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Thread: Tax cuts for rich to continue

  1. #1
    Friend of Gossip Rocks! buttmunch's Avatar
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    Default Tax cuts for rich to continue

    (CBS/AP) The House voted Thursday to make sure investors hang onto lowered tax rates for capital gains and dividends for an extra two years.

    Voting mostly along party lines, the House narrowly passed a $56 billion, five-year package of tax cuts that retains reduced tax rates on capital gains and dividends in 2009 and 2010. The vote was 234-197.

    Republicans said their record of tax cutting revitalized a sluggish economy, and the White House praised the bill. "These extensions are necessary to provide certainty for investors and businesses and are essential to sustaining long-term economic growth," the president's budget office said in a statement.

    This is the fourth tax cut bill the House has passed in two days, totaling nearly $94 billion over five years. It's not likely the senate is going to approve nearly that much, CBS News correspondent Bob Fuss reports.

    Democrats said tax cuts for investment income, and much of the GOP's economic agenda, help Republican friends and ignore average workers.

    "Everybody loses under this bill. Everybody, that is, except the top one-fifth of 1 percent," said Rep. John Lewis, D-Ga. "Some might call them the superrich. Apparently, the majority calls them donors."

    The tax bill includes some items popular with both Republicans and Democrats. Most of those provisions preserve tax breaks that would otherwise expire in a few weeks, including deductions for state and local sales taxes, tuition and classroom supplies purchased by teachers.

    Businesses won extensions of two major benefits, a tax credit for research and development and write-offs for small business investment.

    The tax cut package was passed a day after the House pushed through three other tax bills by overwhelming majorities. Lawmakers hurried to finish the long-promised tax breaks for Gulf Coast businesses as Mississippi Gov. Haley Barbour testified that congressional failure to approve emergency funding for roads, schools and housing construction stalled efforts to rebuild after Hurricane Katrina.

    A second bill extended some small tax breaks expiring at the end of the year, including one that helps soldiers in combat claim the earned income tax credit.

    A third bill blunts the bite of the alternative minimum tax, which threatens to hit some 17 million individuals and families with higher taxes next year.

    It's unclear whether these bills can be reconciled with different versions passed in the Senate in the short time that lawmakers have the rest of this year.

    The Senate earlier struggled to get enough support for a two-year extension of capital gains and dividends tax cuts. They ultimately decided to drop the effort for a short time to get their tax agenda moving. Senate leaders vowed to make sure the final version of the legislation keeps the investment tax cuts alive.

    The 15 percent tax rate for investment income is currently scheduled to disappear at the end of 2008. If the reduction runs out, the top capital gains tax rate would be 20 percent and dividends would be taxed like ordinary income at rates up to 35 percent.

    The House rejected an alternative tax package drafted by Democrats that would have omitted the tax breaks for investment income. It also would have replaced $43 billion in government revenue lost to tax cuts by raising taxes on individuals earning more than $500,000 and couples earning more than $1 million.

    Is it really the smartest thing to do to keep passing tax cuts when we're facing mounting debt over the wars in Iraq and Afghanistan as well as the huge deficit? This is so fucked up and I feel sorry for my kids...they'll be carrying this debt till they're old.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

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    Elite Member Grimmlok's Avatar
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    Default Re: Tax cuts for rich to continue

    Those people are who Bush referred to in a smirking speech as "his base."
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Default Re: Tax cuts for rich to continue

    Is it really the smartest thing to do to keep passing tax cuts when we're facing mounting debt over the wars in Iraq and Afghanistan as well as the huge deficit? This is so fucked up and I feel sorry for my kids...they'll be carrying this debt till they're old.
    I'm actually in favor of the tax cap on investment income. Look at it this way, you're taxed on the money when you earn it and then they turn around and tax it a second time when you invest. It doesn't exactly encourage investing and invested money is the grease that drives the engine of the economy.

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    Bronze Member Tsarina's Avatar
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    Default Re: Tax cuts for rich to continue

    Actually I'm helped out by this and I'm not anywhere close to that elusive 1% club. This affects the gains in the stock market and the economy in general. There are also some good things in the bill like deductions for state and local sales taxes, tuition and classroom supplies purchased by teachers. Businesses won extensions of two major benefits, a tax credit for research and development and write-offs for small business investment.
    http://www.cbsnews.com/stories/2005/...r=HOME_1109629
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    Hit By Ban Bus! UndercoverGator's Avatar
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    Default Re: Tax cuts for rich to continue

    Actually I'm helped out by this and I'm not anywhere close to that elusive 1% club. This affects the gains in the stock market and the economy in general.
    Same here, it's not just the top 1% it helps. We're helped because we have a large investment portfolio and I would rather not be double taxed on those monies.

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    Default Re: Tax cuts for rich to continue

    I'm actually in favor of the tax cap on investment income. Look at it this way, you're taxed on the money when you earn it and then they turn around and tax it a second time when you invest. It doesn't exactly encourage investing and invested money is the grease that drives the engine of the economy.
    But how many average Joes have an investment portfolio and thus would be helped by this? According to the latest statistics, the majority of Americans don't even have a savings account these days. I just see this as pandering to the base.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

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    Bronze Member Tsarina's Avatar
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    Default Re: Tax cuts for rich to continue

    Quote Originally Posted by buttmunch View Post
    But how many average Joes have an investment portfolio and thus would be helped by this? According to the latest statistics, the majority of Americans don't even have a savings account these days. I just see this as pandering to the base.
    True that the average Joe isn't building a portfolio but if you have a retirement plan through your work and are even contributing very little to it, you still benefit from the shot in the arm this gives the market. Not to mention the overall effect for businesses. They save on taxes, keep prices stable and we benefit in our wallets. I know the govt isn't handing out checks to Joe Blow...but hey, it's something at least.

    (runs off to make SURE checks aren't being handed out LOL)
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    Elite Member Grimmlok's Avatar
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    Default Re: Tax cuts for rich to continue

    Just seems like Reaganomics to me.
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    Default Re: Tax cuts for rich to continue

    who cares about the average joe, they dont make the country turn. Face it, it is the dollars spent by the irch and upper middle class that turns the economy.

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    Elite Member Grimmlok's Avatar
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    Default Re: Tax cuts for rich to continue

    The dollars spent by the rich and upper class to NOt trickle down, that was proven (again) with Reaganomics and his whole cockamamie economic theories that saw the US in a massive debt hole that the Dems had to dig out of for a decade.

    it happened up here in Canada as well, thanks to that conservative, Reagan-ass kissing twit Brian Mulroney.
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    Default Re: Tax cuts for rich to continue

    You have such a way with the English language.

    Oh well, I guess the dems will have to screw with the debt for these past years too, if they only had a brain.

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    Elite Member Grimmlok's Avatar
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    Default Re: Tax cuts for rich to continue

    They managed to yank the US out of the Republican wreaked crater of debt and deficit, and they'll do it again till the repugs manage to fuck it up right after.

    Conservative economic strategies DONT WORK. They never have, why they insist on using them is beyond me. Oh wait, I know: because it lines their pockets.
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    Default Re: Tax cuts for rich to continue

    Quote Originally Posted by Grimmlok View Post
    .

    Conservative economic strategies DONT WORK. They never have, why they insist on using them is beyond me. Oh wait, I know: because it lines their pockets.
    This is one time I actually side with the Repugs. Why penalize the people with money because others cannot or will not save or invest.

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    Default Re: Tax cuts for rich to continue

    Gator - I love you.

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    Elite Member Grimmlok's Avatar
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    Default Re: Tax cuts for rich to continue

    .... CANNOT being the operative word. Why penalize people that probably have to shell out for healthcare (not covered) or are stuck in circumstances which limit their financial security?
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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