Top 5 Problems with the Tax Deal

[signalmankenneth]

Everyone knows that the "deal" that President Obama agreed to with Republicans will extend George W. Bush's reckless millionaire tax bailout--but what a lot of folks don't realize is that there are lots of other terrible parts of it, too.

Unemployed Americans desperately need their benefits extended to get by in this economyso Republicans held them hostage to force through a slew of horrible economic policies in this deal.

Problem #1: The deal is a stealth attack on Social Security.

The deal will lower the payroll taxthe tax that funds the Social Security trust. This is a trap for Democrats. Republicans have been coming after Social Security for years and this cut is the biggest threat to the vital program in decades. It will cut one-third of Social Security's funding this year alone and when we need to restore the payroll tax back to its current level, Republicans will cry "tax increases" and could gut it permanently. 1

Problem #2: For nearly one in three workers, it's a tax increase.

Nearly 50 million working Americansincluding all workers making less than $20,000 per yearand millions of federal, state, and municipal workers will see their taxes go up because of the deal.2

Problem #3: The deal has not one but TWO millionaire bailouts.

In addition to extending all the Bush income tax breaks for the top 2%, the deal will slash the estate tax. If Congress did nothing, next year the estate tax would be 55% and apply to everyone inheriting $1 million or more. But the deal reduces it to 35% and only people who inherit more than $5 million will have to pay. This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.3

Problem #4: Unemployment help is insufficient and inadequate.

While the deal extends unemployment benefits for another 13 months for people currently receiving it, millions of unemployed workers who've struggled the most and been out of work more than 99 weekssince the giant Wall Street banks wrecked the economywill get no help at all under the deal.4 It's a gamble that there will be jobs in the next 13 months when the insurance runs out, but the tax cuts will go well beyond that. Better to just pass a stand-alone unemployment extension to help all struggling Americans.

Problem #5: Tax giveaways to the rich are a terrible way to create jobs.

Tax breaks for the rich are the least efficient way to create jobs and help the economy grow. In fact the nonpartisan Congressional Budget Office says extending all tax cuts would lower unemployment only 0.1% to 0.3% over the next year5 and that the cost of the tax deal would be $900 billion over the next five years.6

MoveOn.org

 

[Dixie - In Memoriam]

Everyone knows that the "deal" that President Obama agreed to with Republicans will extend George W. Bush's reckless millionaire tax bailout--but what a lot of folks don't realize is that there are lots of other terrible parts of it, too.

Then why did Obama and Democrats go along with it? Democrats have the White House AND BOTH Houses of Congress... full majorities until January! If this was such a terrible and reckless deal, why did Democrats allow it to pass? Are Democrats terrible and reckless? Should they not be in the majority anymore?

Unemployed Americans desperately need their benefits extended to get by in this economyso Republicans held them hostage to force through a slew of horrible economic policies in this deal.

Again, Republicans do not have enough votes to override anything the Democrats want to pass. This is precisely why we have Obamacare! Not a single Republican supported it, and still, Democrats passed it into law. Now, this is the very SAME Congress... how is it you figure Republicans held someone hostage?

Problem #1: The deal is a stealth attack on Social Security.

The deal will lower the payroll taxthe tax that funds the Social Security trust. This is a trap for Democrats. Republicans have been coming after Social Security for years and this cut is the biggest threat to the vital program in decades. It will cut one-third of Social Security's funding this year alone and when we need to restore the payroll tax back to its current level, Republicans will cry "tax increases" and could gut it permanently. 1

I think you need to check into who's idea the payroll tax reduction was. I think you will find, this was a Democrat proposal. Before there was any talk of extending the Bush tax cuts, when Democrats thought they were on the road to letting them expire, they (specifically Obama and Biden) suggested a payroll tax cut instead of renewing the Bush tax cuts. So, this was an Obama/Biden idea, from the Democrat side, not the Republicans.

Problem #2: For nearly one in three workers, it's a tax increase.

Nearly 50 million working Americansincluding all workers making less than $20,000 per yearand millions of federal, state, and municipal workers will see their taxes go up because of the deal.2

This is just plain false. Not sure where you obtained this lie, but nothing changes with regard to the income tax rates for any person, again... it is the EXTENSION of the tax rates already in place now.

Problem #3: The deal has not one but TWO millionaire bailouts.

In addition to extending all the Bush income tax breaks for the top 2%, the deal will slash the estate tax. If Congress did nothing, next year the estate tax would be 55% and apply to everyone inheriting $1 million or more. But the deal reduces it to 35% and only people who inherit more than $5 million will have to pay. This second bailout will give a gigantic tax giveaway to a few thousand of the richest families in the country and add hundreds of billions to the national debt.3

Again, you are just flat out wrong, and spreading disinformation. First of all, there is no evidence that every person who dies and leaves an estate behind, is rich. Secondly, it has never been fair to impose a tax on assets which have already been taxed, simply because the owner of the assets died. Currently, the estate tax is 0%. Through amended legislation following the Bush Tax cuts, it is scheduled to return to 35% for 2012, but with expiration of the Bush tax cuts, it would have gone to 55% for 2011.

But now, I still want to know, if this is such a terrible awful bill, and will add billions to the debt, etc.... WHY did Democrats pass it? Why did the totally and completely controlled-by-Democrats Congress, pass such a disastrous piece of legislation? Republicans couldn't have stopped Democrats from doing whatever they wanted to do with regard to this. They don't have the votes to block anything the Democrats want to push through until January. So why do you continue to frame this, as if George W. Bush is still president, and he has a full majority Congress, not allowing the Democrats to do a thing? Why do all of your arguments fail to grasp the reality of the situation entirely?

Problem #4: Unemployment help is insufficient and inadequate.

While the deal extends unemployment benefits for another 13 months for people currently receiving it, millions of unemployed workers who've struggled the most and been out of work more than 99 weekssince the giant Wall Street banks wrecked the economywill get no help at all under the deal.4 It's a gamble that there will be jobs in the next 13 months when the insurance runs out, but the tax cuts will go well beyond that. Better to just pass a stand-alone unemployment extension to help all struggling Americans.

Hate to beat a dead horse here, but again... Democrat-controlled Congress... Nancy still has her gavel... Harry still has the floor... Democrats control the House of Representatives, The US Senate, and the Presidency. Yet, it is all somehow the fault of Republicans this is how it went down? Why didn't your Democrat leaders stand up and demand they vote on a stand alone UB extension, and reject the Bush tax cut extension? See... you want to bitch and gripe and complain, but the reality is, this was done by your guys, your party! Republicans don't head any committees, have no power to advance an agenda, can't even introduce new bills... that is under control of YOUR party right now... in both the House and Senate!

Problem #5: Tax giveaways to the rich are a terrible way to create jobs.

Tax breaks for the rich are the least efficient way to create jobs and help the economy grow. In fact the nonpartisan Congressional Budget Office says extending all tax cuts would lower unemployment only 0.1% to 0.3% over the next year5 and that the cost of the tax deal would be $900 billion over the next five years.6

MoveOn.org

Ahh... now it is revealed where this load of horse crap came from! I knew kenny wasn't smart enough to compose something like this on his own. More pure propaganda from the left-wing loons.

Did the CBO tell you whether or not RAISING people's taxes was a good idea in a fledgling and precarious economy? Because that is the question your idiot ass needs to be considering here. We aren't lowering anyone's tax, so it stands to reason it will probably not create any new jobs!

You want to create jobs, kenny? Make the Bush tax cuts permanent, add a tax break for corporations who 'create new jobs in America' and repeal Obamacare. Additionally, get rid of the Capital Gains taxes, and start seriously looking at transitioning to a consumer-based tax system overall. It would create more jobs than we could fill... we might need to actually bus in some more illegal aliens to help us fill the positions!

 

[Topspin]

you should say poor single man kenneth. Maybe if you got a decent job you'd have a babe.

 

[Liberty]

you should say poor single man kenneth. Maybe if you got a decent job you'd have a babe.

Single people pay a lot. Don't they?

I would think kenneth is a women with many kids collecting welfare.

One thing I'd like to point out is the fact that all these unemployed people collecting unemployment need to go find a job so they can start paying taxes again. Most will sit on their butts until they have to get a job, while the workers pay their way.