One Reagan Republican makes sense
One Reagan Republican makes sense
#1One Reagan Republican makes sense
Posted: 11/11/10 at 9:24pm
Ronald Reagans old budget director, David Stockman, architect of the largest tax cut in American history, is now saying all the Bush tax cuts should be eliminated, even those on the middle class. He even admits his own party has done too far wit h its anti-tax "RELIGION". He also goes on to say that we now have both parties telling us a Big Lie, when they talk about permanent tax cuts. Yes and that includes the permanent middle class tax cuts President Obama is proposing. The government cannot spend tax dollars and not pay the bills with these tax cuts.
http://www.youtube.com/watch?v=njE-aekeSMM
Stockman looks like Dick Cheney's slightly less evil brother.
1098 did not pass.
Phyllis Rogers Stone
Broadway Legend Joined: 9/16/07
#2One Reagan Republican makes sense
Posted: 11/12/10 at 11:00am
I just don't get how people just swallow the "extending the tax cuts will create jobs!" line. If that were the case, wouldn't the jobs already be being created, since the tax cuts have been in place since 2001 and 2003 - shouldn't we be flush with jobs now?
And Mrs P ain't backing down!
Unknown User
Joined: 12/31/69
#2One Reagan Republican makes sense
Posted: 11/12/10 at 11:11am
It's going to be an interesting fight. I think they need to pass the Democratic plan and let the Republicans do their worst. The way the law is structured, EVERYONE'S taxes go up January 1 if nothing is done, so the argument becomes "John Boehner, are you really saying you'll RAISE taxes on someone making $25,000 if you can't cut taxes on millionaires?" The Republican battle cry is shaping up as "Raise taxes on some, you raise taxes on all" which is an indefensible position any way you look at it.
And beware of anyone calling this "Obama's Tax hike." He has NOTHING to do with this- George Bush engineered this plan with a built in jump in taxes for all Americans in 2011. It's HIS tax hike. The questions is- should it be on all Americans or the wealthiest 2%.
#3One Reagan Republican makes sense
Posted: 11/12/10 at 11:23amIf I had to guess, I think the outcome will be that the middle class cuts will be made permanent, and the $250k+ cut will be extended for two more years.
Unknown User
Joined: 12/31/69
#4One Reagan Republican makes sense
Posted: 11/12/10 at 11:38am
Oh, and it's been pretty well proven that if you give money to the "middle" and lower classes, that money goes immediately into the economy. The $300 checks that the government sent out in 2001 went for crazy things like groceries and utility bills when received by people for whom $300 was a significant windfall. So you can make the argument that a tax hike (even if it works out to a couple dollars a week, as it would to folks making $25K a year) would diminish the money going into the economy.
But, conversely, the wealthy among us are already banking any extra cash. A tax hike isn't going to make a big difference in their spending.
A hundred million average Joes deciding he can afford a Starbucks Latte instead of a $1 coffee at McDonald's makes a big difference in the economy.
Gothampc
Broadway Legend Joined: 5/20/03
#5One Reagan Republican makes sense
Posted: 11/12/10 at 11:43am
"I just don't get how people just swallow the "extending the tax cuts will create jobs!" line."
Right now people are holding tightly to their money. The government wants to get people to start spending money to stimulate the economy.
If tax cuts expire, people will pay more in taxes, therefore they won't have that money to spend. Not spending money means the economy gets worse meaning companies layoff workers.
If the government can get the economy going again, a healthy economy will create more jobs.
#6One Reagan Republican makes sense
Posted: 11/12/10 at 11:53am
Wow, a reasonable post with which to disagree...
I don't buy the premise that people are holding onto their money BECAUSE of the possibility that taxes may go up in January. There may be overall concern about job security and unemployment, but frankly, I don't think people are not spending money now because they're afraid their taxes may go up.
"If the government can get the economy going again..."
At least it's good to hear you say that the government has a role in getting the economy going again. Beyonds tax cuts, what would you suggest?
Phyllis Rogers Stone
Broadway Legend Joined: 9/16/07
#7One Reagan Republican makes sense
Posted: 11/12/10 at 11:58amAnd how will will extending the Bush tax cuts get the economy going, when they have been place for years?
Unknown User
Joined: 12/31/69
#8One Reagan Republican makes sense
Posted: 11/12/10 at 12:11pm
American Businesses are sitting on more capital than ever in the history of man. And still it is not enough for them.
Either they are unimaginably greedy or they actually WANT the economy stagnant- why do you suppose that is?
Gothampc
Broadway Legend Joined: 5/20/03
#9One Reagan Republican makes sense
Posted: 11/12/10 at 12:12pm
"I don't buy the premise that people are holding onto their money BECAUSE of the possibility that taxes may go up in January."
People have been holding on to their money long before the tax issue came up. The reason we have a 9% unemployment is because people aren't spending.
The reason I believe Obama and his "shovel ready" jobs was a load of crap was because the jobs were just things like paving highways which employ people for about 3 months. The US needs steady, ongoing jobs. There needs to be something manufactured on a regular basis (Starbucks coffee, Kentucky Fried Chicken, dvds, computers, etc). Things that people are going to continually spend money to buy or maintain.
I don't agree with it, but one thing the Democrats should do now is allow credit card interest to be a deduction on the tax return. That's the way it was in the 1970s. If people see a break on credit card interest, it may entice them to start spending.
I also don't agree with it, but another $600 check in the mail certainly wouldn't hurt.
The main point is that people need to see that Obama (ie the Democrats) are intersted in getting money in their pockets, not taking it away from them.
Unknown User
Joined: 12/31/69
#10One Reagan Republican makes sense
Posted: 11/12/10 at 12:24pmSee, Goth this is where your "I only watch fox News" mentality gets you- Obama has done NOTHING but put money in people's pockets. NO tax increases and in fact, a TAX CUT on about 95% of taxpayers.
Unknown User
Joined: 12/31/69
#11One Reagan Republican makes sense
Posted: 11/12/10 at 12:26pmAnd I think encouraging people to put more on plastic is a flat out horrible idea.
Gothampc
Broadway Legend Joined: 5/20/03
#12One Reagan Republican makes sense
Posted: 11/12/10 at 12:42pm
Well Joe, perhaps Gibsy's not doing his job because nobody even noticed.
And those tax cuts are offset by the huge spending that Obama has done. Who do you think paid for things like "Cash for Clunkers"? That came from the taxpayers.
Link
Phyllis Rogers Stone
Broadway Legend Joined: 9/16/07
#13One Reagan Republican makes sense
Posted: 11/12/10 at 12:53pmYeah, I don't get why credit card interest was ever tax deductible in the first place.
Unknown User
Joined: 12/31/69
#14One Reagan Republican makes sense
Posted: 11/12/10 at 12:55pmWow, so you admit that what is being reported in the media -- and by YOU-- is actually a lie and the truth is 180 degrees different? And somehow that's the Press Secretary's fault?
Unknown User
Joined: 12/31/69
#15One Reagan Republican makes sense
Posted: 11/12/10 at 1:32pmPhyllis, that deduction was VERY popular with the voters. I remember a huge outcry when it was eliminated.
Gothampc
Broadway Legend Joined: 5/20/03
#16One Reagan Republican makes sense
Posted: 11/12/10 at 1:42pm
"Yeah, I don't get why credit card interest was ever tax deductible in the first place."
Because liberals want to spend money but have someone else help them pay it back.
Unknown User
Joined: 12/31/69
#18One Reagan Republican makes sense
Posted: 11/12/10 at 1:51pm
Goth, you are the only one I've heard calling for the tax deduction on credit card debt...So YOU are "the liberals" now?
#20One Reagan Republican makes sense
Posted: 11/12/10 at 2:04pm
Of course, goth added the brilliant conservative dodge: "I don't agree with it, but one thing the Democrats should do now is . . ."
#21One Reagan Republican makes sense
Posted: 11/12/10 at 2:16pm
"The reason I believe Obama and his "shovel ready" jobs was a load of crap was because the jobs were just things like paving highways which employ people for about 3 months. The US needs steady, ongoing jobs."
Even if the stimulus wasn't going to create long-term jobs, it would put people to work, and enable them to spend money, which we both agree is necessary to get the economy going, which would then enable the long-term jobs. That said, much of the stimulus money hasn't been spent yet, to a great extent because GOP governors aren't spending it. Also, many GOP members of the House & Senate voted against the stimulus, campaigned against the stimulus, but showed up at ribbon cutting ceremonies to take credit for programs it enabled.
Unknown User
Joined: 12/31/69
#22One Reagan Republican makes sense
Posted: 11/12/10 at 2:48pmMB the Republican Congressman in the district next to mine has sent out something like 11 press releases about "Stimulus" projects in his district despite opposing the stimulus. Of course he also has bragged about the Chrysler plant expanding despite his opposition to Cash For Clunkers.
#23One Reagan Republican makes sense
Posted: 11/12/10 at 2:53pmHe will never get proper credit for it because Fox & the GOP has made the word 'bailout' toxic, but this administration saved our auto industry with the bailout & cash for clunkers. The ripple effect to our economy would have been devastating.
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