"WASHINGTON – A massive bipartisan tax package preventing a big New Year's Day tax hike for millions of Americans is on its way to President Barack Obama for his signature.
The measure would extend tax cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage.
In a remarkable show of bipartisanship, the House gave final approval to the measure just before midnight Thursday, overcoming an attempt by rebellious Democrats who wanted to impose a higher estate tax than the one Obama agreed to. The vote was 277-148, with each party contributing an almost identical number of votes in favor (the Democrats, 139 and the Republicans, 138)."
Source: Associate Press, "Bill preventing big tax hikes heads to Obama", By Stephen Ohlemacher (read more here).
It's a Christmas miracle and a blessing: Way to go Congress! I must say that I, for one, am both truly impressed and quite frankly amazed. Somehow, I didn't see the left-wing opposition going down quite so easily. Perhaps the President will be successful in achieving bi-partisan measures during the remainder of his term after all.
Showing posts with label taxes. Show all posts
Showing posts with label taxes. Show all posts
Friday, December 17, 2010
Tuesday, December 07, 2010
President Supports Middle Class Tax Cuts Extension: Well Done Mr. President
I have to say that for almost the first time since President Obama took office, I am proud of him for putting his foot down, embracing reality and doing what he needed to do in order to look out for us, "We the people."
The President is absolutely right: continuing to stay on partisan fighting lines, quibbling over ideology, would only hurt the American people when the amount of money that they had "in their pocket" to pay bills and to try to make ends meet in this lousy economy would be further depleted by tax credits expiring Dec. 31, 2010. I've heard estimates that the average amount required to be paid out by a middle income family (without the extension of these tax credits) would be about $3,000 on average. In terms of percentage, I have heard that if the tax cut extensions are not passed that the lowest middle class tax bracket will go from 10% tax on income to 15%. That's a 50% increase in the taxes paid!
It's funny; Democrats like Nancy Pelosi and Harry Reid could seem to care less about our nation's rising national debt up until now. They want to spend, spend, and spend without a thought about the legacy of mounting debt that we leave to our children. But now that these "middle class" tax cuts have been extended, all of the sudden Democrats are hollering and whining about our mounting national debt and how "Now is not the time to extend tax cuts for the (cough, cough, choke) 'wealthy'"?!? Talk about hypocrisy!!! Since when is "middle class" wealthy? And it's not like this is entitlement spending ... It's just letting those that actually put money into the system keep a little bit of what they have during these tough economic times, in the hopes that doing so will help to get the economy moving once again.
Well done, Mr. President: you did the right thing in this instance and history, not to mention "We the people", will remember you favorably for your courage in standing up to your own party hard-liners and your willingness to compromise so that the people would not have to suffer in the name of party ideology.
The President is absolutely right: continuing to stay on partisan fighting lines, quibbling over ideology, would only hurt the American people when the amount of money that they had "in their pocket" to pay bills and to try to make ends meet in this lousy economy would be further depleted by tax credits expiring Dec. 31, 2010. I've heard estimates that the average amount required to be paid out by a middle income family (without the extension of these tax credits) would be about $3,000 on average. In terms of percentage, I have heard that if the tax cut extensions are not passed that the lowest middle class tax bracket will go from 10% tax on income to 15%. That's a 50% increase in the taxes paid!
It's funny; Democrats like Nancy Pelosi and Harry Reid could seem to care less about our nation's rising national debt up until now. They want to spend, spend, and spend without a thought about the legacy of mounting debt that we leave to our children. But now that these "middle class" tax cuts have been extended, all of the sudden Democrats are hollering and whining about our mounting national debt and how "Now is not the time to extend tax cuts for the (cough, cough, choke) 'wealthy'"?!? Talk about hypocrisy!!! Since when is "middle class" wealthy? And it's not like this is entitlement spending ... It's just letting those that actually put money into the system keep a little bit of what they have during these tough economic times, in the hopes that doing so will help to get the economy moving once again.
Well done, Mr. President: you did the right thing in this instance and history, not to mention "We the people", will remember you favorably for your courage in standing up to your own party hard-liners and your willingness to compromise so that the people would not have to suffer in the name of party ideology.
12/8/2010 Well, I guess that the Republicans held out for extension of tax credits for incomes beyond $250,000. I must say, I am disappointed in the Republican Party for doing this. Seems THEY (the Republicans) are willing to stalemate at the expense of "We the people." Very sad indeed!! The Republicans should have been willing to settle for up to and including $250,000. I guess, the Republicans want to clearly set the tone for future "compromise" early on in this congressional session?
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