Tea Party Types and GOP: Explain this to me

[30ashopper]

Back to the topic at hand, will House Dems buck the President and Repubs proposal or will it be tax cuts for everyone?

Two year extension on all Bush tax cuts, 2% payroll cut in 2011 (woot!), long term unemployment extensions for 13 months, making work pay and other stimulus credits extended, cap gains stays at 15%, estate and gift tax set at 35% for 5 million or more...

900 billion over two years, no spending cuts in the deal.

My guess is lame duck liberal dems will sak this in the House, and we'll be looking at January before something gets worked out.

On the bright side - according to the president this was a "bipartisan framework" crafted by him and republican leaders where both sides had to agree to things they didn't like. This bodes well for the next congressional term.

 

[Matt J]

I'm confused and probably just too young to understand, but try to follow me.

The 2001 and 2003 Bush tax cuts were sold as a way to stimulate a dulling economy and essentially seem to be the kick off to our current economic woes. I'm not discounting the mortgage issue, wall Street, or Detroit; but I am curious how people keep missing the symptoms and seem hell bent on repeating the same mistakes?

I understand that people dislike taxes and government waste, but at the rate that people want taxes cut, even with budget cutting, we'll still be left with a giant debt that we are only paying the service on. It seems that the Tea Party and the conservatives are chanting a drum about looking out for our grand children while simply getting a tax cut and passing the mess on anyway.

 

[idlewind]

I'm confused and probably just too young to understand, but try to follow me.

The 2001 and 2003 Bush tax cuts were sold as a way to stimulate a dulling economy and essentially seem to be the kick off to our current economic woes. I'm not discounting the mortgage issue, wall Street, or Detroit; but I am curious how people keep missing the symptoms and seem hell bent on repeating the same mistakes?

I understand that people dislike taxes and government waste, but at the rate that people want taxes cut, even with budget cutting, we'll still be left with a giant debt that we are only paying the service on. It seems that the Tea Party and the conservatives are chanting a drum about looking out for our grand children while simply getting a tax cut and passing the mess on anyway.

Extending these rates is not a "tax cut" it is an extension of the status quo. Failure to extend represents a tax INCREASE. And as a means of increasing income tax revenue the Bush tax cuts were a success:
Federal Government income tax revenue:
2001: 1,145.4 (billions)
2008: 1,450.1 (billions)
Percentage change:+26.6%

We do not have a revenue problem, we have a spending problem.

 

[poppy]

Extending these rates is not a "tax cut" it is an extension of the status quo. Failure to extend represents a tax INCREASE. And as a means of increasing income tax revenue the Bush tax cuts were a success:
Federal Government income tax revenue:
2001: 1,145.4 (billions)
2008: 1,450.1 (billions)
Percentage change:+26.6%

We do not have a revenue problem, we have a spending problem.

Recalculate your figures in constant dollars and see what happens.

 

[Rita]

Extending these rates is not a "tax cut" it is an extension of the status quo. Failure to extend represents a tax INCREASE.

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I could see the failure to extend as a tax increase if it had not been a temporary cut - to stimulate the economy. If it were to have been a permanent tax decrease, then it should have been a change to the tax laws as opposed to a stimulus.


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