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Old 09-07-2010, 09:53 PM  
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NYT: Obama will not extend Bush Tax Cuts

http://www.msnbc.msn.com/id/39049387...new_york_times

WASHINGTON — President Obama will rule out on Wednesday any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year, officials said, adding a populist twist to an election-season economic package that is otherwise designed to entice support from big businesses and their Republican allies.

Mr. Obama’s opposition to allowing the high-end tax cuts to remain in place for even another year or two would be the signal many Congressional Democrats have been awaiting as they prepare for a showdown with Republicans on the issue and ends speculation that the White House might be open to an extension. Democrats say only the president can rally wavering lawmakers who, amid the party’s weakened poll numbers, feel increasingly vulnerable to Republican attacks if they let the top rates lapse at the end of this year as scheduled.

It is not clear that Mr. Obama can prevail given his own diminished popularity, the tepid nature of the economic recovery and the divisions within his party. But by proposing to extend the rates for the 98 percent of households with income below $250,000 for couples and $200,000 for individuals — and insisting that federal income tax rates in 2011 go back to their 2001 levels for income above those cutoffs — he intends to cast the issue as a choice between supporting the middle class or giving breaks to the wealthy.

In a speech in Cleveland on Wednesday, Mr. Obama also will make a case for the package of roughly $180 billion in expanded business tax cuts and infrastructure spending disclosed by the White House in bits and pieces over the past few days. He would offset the cost by closing other tax breaks for multinational corporations, oil and gas companies and others.

While the speech will be centrist in its policy prescriptions other than the Bush tax cuts, Mr. Obama’s language will be partisan as he seeks to sharpen the contrasts between Republicans’ record and efforts by Democrats to create more jobs, aides said.

White House officials have strenuously avoided labeling the proposal a second stimulus plan, a phrase that has taken on negative political connotations since the original roughly $800 billion recovery plan and subsequent additions have failed to push unemployment down substantially.

But it would provide his party with an agenda for the home stretch of the midterm campaign — though one with small chance of being enacted quickly or helping the economy before Election Day if it were.

The two major pieces of the package — expanding and making permanent a popular credit for businesses’ research and experimentation expenses, and allowing them to write off the full value of new equipment purchases through 2011 — are ones that have longstanding Republican and corporate support.

The administration calculated that the package had to be attractive to Republicans and business groups if it has any chance of passage in the short time Congress will be in session before going home to campaign.

Politically, however, the president in effect is daring Republicans to oppose the plan, in that way proving Democrats’ contention that they will block even their own ideas to deny Mr. Obama any victories. And by proposing business tax breaks that, according to nonpartisan analyses, would do more to stimulate the economy than extending the Bush tax rates for the wealthy, Mr. Obama hopes to buttress Democrats’ opposition to extending those rates.

With its tilt toward business tax cuts, the package that Mr. Obama is proposing risks discouraging liberals in his party who want more spending for projects that provide jobs, especially for a construction industry still staggered by the collapse of the housing boom.

They are not likely to be satisfied by another of the president’s proposals – to provide $50 billion immediately to build roads, air traffic control systems, waterways and more, and, for the long term, to create a national infrastructure bank — another bipartisan idea — that would leverage federal money with state, local and private-sector investments to finance projects.

In any case, the administration acknowledges that its blueprint might not pass before Election Day, or even in the lameduck Congress afterward.


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Brilliant - businesses aren't hiring because they're terrified of this Administration and Obama's still pushing his class warfare rhetoric. He can trump up his own 'business credits' all he wants, but the business owners aren't going to care. They're simply tired of being targets and if these tax cuts are not renewed, watch unemployment spike again and the market tank shortly thereafter.

Politics are really the only thing this man knows, and he doesn't even know politics as much as he knows unabashed partisian bickering and thinly veiled populism.
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Old 09-07-2010, 09:57 PM   #2
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Thread title is misleading. Makes it seem as if he is taking the tax cut away from everyone which, at this point, is NOT the case.
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Old 09-07-2010, 10:04 PM   #3
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Nice obfuscation, DJ.
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Old 09-07-2010, 10:06 PM   #4
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Old 09-07-2010, 10:11 PM   #5
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I only posted the damn article - yeah, I'm really trying to hide the ball.

How 'bout you address the point?

The country's biggest problem is unquestionably joblessness and Obama is essentially eliminating the tax cuts for the folks that create jobs in the name of class warfare.

Who's obfuscating?
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Old 09-07-2010, 11:42 PM   #6
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A big, class warfare blast just in time for the elections from our Divider in Chief. What a swell guy.
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Old 09-08-2010, 01:19 AM   #7
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Quote:
Originally Posted by DJ's left nut View Post
I only posted the damn article - yeah, I'm really trying to hide the ball.

How 'bout you address the point?

The country's biggest problem is unquestionably joblessness and Obama is essentially eliminating the tax cuts for the folks that create jobs in the name of class warfare.

Who's obfuscating?
It wasn't my intention to make you feel bad man. I'm sure you just posted the title of the article. I just hate it when they create article titles like that because it is only a half truth.
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Old 09-08-2010, 01:20 AM   #8
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Originally Posted by patteeu View Post
A big, class warfare blast just in time for the elections from our Divider in Chief. What a swell guy.
I don't view it as that big of a deal really.
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Old 09-08-2010, 06:02 AM   #9
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Old 09-08-2010, 08:53 AM   #10
Cave Johnson Cave Johnson is offline
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Quote:
Originally Posted by DJ's left nut View Post
I only posted the damn article - yeah, I'm really trying to hide the ball.

How 'bout you address the point?

The country's biggest problem is unquestionably joblessness and Obama is essentially eliminating the tax cuts for the folks that create jobs in the name of class warfare.

Who's obfuscating?
Your headline: Obama will not extend Bush Tax Cuts

Actual headline: Obama will not extend Bush tax cuts to wealthy

Why would anyone accuse you of obfuscating?
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Old 09-08-2010, 08:56 AM   #11
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Old 09-08-2010, 09:01 AM   #12
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American manufacturing is one of the highest taxed countries in the world. Sure the rich have the money, they invest it into business for the economy to grow jobs. Between Cap & Trade, Taxing Corporate America and the rich, Obama is going to do the obvious,send more jobs away to other countries.

Good move Barry ! Still creating a crisis so that he can push his agenda even farther down the road.
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Old 09-08-2010, 09:01 AM   #13
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Old 09-08-2010, 09:01 AM   #14
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The child tax credit is for the wealthy?
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Old 09-08-2010, 09:04 AM   #15
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Let's split the country; I'll go live with the wealthy pricks who create the jobs and get the tax breaks and you guys can go live with the one's that don't.

Being spoon fed that wealth is evil has been very effective for liberals; gobble it down.
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