Panic time: Dems ready to extend Bush tax cuts for the wealthy too?

posted at 8:36 pm on July 22, 2010 by Allahpundit

It’s the wealthy who drive consumer spending and the last thing you want to do in this economy is reduce that by raising taxes on them, so there’s the economic argument for extension. But how will they get away with this among the lefty base? The core electoral argument for passing ObamaCare was that liberal turnout would collapse in the midterms if the Democrats disappointed them by failing on a core agenda item (again). Ending the Bush tax cuts for the rich is pretty core too, though — Obama promised to do it during the campaign — and yet they’re now thinking of extending them for a year, two years, or even more in the name of further stimulus, notwithstanding the deficit-reducing tax revenue that’ll be lost in doing so. It’s a tough choice on the merits — economic health versus budgetary health — but politically I’m surprised that they’d be willing to play chicken with their base. Independents are a lost cause, so at this point, lefty turnout is pretty much their only hope of mitigating GOP gains in the House, no?

The revelation that tax increases could hurt the economy has recently been heard from Senators Evan Bayh of Indiana, Ben Nelson of Nebraska, and, most surprising, even from Kent Conrad of North Dakota. On a scale of unlikely events, this is like the Pope coming out against celibacy. As Senate Budget Chairman, Mr. Conrad has rarely seen a tax increase he didn’t like, but this week he averred that “As a general rule, you don’t want to be cutting spending or raising taxes in the midst of a downturn.”

Over in the House, Bobby Bright of Alabama even dared to defend the rich Americans who Democrats have been pounding for years. “I don’t care if it’s the wealthiest of the wealthy. You don’t raise their taxes,” he told The Hill newspaper. “In a recession you don’t tax, burden and restrict.” Better don the body armor on your next visit to the Speaker’s office, Bobby…

The reality is that the increase in the top marginal income tax rate to higher than 41% will hit the most profitable small businesses especially hard. That’s because millions of business owners pay individual rates under Subchapter S of the tax code. Today, this means they pay the same top rate as the Fortune 500: 35%. But if the 2003 tax rates expire, they’ll suddenly pay more than Goldman Sachs.

Read the whole thing, which ends with a familiar win-win argument about how cutting taxes will generate more growth which in turn will end up reducing the deficit by boosting tax revenue. Naturally, Pelosi’s against the idea of extending the cuts for the wealthiest taxpayers and, last I checked, so is The One, which means we may be headed for some sort of showdown pitting vulnerable centrist Dems as the champions of the rich right before they ask grassroots liberals to come out and vote for them in the midterms. Nuance. Here’s video of (former?) Randian Alan Greenspan siding with Pelosi in the name of deficit reduction. Can’t wait for angry lefties to complain that Kent Conrad et al. are actually further to the right than Alan Greenspan.


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So the season of kiss bottom is upon us already. The Dems rich friends must have been bailing by the droves.

jeanie on July 22, 2010 at 8:39 PM

The WSJ has two different stories up right now that contradict one another… one says they’re extending the Bush tax cuts for everyone but the wealthy, and the other one says they’re just going to extend them…

ninjapirate on July 22, 2010 at 8:41 PM

I don’t believe it. Even though the Democrats are discovering the economy won’t just leap back to life on command from on high, they will not extend these tax cuts. Lady Macbeth, errr Nancy Pelosi, would rather see us all in poverty hell first.

MTF on July 22, 2010 at 8:41 PM

Greenspan is nuts for saying that, his credibility is in tatters.

echosyst on July 22, 2010 at 8:41 PM

This is why. If the tax breaks are allowed to expire on top of the other economic disasters the ‘rats have hit us with, it’s over.

Bishop on July 22, 2010 at 8:42 PM

Whoops, here’s the link on all the taxes coming our way.

http://www.investors.com/NewsAndAnalysis/Article/541131/201007211841/The-Tax-Tsunami-On-The-Horizon.aspx

Bishop on July 22, 2010 at 8:42 PM

Damn, who knew being a self-serving, cut throat, bunch of liars would be so difficult?

AUINSC on July 22, 2010 at 8:43 PM

Not according to tax dodger Timmy

Geithner: Taxes on Wealthiest to Rise

http://online.wsj.com/article/SB10001424052748703467304575383131306753688.html?mod=WSJ_hps_LEFTWhatsNews

Jayrae on July 22, 2010 at 8:43 PM

Dems have never learn that people dont work hard to stand in government handout lines they work hard to become wealthy.

Wealth redistribution is nothing more than stealing from the hardworking to give to the lazy.

William Amos on July 22, 2010 at 8:44 PM

I was watching MSNBC earlier and it is amazing how freely they discuss and hope for “redistribution of income” and “fairness” and “economic equality”. They’re all socialists, as Lady Thatcher said they’re going to fail and run out of other people’s money to spend. Like hell they’ll extend the Bush tax cuts.

Marcus on July 22, 2010 at 8:46 PM

Trial balloon…

I’ll believe it when I see the legislation get drafted, passed, and signed by POTUS… Not a nano-second before…

Khun Joe on July 22, 2010 at 8:47 PM

Democrats = extend tax cuts like Obamacare = Bend the cost curve down

bluemarlin on July 22, 2010 at 8:47 PM

Here’s video of (former?) Randian Alan Greenspan siding with Pelosi in the name of deficit reduction.

He actually doesn’t side with Pelosi. He makes no distinction between $250,000+ and everyone else.

Mark1971 on July 22, 2010 at 8:47 PM

The gaping maw of doom does tend to get people’s attention.

Why am I thinking that the internal polls of the ‘rats must really stink on ice.

CPT. Charles on July 22, 2010 at 8:50 PM

It’s the wealthy who drive consumer spending and the last thing you want to do in this economy is reduce that by raising taxes on them, so there’s the economic argument for extension.

Trickle-down Reaganomics Obamanomics?

Wethal on July 22, 2010 at 8:55 PM

They have two stories out on both sides of this…see which one works politically…

d1carter on July 22, 2010 at 8:55 PM

They should start witha partial elimination of theBush tax cuts, where people who feel they would like their taxes raised pay the higher rate.

MayBee on July 22, 2010 at 8:55 PM

Marcus on July 22, 2010 at 8:46 PM

Like I have told my kids and now my grandkids:

THE FAIR is in OCTOBER (month varies from State to State)

If someone tells you life is fair, they are a fool.

Life is not fair. It’s what you make of it. Period.

seesalrun on July 22, 2010 at 8:56 PM

The core electoral argument for passing ObamaCare was that liberal turnout would collapse in the midterms if the Democrats disappointed them by failing on a core agenda item

That is disgusting!

OldEnglish on July 22, 2010 at 8:58 PM

I guess Babs Streisand has more clout than we imagined.

SouthernGent on July 22, 2010 at 8:58 PM

But how will they get away with this among the lefty base?

Thats easy. Lefties know this this is Hussain trying to win elections in Nov 2010. Its not like he really wants to make life easy for rich people , but he got an election to win so that he can extract the collective revenge of marxists / socialists / leninists / maoists / communists / riwulotionaries / anti-American racists, for which they have waited forever . They know he won’t let them down

macncheez on July 22, 2010 at 8:58 PM

Which way will McCain vote this time?

Wethal on July 22, 2010 at 8:59 PM

And I will also offer:

Everything this Administration does is a trial balloon with a predicated lead weight attached.

seesalrun on July 22, 2010 at 8:59 PM

I guess Babs Streisand has more clsnout than we imagined.

SouthernGent on July 22, 2010 at 8:58 PM

fixed

cableguy615 on July 22, 2010 at 9:00 PM

and yet they’re now thinking of extending them for a year, two years, or even more in the name of further stimulus,

Somehow the year 2013 comes to mind…

Wethal on July 22, 2010 at 9:00 PM

They really must be terrified that the whole thing is gonna collapse despite their great “stimulus” success.

rob verdi on July 22, 2010 at 9:00 PM

I would like to point out that NOW is the time for the most vocal, persuasive, knowledgeable, and free market loving members of the GOP to get in front of every camera, guest post on every blog, and write an editorial for every newspaper they can, in order to define the terms of the fiscal, pro-growth, free market agenda that the U.S. will need to follow in order to save the nation and move away from the plantation style of government our slave masters in the Capitol have designed for us. You must include the repeal of Obamacare and the decentralization of the Federal Beast as part of the overall plan. Strike while the fire is hot. Strike fast and hard. Take every opportunity, and this is an opportunity in case you can’t see one right in front of your face.

Weight of Glory on July 22, 2010 at 9:02 PM

18 months late

Wade on July 22, 2010 at 9:03 PM

No one should be fooled. The liberal politicians that don’t live in liberal wonderland always become conservatives at election time.

docdave on July 22, 2010 at 9:04 PM

18 months late

But still a welcome idea.

MTF on July 22, 2010 at 9:06 PM

Pfffffft….I don’t believe them. This is just scare tactics to try to cover their bu!!s for November. Evah!

sicoit on July 22, 2010 at 9:06 PM

Can you say “consumer strike” to go along with the business capital strike already underway? I knew you could children.

In all seriousness, I could probably live with the increased rates or the reintroduction of phaseouts and the marriage penalty, but both together are going to seriously jam us, and force some serious household rationalization that will be extremely unstimulating.

holdfast on July 22, 2010 at 9:09 PM

So go ahead, lie about it to get the ‘rats through the midterms. Unfortunately for them and everyone else in America, the numbers can’t be hidden: next year is going to be a disaster.

Then in April 2012 people get to see just how badly they were pillaged by PBHO and the demonrats, and it’s on to the 2012 election. How would the left possibly spin that, “Ok we lied to you back in 2010 about the tax cuts, then you got put in the poorhouse because of us, but this time we really mean it when we say taxes will be lowered. Vote for us.”

Bishop on July 22, 2010 at 9:09 PM

The Dems shouldn’t have demagogued the tax cuts in the first place. Now they reap the benefits – and don’t think that Obama’s not going to suffer from a battered economy come 2012.

KingGold on July 22, 2010 at 9:11 PM

After the way the Obama administration played the public and the news media over the Saint Sherrod story only a rube would believe *anything* from the ruling class.

Skandia Recluse on July 22, 2010 at 9:13 PM

But how will they get away with this among the lefty base?

Keep it and then claim that the Dems have now cut taxes by extending them.

tjexcite on July 22, 2010 at 9:13 PM

On the heels of this announcement and what I heard today on Cavuto about a plan to get rid of mortgage and property tax deduction (time to “give back”, dontcha know), I suspect they plan on appeasing the economic ignoramuses on the Left with this exchange of “benefits”. No doubt they’ll argue that home ownership ruined the economy so ideally We’re All Renters Now.

Buy Danish on July 22, 2010 at 9:14 PM

LOL this isn’t cutting taxes this is not raising them. big difference. this keeps the status quo. does nothing to help the economy and in facts hurts it by introducing more economic uncertainity into the equation.

The only way to get out of the mess we are in is too cut spending layoff government employees and allow the private sector to pick up those unemployed. take the savings to pay off the debt.

that is the only way ther eis no other way. Growth alone will not solve this problem, raising noe cutting taxes will solve this problem. It is time for the federal government to get out of the way and allow the free market to function. cut regulations, jobs, entitlements, welfare, wic, food stamps, forgien aid.

unseen on July 22, 2010 at 9:16 PM

the $500 child tax credit also goes away come jan 1. That’s $500 more per family. that’s alot in these times

unseen on July 22, 2010 at 9:17 PM

Using the avg private sector wage (as the taxable income since there are so many variables) that everyone is quoting outside of the MSM, $45,000, and then comparing the 2009 tax table amount to the reset amount for 2001 (pre-Bush tax cut) that will become the federal income tax in 2011; I got this:

2001 $45,000 & married = $6754 in income tax (http://www.unclefed.com/IRS-Forms/taxtables/2001_i1040tt.pdf)
2009 $45,000 & married = $5919 in income tax (http://www.irs.gov/pub/irs-pdf/i1040tt.pdf)
difference $ 835
14.11% increase when Bush tax cuts expire

This is not good for the avg citizen.

So for that federal worker making the $77,000 avg using the same assumptions

2001 = $15,532 in income tax
2009 = $11,631 in income tax
difference $ 3901 in income tax
% difference 33.54%

People are not going to be happy next year, but they just don’t know now what is going to happen to them and this is not the end of the new or increased taxes. Unless they watch FNC or get on the Internet they don’t know their tax future. Stand by . . . .

amr on July 22, 2010 at 9:19 PM

It’s the wealthy who drive consumer spending and the last thing you want to do in this economy is reduce that by raising taxes on them, so there’s the economic argument for extension.

To be fair, Keynesian economics has been demonstrably…refudiated. Therefore it is not necessarily true that a tax increase will hurt the economy, particularly one that has been widely predicted for some time. Allowing the tax cuts to expire and pledging all revenue directly to the national debt seems a prudent thing to do, imho.

alwaysfiredup on July 22, 2010 at 9:22 PM

“On a scale of unlikely events, this is like the Pope coming out against celibacy.”

First, Obowma wants to stop the social engineering of the CRA…

… and now this?

Some thing’s up…

… I have a feeling some thing very bad is heading our way, rapidly.

Seven Percent Solution on July 22, 2010 at 9:23 PM

Here’s PPP on voter ethusiasm…

The enthusiasm gap is still out there and certainly a problem Democrats are going to have to contend with this fall. But it’s not nearly as large as the disparity in interest that helped result in bad Democratic losses in Massachusetts and Virginia so far this cycle.

Our national poll this week found 66% of Republicans ‘very excited’ about voting this fall to only 51% of Democrats, for a 15 point gap.
By comparison the gap was 26 points in Massachusetts, where 89% of Republicans and 63% of Democrats were very excited about voting. It was 26 points in Virginia as well where 64% of Republicans and 38% of Democrats were very excited about voting.

The results of those races certainly don’t bode well for Democratic prospects this fall but it’s still important to emphasize that they were not ‘normal.’ Republicans were so excited about Scott Brown…and Democrats were so unexcited about Creigh Deeds that those races ended up having unusually large enthusiasm gaps. Most races are not going to see the kind of disparity in candidate quality that those did.

SouthernGent on July 22, 2010 at 9:23 PM

The Republicans’ first national mailing for this November election should be a simple tax calculator that even liberals can understand showing Bush tax cuts in and out.

slickwillie2001 on July 22, 2010 at 9:28 PM

Greenspan is nuts for saying that, his credibility is in tatters.

echosyst on July 22, 2010 at 8:41 PM

Nah. Andrea Mitchell just has them in her lock box!

chickasaw42 on July 22, 2010 at 9:34 PM

The .12 gauge shotgun is probably the most diverse weapon out there.

I’d recommend getting one with whatever shells you can find. And get an 18.5″ replaceable barrel for it too.

It’ll be a well aimed hand grenade.

BowHuntingTexas on July 22, 2010 at 9:38 PM

Obama promised to do it during the campaign —


Expiration date…..that should answer some of the questions as to why?

If this is true and ends up happening…..it will be another major left wing talking point biting the dust.

Krugman is probably pi$$ing all over his Victoria Secret satin panties at this very moment.

Baxter Greene on July 22, 2010 at 9:40 PM

Some thing’s up…

… I have a feeling some thing very bad is heading our way, rapidly.

Seven Percent Solution on July 22, 2010 at 9:23 PM

I think you are exactly right….

…….that’s one of the reasons I am voting for you.

Baxter Greene on July 22, 2010 at 9:42 PM

If this is true, barney Frank must be livid. He’s not the white man’s bitch, you know.

ardenenoch on July 22, 2010 at 9:43 PM

Weight of Glory on July 22, 2010 at 9:02 PM

+100.

Take gains, and lock ‘em in. That’s what the progressive caucus has been doing since 2006, that’s what we need to do now.

Eliminate the entire Department of Education, Department of Energy, Department of Labor, Department of Agriculture. Make ‘em start over from scratch to build the beast.

cthulhu on July 22, 2010 at 9:49 PM

Allowing the tax cuts to expire and pledging all revenue directly to the national debt seems a prudent thing to do, imho.
alwaysfiredup on July 22, 2010 at 9:22 PM

No.

Buy Danish on July 22, 2010 at 9:50 PM

I say the GOP should pressure them to let the tax cuts lapse. Make the left explain why their own stated position on those tax cuts is untenable.

CurtZHP on July 22, 2010 at 9:52 PM

My prediction: Democrat infighting will lead to all of the tax cuts expiring.

strictnein on July 22, 2010 at 10:02 PM

I await the mama of all cognitive dissonances: killing the Bush tax cuts then blaming the ensuing economic collapse on Bush.

Don’t think they can? Yes they can!

rrpjr on July 22, 2010 at 10:03 PM

….. – and yet they’re now thinking of extending them for a year, two years, or even more in the name of further stimulus, notwithstanding the deficit-reducing tax revenue that’ll be lost in doing so.

The common misconception, fueled by the Democrats and Libs/Progs, is that tax cuts sacrifice revenue. The fact is that when Bush’s tax cuts were enacted, revenue actually increased at the federal level. As did they under the tax cuts enacted by John F. Kennedy. As did they under the tax cuts enacted by Ronald Reagan.

The major problems which overwhelmed and drained that revenue during George W. Bush’s presidency were: The new Medicare entitlement: Prescription Drug Program; plus the War on Terrorism, a big dollar ticket, along with financial aid to New York and other states in the wake of the 9/11 terrorist attacks; plus the enormous debt incurred in the wake of the Hurricane Katrina disaster.

Without those three major financial demands on the federal treasury, revenues would have actually reduced the deficit.

Plus there’s a third financial burden that Bush inherited from William J. Clinton: Rebuilding the military. Yes, everyone pointed to a “surplus” left by Clinton. But if you look at how Clinton ravaged the military, cutting back on its budget and not allowing the military to spend the money to keep its technology current, that multi-millions that Clinton saved by pillaging the military budgets is what actually made up his so-called “surplus”.

So when 9/11 happened and subsequently Bush sent troops over to Afghanistan and then Iraq, their equipment was woefully outdated. Remember the scandal when Bush was challenged by the Dems in Congress for allowing our troops to go into combat ill-equiped for the task? The vehicles and their uniforms had to be updated and retrofitted with armor, etc. That’s thanks to Clinton’s obsession with leaving a “surplus”, and used the military budget to fund it.

KendraWilder on July 22, 2010 at 10:30 PM

Plus there’s a third financial burden…..

KendraWilder on July 22, 2010 at 10:30 PM

My bad. That’s supposed to read: “Plus there’s a fourth financial burden…..”

KendraWilder on July 22, 2010 at 10:33 PM

Greenspan………..RULING CLASS

Bloomberg………..RULING CLASS

Obama……………RULING CLASS

Pelosi and the other Marxists in Congress?…..wannabes

It’s too late Ruling class….we’re onto you…..one word…


….NOVEMBER!!

PappyD61 on July 22, 2010 at 10:34 PM

This has become about long term political viability for the Democrat Party. Seems they are awakening to the reality that they have been screwing the economic pooch. Liberal “stimulus” has failed, failed, failed. Recent laws passed will prove failures that impede or even prohibit recovery. It is the economy afterall, stupid. And the Democrats are demonstrating over and over that they cannot be trusted with its management.

The Big O going after CRA and now this, maybe they are trying to salvage some economic cred. As it is they are destroyers of opportunity. More of the electorate sees it. Their own base is seeing it. They cannot continue to destroy opportunity and expect to be trusted with power ever again. There could never be enough racial demogoguery to pull it off.

exdeadhead on July 22, 2010 at 10:35 PM

Read the whole thing, which ends with a familiar win-win argument about how cutting taxes will generate more growth which in turn will end up reducing the deficit by boosting tax revenue.

Well, Obama had wanted to raise the capital gains tax even if it would bring in less revenue. Are centrist Dems that much less economically illiterate?

But it seems more likely the Dems will extend the cuts as a way to unfairly blame Bush perpetually for huge deficits.

theperfecteconomist on July 22, 2010 at 10:37 PM

First, Obowma wants to stop the social engineering of the CRA…

… and now this?

POSTURING FOR THE MODERATES / INDEPENDENTS……

….Slight problem, right now the DOTUS is killing his own message by focusing on RACE, and Sherrod, and Vilsack.

Keep it up Barry……..NOVEMBER!!!!

PappyD61 on July 22, 2010 at 10:40 PM

Without those three major financial demands on the federal treasury, revenues would have actually reduced the deficit.

KendraWilder on July 22, 2010 at 10:30 PM

Okay, so how can “tax cuts” actually create and increase federal revenue?

Simple, as historical study after historical study time and again have proven: The more money left in the hands of the private consumer, the more money they have to invest in small businesses and in other spending. More business equals more employed people and vastly lower unemployment.

More employed people equals more income taxes paid. Equals more revenues to the federal treasury.

Tax increases, conversely, reduces the spendable and/or investment reserves the private sector has, and unemployment goes up. Prime example is our current economic reality. Less employed people equals vastly reduced revenues to the treasury, and large outgo due to unemployment benefits.

Plus, another thing that happens, which I’ve been seeing but which few in the media will report: As most people know, during recessions the people most likely to get laid off are the older people who have higher salaries due to seniority, and higher medical expenses demands on group health insurance due to aging health issues. And as a result, anyone close enough in age to qualify for early retirement on Social Security will usually opt to do so because in addition they will get Medicare coverage eventually.

So on top of the unemployment checks burdens during a recession, the feds will have increased demands for Social Security and Medicare benefits.

IIRC, the unemployment rate under George W. Bush was at the most 4%. With that many millions of people being employed, income tax revenues had to be hugely greater than they are under the current 9.7% “official” unemployed numbers.

KendraWilder on July 22, 2010 at 10:45 PM

Some thing’s up…

… I have a feeling some thing very bad is heading our way, rapidly.

Seven Percent Solution on July 22, 2010 at 9:23 PM

This is something to think about Seven Percent…..

What kind of social and government system would this be an example of:

Wealth centered around the central base of power of that country:

America’s 3 Wealthiest Counties Now Ring Washington D.C.

Mark , TraderMark
Published 03/12/2010 – 11:21 p.m. EST
http://www.forexhound.com/article/Stocks/Stocks/Americas_3_Wealthiest_Counties_Now_Ring_Washington_DC/191211

The 3 richest counties in America all now center around Washington D.C. I did some other digging and not only the top 3 are DC centered, but 6 of the top 10 wealthiest communities in America now revolve around Washington D.C. Think about that for a moment – this is a huge country. Once more I reiterate – if your child asks what career to get into – tell them government (especially of the federal kind) or any business serving the federal government.


…..By far the lobbyist,unions,and anyone connected to government work are making out like bandits while the private sector in this country takes a beating.

It’s quite a bubble they live in at Obama’s utopia of government expansion:

Poll: D.C. elites a world apart
By: Andy Barr

Only 27 percent believe the country is headed in the right direction, compared with 61 percent who think the nation is on the wrong track. Likewise, when asked whether the national economy is heading down the right or wrong track, just 24 percent chose the right track, compared with65 percent for the wrong track.

Yet among the 227 Washington elites polled, more think the country is on the right track, 49 percent, than the wrong track, 45 percent. On the economy, 44 percent of elites think the country is on the right track, compared with 46 percent who believe it is not.


…..yea, Obama has everybody singing “Hey Jude” in DC while the rest of the Nation sings “Fortunate Son”.

“The poll highlights in dramatic terms the stark contrasts between D.C. elites and the American people, as D.C. elites are far more isolated from the economic crisis and yet far more plugged into other issues,” said Mark Penn, CEO of Penn Schoen Berland and a veteran Democratic pollster.

…Obama also sits at a 66% favorability rating in DC.
……Obama has expanded government and is killing the Private Sector at such a chilling pace that our Wealth and Power are concentrated in his back yard….

…..I am sure Bill Ayers and Rev. Wright are extremely proud of themselves and their apprentice.

….Of course the system of government that Obama and his Marxist friends love so much are dependent on the submissive masses to slave away for them in a perpetual cycle of poverty…..slowly eliminating the middle class and creating a permanent,entitlement dependent voting block:

Welfare agencies boost voters

By Richard Wolf, USA TODAY
http://www.usatoday.com/news/politics/2010-07-22-1Apoorvoters22_ST_N.htm

A U.S. Election Assistance Commission report in 2007-08 showed 21 states registered less than 1% of voters at welfare offices. Only Vermont, Tennessee and New York registered more than 4% that way.
An increase could help President Obama and his party. A USA TODAY/Gallup Poll in June showed 55% of Americans with incomes less than $20,000 like Obama’s performance, tied for his best showing among income groups.

..Is that not just fantastic……
….Obama has locked up the welfare vote…..those dependent on government handouts…..dependent on the tax dollars provided by the private sector that is taking a major beating.

Fed jobs on the rise while private sector jobs are destroyed by the hundreds of thousands……

……perpetual high unemployment or reduced incomes….

………massive expansion of government regulation and control….

……..disappearing middle class with growth of the lower class and centralized wealth for the ruling class elites.


….But remember….the liberals tell us Obama is not a socialist.

Baxter Greene on July 22, 2010 at 10:45 PM

Hah, the contributions from the “wealthy” to the dems have dried up…what a hilarious circus we witness.

Were it not so devastating to the land, it would be down right comical. Alas, …

Schadenfreude on July 22, 2010 at 11:12 PM

The Bush tax cuts helped destroy the economy, which is why we have to extend them more, to prevent more damage to the economy?

Explain that one to me, please.

Daggett on July 22, 2010 at 11:23 PM

The Bush tax cuts helped destroy the economy, which is why we have to extend them more, to prevent more damage to the economy? Explain that one to me, please. Daggett on July 22, 2010 at 11:23 PM

We’re not dealing with well people here. Pay up and shut up, it just makes everything oh so much easier.

Mojave Mark on July 22, 2010 at 11:25 PM

Hmmmm.

“Hah, the contributions from the “wealthy” to the dems have dried up…what a hilarious circus we witness.”

For the Win!

memomachine on July 22, 2010 at 11:36 PM

With the definition of “wealthy” at stake, they have to extend all or admit that the Bush tax cuts didn’t just go to the really wealthy.

J_Crater on July 23, 2010 at 12:22 AM

Obama is bowing the right way now, or at least faking it good.

Bow down before the people of America and like it!

Kiss that dirt!

After all you are most happy down there, Obummer!

In your element as they say.

Sherman1864 on July 23, 2010 at 12:40 AM

Just wait for the end of the year capital gains sell off, as investors lock in the current 15% rate before it goes to 25%

J_Crater on July 23, 2010 at 1:04 AM

Translation of this headline is “Senate Democrats go trolling for campaign donations by talking about extending Bush Tax Cuts”.

Trust but verify? Hell no. Order another case of popcorn, this could get interesting.

drfredc on July 23, 2010 at 2:21 AM

ninjapirate on July 22, 2010 at 8:41 PM

with this slick weasley administration, I believe the first story over the second…

cmsinaz on July 23, 2010 at 6:36 AM

Independents are a lost cause, so at this point, lefty turnout is pretty much their only hope of mitigating GOP gains in the House, no?

But that’s so hard. We just did this last week, or last year, or something.

Squiggy on July 23, 2010 at 6:44 AM

Never, ever go from a piece on the wannabe SC Senator to one on economics…. reading the name as Alvin Greenespan had me re-read it and the name came out right. What a chilling thought…

This is a purely political ploy to show that there is some ‘centrism’ left in the Democratic Party, and those in ‘Blue Dog’ districts can say they supported this but the mean lefty wing of the party stopped it. In other words: run against your leadership to win.

More popcorn, please!

As for ammo, I recommend one of the search engines for ammo… ammonow comes to mind as it covers shotgun shells in addition to all other regular calibers covered by ammo engine.

In Browning We Trust.

ajacksonian on July 23, 2010 at 6:52 AM

But how will they get away with this among the lefty base?

1) Never trust a Democrat. They “Say” all the taxes will be renewed, but it will be cut in conference after you vote on it to get it past the 60 vote filibuster.
2) Their base understands, sometimes you have to feed the cow if you want to get the free milk.

barnone on July 23, 2010 at 7:10 AM

Extend the cuts along with Cap N Tax…..the great compromise of 2010.

It is coming folks.

angryed on July 23, 2010 at 7:17 AM

Don’t believe it. Remember, there is an election coming up in November, the democrats know that they are in trouble, so now they start talking about extending the tax cuts, that for the last four years or so- they have been blaming the Bush tax cuts for the poor economy. They will say and do anything to get re-elected and when they do- the only talk will be to raise taxes.

flintstone on July 23, 2010 at 8:34 AM

The Bush tax cuts helped destroy the economy, which is why we have to extend them more, to prevent more damage to the economy?

Explain that one to me, please.

Daggett on July 22, 2010 at 11:23 PM

Phil-351 on July 23, 2010 at 10:10 AM

Daggett on July 22, 2010 at 11:23 PM

Not dealing with a full deck. Full onset of BDS. Get help.

Phil-351 on July 23, 2010 at 10:11 AM

Alan Greenspan siding with Pelosi in the name of deficit reduction

1. Now I know he is senile

2. To think he guided this economy towards the end game

Speechless.

I am purged of emotion.

The ship is not just sinking, I just learned it was piloted by the captain of the exxon valdez

entagor on July 23, 2010 at 10:17 AM

I hate to say it (because it will make the tax code even more complicated), but we need to get the Subchapter S companies off of the individual’s tax form, so individual tax rate changes don’t hit them, and so the companies gross revenue doesn’t inflate the owner’s tax bracket.

Then if Congress slams the small business owners on taxes, they will have to do it deliberately, instead of being able to plead “we forgot that the small business reports income on the owner’s tax return”.

LarryD on July 23, 2010 at 10:20 AM

OMG, Demoncrates starting to see the light that the Republic (U.S.) may have been right and are thinking it is OK to extend Tax Cuts.

MSGTAS on July 23, 2010 at 10:41 AM

LarryD on July 23, 2010 at 10:20 AM

That idea makes a lot of sense. Which is why Congress will never do it.

Phil-351 on July 23, 2010 at 10:43 AM