characterization of Republican proposals as tax cuts for the rich.
``I've been an advocate ... of payroll tax reductions or holidays to take up some of the excess in the economy,'' Corzine said, saying tax cuts could be tailored to benefit consumers and middle-class taxpayers as well as corporations.
Corzine called for a real shake-up in the Bush administration's economic thinking, not just a change in image following the departure of Treasury Secretary Paul O'Neill and economic adviser Lawrence Lindsey on Friday, heaping praise on President Bush's reported choice to replace Lindsey, former Goldman Sachs Group chairman Stephen Friedman.
``I think Friedman's a very capable man,'' said Corzine. ``He's intellectually disciplined in how he approaches problems. ... He is a vice chairman of the Concord Coalition that's interested in long-term fiscal discipline for the economy.''
``The administration has been too ideological, adhering to supply side economics. ... Hopefully there will be a real debate about all of the supply side tax cuts,'' he said.
Friedman ``can be less of a policy composer than an analyzer of the outcome'' of tax and fiscal policy, Corzine said. ``If we have all that potpourri of tax cutsparticularly at the high end ... we're not going to have the resources to pursue America's interests around the globe.''
It's shrewd and it might well work if Bush can't get folks to see the economy's improvement.
THESE people really are idiots aren't they - biting the hand that feeds them....why don't we just destroy U.S. corporations right now....take everything they have, and join the socialists of the world? They (the socialists) have been SOOOOOO successful! (/sarcasm)
They have no money to invest for retirement now. That's why they need a tax cut.
At least the debate has been framed not by IF there will be tax cuts, but only who will recieve them...a big step forward.
That's not how I'd characterize a cut in the payroll tax. I'M FOR A CUT IN THE PAYROLL TAX -- IT'S WAY TOO HIGH RIGHT NOW. IT's approximately 15 percent when you combine the employer and the employee's contributions. That makes it expensive for employers to hire -- and for employees to live on their salaries, because so much is taken out by gubment. THIS IS AN IDEA THE GOP SHOULD TAKE UP, NOT TRASH.
I agree that US corporations are probably way over-regulated--which is where a lot of the money goes now. But let's be realistic about this. Any money saved in taxes is not going to go to American workers or result in cheaper goods. The politicians are flooding the country with foriegn workers and illegals who are depressing American wages. The money saved in taxes will go to CEO's, Wall Street, and congressional campaigns. If you still have a job, you will pay just as much for the goods as you do today--probably a little bit more. This is how it has been going for years.
Exactly...tweak it in committee to be a more broad based, across the board tax-cut. And cut some gov programs while you're at it.
The Democrats are proposing a one time tax cut of Social Security taxes. People will only pay part or none of their social security taxes for one year. The second year the Social Security taxes go back to normal. It is a one time tax cut. Now the only way to pay for that is to raise the taxes on corporations or take it from the elderly. They propose takeing from the "Rich and American Corporations"
So here is the deal. Working class people will get 6 or 7 hundred dollars cut from their Social Security taxes for one year. What will they do with it this one time cut?
Since it is a one time deal people won't use it to make payments on a new car or a house or financed home improvements. They don't have the payments now, and a year after the one time cut they won't have the payments again.
It seems logical to say they will spend it on things like a new cheap computer, or a big screen TV, DVD player, sexy new video games for the kids or some nice new clothes? It would not buy a famliy vacation. It is Kohls and WalMart time with the tax cut.
So who will be put to work to make these things? Can you say Asians? The Democrats have an economic stymulus package designed to put Japanese,Koreans, and Chinese back to work. Chinese workers need Jobs and Democrats plan to give them jobs.
This works from two levels. By increasing taxes on the "Rich Corporations" they insure they do not have money to expand, rebuild and hire Americans and by giving money to spend on consumer goods to people we will see more of what we see right now. Walmart will be doing record business selling imports while American workers in non retail jobs get pink slips.
The MONEY SAVED will go to PEOPLE WHO PAY TAXES!!!!!!!!!! People like my husband and I, and millions of others who are NOT CEO's....and although we own stock and contribute to congressional campaigns, it isn't that much! We do however, PURCHASE goods like a FORD pick-up....home type goods, etc......NO, we don't have our "servants" do it! Sheesh.
That being said, I am all for across the board tax cuts, and I do not want Social Security to become an entitlement program, but what the Hell I will accept the money with a smile on my face.
Even though I know it was the DemonRats that proposed my refund check of last year, and that it was only an early refund (as opposed to waiting for April 15th to see the benefits), I gladley accepted it and spend it.
I happen to be in a $75,000-$100,000 a year income level family so I don't know if I would benefit or not, but anytime Washington suggests sending back money to the people it belongs to, instead of investing in another unneeded social program, and allows the taxpayers to spend their own money as they see fit, I say HOORAY!!!
Although I also believe in trickle down economics, I see a benefit (even if it is short term) in infusing the economy with extra cash. And as of right now, this economy needs it.
Don't hold your breath.
Right! The fact that the 'rats are proposing tax cuts is huge victory of principles for the republicans, they just need to play this out correctly. Maybe by adding on a roll back in the gas tax, as an addendum to this bill.
Why, its tantamount to pushing Granny in her wheelchair over the cliff!
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