Existing law provides for the tax cuts to expire. That's the design of the law passed in 2001.
Believing Lies
- Thread starter Crashk
- Start date
Existing law provides for the tax cuts to expire. That's the design of the law passed in 2001.
cawacko
Well-known member
Yes. And Congress and Obama have the option to extend them if they so desire. The 2001 law doesn't say Congress and the President in 2011 don't have the option to extend them.
Well, all laws can be changed.
cawacko
Well-known member
You are correct they can.
Say the Patriots GM signs Brady to a five year deal. Then in five years the Patriots have a new GM when Brady's contract is scheduled to expire. Does the new GM just sit there and say 'well the previous contract expired after five years by design' so it's not our responsibility or we should just sit back and do nothing?
Obviously sitting back and doing nothing and letting Brady go is one option. Another option is re-signing Brady.
Obama can sit back and let the tax cuts expire as they are scheduled to do or he can choose to renew them (or some of them).
cawacko
Well-known member
Great, thanks for that insight. Has absolutely nothing to do with what we are discussing.
bho and the dems in congress want to extend the tax cuts for the 98% of the population earns $250,000 or less
the reps in congress want to extend all the tax cuts including the ones for the 2% of the population that earns more than $250,000 per year
the reps in congress want to extend all the tax cuts including the ones for the 2% of the population that earns more than $250,000 per year
Crashk
Unite or Die
yep there we go again.
we all know that the tax cuts for Bush's base are going to expire. Republicons are fighting hard for their corporate backers. Obama has promised tax cuts for the middle class and small business. Republicons are against this. We know this!
That's not the subject. Faux news tried to blame the tax hikes on the rich on Obama. Untrue and you guys can't stay on subject.
we all know that the tax cuts for Bush's base are going to expire. Republicons are fighting hard for their corporate backers. Obama has promised tax cuts for the middle class and small business. Republicons are against this. We know this!
That's not the subject. Faux news tried to blame the tax hikes on the rich on Obama. Untrue and you guys can't stay on subject.
The analogy isn't a good one. A more appropriate analogy would be a contract where a GM signs Brady for life and under the contract Brady is schedule to earn 10 million a year for the next ten years and then 2 million a year thereafter and a new GM in year 10 decides that he doesn't want to change the contract to have Brady earning 10 million when the 10 years is up.
cawacko
Well-known member
If Obama extends the Bush tax cuts for 98% of the people and lets the tax cuts for the top 2% expire is that a tax increase for the top 2%?
In essence, yes, it would return to their former rate before the tax breaks.
cawacko
Well-known member
How would he have signed a life contract? If the tax cuts had been made permanent in 2001 that would be equivalent of a life contract. Instead, as you have stated, the tax cuts signed in 2001 were scheduled to expire in 2011. That is not a life contract.
Well, people were required to pay taxes before 2001 and people are scheduled to pay taxes under existing law after 2011 so the contract isn't merely for 10 years but forever. For a 10 year period the terms of the contract were more favorable to the taxpayer and after that 10 year period the terms are less favorable but the basic obligation to pay remains.
cawacko
Well-known member
The thing is the option exists to continue to make the rates more favorable to the taxpayer. That's why I don't understand calling what Hannity said a lie. And I'll state as a side note I do not like Hannity. I think he's an arrogant, loud mouth fast talking East Coast/New York prick. I don't like his attack and try to score a point on every little comment someone makes style. So I'm not trying to defend Hannity but there was no lying going on.
cawacko
Well-known member
the opening post was about Hannity supposedly lying because he said Obama was going to raise taxes. That is what I have been responding to.
cawacko
Well-known member
yes, we are back to the semantics game.
But it's neither semantics nor a game. The Bush tax cuts expire in 2011 and according to the law the Republicans passed taxes increase thereafter. Obama had nothing to do with that law. The most you can accurately say if Obama does nothing is that Obama allowed scheduled tax increases to take effect and did not himself cut taxes.
cawacko
Well-known member
In the video Obama says taxes are scheduled to go up next year. Hannity said that will happen. So again yes, if Congress and President Obama do nothing about the expiring tax cuts peoples taxes will increase.