Archive for tax cuts – Page 2

Off the Cliff: GOP “shameful, repulsive, vomit-inducing… In their world, people are poor and elderly because they choose to be.”

fiscal cliff thelma and louise fiscalbs

Andy Marquis, reporter for RACE22.com, is our guest blogger of the day. He used to consider himself a Republican but not any more.  He changed his voter registration to Independent in 2011 and says that’s how it will remain.

Here’s his latest guest post:

Off The Cliff

Strap in, the American economy has officially gone off the “fiscal cliff”. The Senate has acted, but now the Republican controlled House where people like Congressman Paul Ryan, Congressman Eric Cantor and Congressman Darrell Issa could be poised to wank around and sabotage the Senate deal.

I don’t know, at this point, if Republicans are refusing to act in good faith because they hate President Obama or if they want to punish the American populace for re-electing him. Whatever it is, it’s shameful, repulsive and vomit-inducing.

Instead of cooperating, our nation’s fearless leaders stomped their feet around acting like petulant little children. When a deal was on the table, Republicans walked away in an attempt to spite the President and then spited the Speaker of the House, the leader of their own party, for working with Obama. When a deal looked likely on Monday, Republicans were butthurt over President Obama’s comments. They took to the Senate floor, whining and crying about how Obama said mean things (the truth) about them.

Fact is, President Obama has the advantage in negotiations, but like a pack of Honey Badgers, the Republican Party just doesn’t give a single care. They think they won the election, because Republican Congressmen were gerrymandered right in to their seat on the House Floor. The right wing dumbassosphere knows President Obama’s going to get his way, so they’d rather do nothing at all… the hell with the people.

The entire debate is BS. It’s simple stuff – extend the tax cuts for the middle class, raise taxes on the wealthy (fact, even the majority of the wealthy want their taxes increased) and work on a plan to cut spending. Congress had a timetable, and they knew they did. After all, they are the ones who implemented the “Fiscal Cliff” as a way of forcing negotiation.

You see, I keep hearing Republicans talk about “entitlement reform”. That’s it. That’s all they care about, because they think the money that you paid in to for your Social Security benefits is the exact same thing as giving food stamps to someone who won’t find a job. That’s what the Republican Party, who cares about the rich and damn the poor, thinks about you. They think everyone is a 47 percenter who wants something for free.

Fact is, Democrats have also talked about entitlements – but they believe everything should be on the table.

House Minority Whip Steny Hoyer in an interview I had with him back in August: “There have been a number. The answer to your question is, I have said all along, entitlements need to be on the table. We need to make sure entitlements are fiscally sound for decades to come and sustainable.”

The difference between Democrats and Republicans can be summed up in this comment by the Democratic Congressman from Maryland, “We need to make sure the most vulnerable are not hurt by any agreement we reach.”

You see, the Republicans don’t give a damn about the poor, the elderly and the nation’s most vulnerable. In their world, people are poor and elderly because they choose to be and they’re lazy freeloaders, so we should just let that starve. And again, this TEA Party logic was rejected in November.

Now that the time has come to talk about meaningful spending cuts, the Republicans would rather see middle class incomes fall to protect their criminal friends on Wall Street and kick the can down the road instead of sit down at the table with a black President. They might think they’re acting courageously, but they’re acting with great cowardice. Instead of bucking Grover Norquist and Donald Trump, they’re bending over the rest of the country.

Let’s all give a round of applause to our “fearless leaders” in Washington who have successfully screwed our economy right off the cliff.

Andy Marquis

www.race22.com

Twitter: @amarquis32

Facebook.com/amarquis

“President Obama wins ‘fiscal cliff’ victory, but at high cost”

fiscal cliff 8 prinicples Robert Reich MoveOn

Via Robert Reich, MoveOn.org

 

The blog headline is the title of an article, or rather, an analysis of the fiscal negotiations in the L.A. Times.

Many liberals are asking when Democrats, led by President Obama, will stop conceding to Republicans, especially when we have the upper hand, when we finally have the “political capital” and leverage we need. Compromise is great, but not at the expense of future negotiations or setting bad precedents. But the problem is, Republicans will never stop demanding and holding America hostage. Ever. We won the election, we continue to win in the polls, but that doesn’t faze those on the right in the least.

Let’s get one thing straight: “Both sides” are not equally responsible for the mess we’re in, and it’s time to make that clear…er. It’s time to hold the GOP accountable, loudly and often.

That said, the Bush tax cuts– now the Obama tax cuts– are largely intact with the exception of those making over $400-450,000. I am hardly “anti-Obama,” but sometimes he seems to be losing those multi-dimensional chess games he plays. How much will he be willing to compromise when it comes to Social Security, Medicare, and Medicaid? The “sequester” battle has been postponed , so I guess we’ll have to wait a few months to see who declares “check mate.”

At this point, I’m in wait-and-see mode, but as Paddy said in an earlier post, “I thought about getting excited last night, but I knew better. The whole deal stinks.”

L.A. Times:

But Obama’s victory fell short of what he had campaigned for, and came at a high cost. Even if the House later Tuesday or Wednesday musters the votes to approve the bill that the Senate was to vote on in the wee hours of Tuesday morning, the terms of this compromise guarantee another pitched battle over spending and taxes within months.

Whether the agreement announced Monday evening turns out to be truly a victory for Obama or a lost opportunity, as many of his liberal critics feared, will depend heavily on how that next battle turns out. [...]

The persistent battle over spending, which already has consumed Washington for two years, threatens to block Obama’s other major legislative priorities, including immigration reform and gun controlMoreover, to get a deal, Obama had to accept far less new revenue than he had wanted. [...]

“I just think that’s grossly unfair,” Sen. Tom Harkin (D-Iowa), a liberal leader, said in a Senate speech Monday objecting to the deal. “If we’re going to have some kind of a deal, the deal must be one that really favors the middle class — the real middle class.” [...]

The challenge of squeezing tax increases out of a Republican-led House will get harder, not easier, in the new year. Without the threat of an automatic tax increase, Obama has much less leverage, said Jared Bernstein, the former chief economist and economic advisor to Vice President Joe Biden. And Republicans will gain leverage through their threats to refuse an increase in the debt ceiling, which would cause the government to default on its bonds. [...]

“The Republicans are absolutely sharpening their knives for that next fight, which is horrific, by comparison — a much worse self-inflicted wound on the economy.”

“To be fair,” he said, “there are good things in this deal and if the president truly refuses to negotiate on the debt ceiling, it may turn out to be a pretty good deal. But if he folds, then he will have squandered his leverage.

Check, mate.

check mark

And over the “fiscal cliff” we go… No deal today!

H/t:  @michaelbiette for the video.

TPM:

…Republicans have no plans to hold a vote on any Senate-passed legislation to avoid the so-called fiscal cliff.

So there you have it. Thelma, meet Louise:

thelma and louise cliff

So much for the Bush tax cuts. What will the Obama tax cuts look like?

Speaking of the president, check out Ezra Klein’s post “Here’s what Republicans really hated about Obama’s news conference.” Video of his presser here.

Holding America hostage is no longer an option… at least for now. As for that “fiscal cliff” phrase, it will soon be replaced by “debt ceiling” all over the media. Keep your Pepto Bismol and Valium handy.

Added:

The House is not scheduled to vote on any fiscal cliff package on New Year’s Eve, so the United States is technically going over the fiscal cliff, but perhaps only for a day or two if the White House and congressional leaders can win enough support for passage of a tax package already being negotiated between Senate leaders and the White House. Timing for House and Senate votes remained unclear with just a few hours to spare before 2012 ends.

For more information… http://www.politico.com

VIDEO: President Obama speaks on “fiscal cliff” talks

obama speech fiscal cliff

Visit NBCNews.com for breaking news, world news, and news about the economy

“Preventing that tax hike has been my top priority, because the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. Middle-class families can’t afford it. Businesses can’t afford it. Our economy can’t afford it.

“Now today it appears that an agreement to prevent this New Year’s tax hike is within sight. But it’s not done. There are still issues left to resolve, but we’re hopeful that Congress can get it done. But it’s not done.”

“But with this Congress, that was obviously a little too much to hope for at this time. It may be we can do it in stages. We’re going to solve this problem instead in several steps.”

“Democrats and Republicans in Congress have to get this done. But they’re not there yet. They are close, but they’re not there yet.

And one thing we can count on with respect to this Congress is that if there is even one second left before you have to do what you’re supposed to do, they will use that last second. So as of this point, it looks like I’m going to be spending New Year’s here in D.C.”

“And so keep the pressure on over the next 12 hours or so. Let’s see if we can get this thing done.”

Fiscal BS

fiscal bs cliff

Every morning we scour various news outlets to bring you stories. We watch the Tee Vee Machine, we read newspapers, we dig through the Internets, we listen to the Radio Machine, you name it.

We usually come up with an array of reports to share with you, but today was different. Today there was only one story, one endlessly rehashed story, one story repeated ad nauseam, one topic that I heard, saw, and read over and over and over again, augmented by occasional mentions of Hillary Clinton being admitted to hospital with a blood clot following her concussion, President Obama’s push for common sense gun safety, and of course, Kanye and Kim’s Big Pregnancy News.

But overall, the news is being completely and annoyingly dominated by this:

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FISCAL BS

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So if we here at TPC fail to bring you an interesting variety of posts today, you now understand why that would be.

Boehner asks Obama what he gets for offer of $800 billion in tax revenue. PBO: “You get nothing. I get that for free.”

boehner crying smaller

If President Obama would always be this tough, would continue the spine stiffitude, the swagger, the driving a hard bargain, we Dems would be in great shape. Or will this possible scenario burst the hardass bubble?

The Wall Street Journal posted a behind-the-scenes look at some of the fancy negotiation talkin’ between Obama and John Boehner, but it’s subscription only.

However, FiredUpInCAFollow at DKos has excerpts. So, here are excerpts of the excerpts. “John Boehner is, in fact, bad at his job.” Sources say Paul Ryan may replace him. This could be why:

Mr. Obama repeatedly lost patience with the speaker as negotiations faltered. In an Oval Office meeting last week, he told Mr. Boehner that if the sides didn’t reach agreement, he would use his inaugural address and his State of the Union speech to tell the country the Republicans were at fault.

At one point, according to notes taken by a participant, Mr. Boehner told the president, “I put $800 billion [in tax revenue] on the table. What do I get for that?”

You get nothing,” the president said. “I get that for free.” [...]

The president repeatedly reminded Mr. Boehner of the election results: “You’re asking me to accept Mitt Romney’s tax plan. Why would I do that?” At another point, the speaker noted his GOP majority would also return next year. [...]

Mr. Boehner said he wanted a deal along the lines of what the two men had negotiated in the summer of 2011 in a fight over raising the debt ceiling. “You missed your opportunity on that,” the president told him.

oof 2

Sounds like a president who knows he has a mandate. Let’s hope he keeps acting like he does.

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More fun here.

Here’s what “chained CPI” would do

chart social security chained cpi

So now that Boehner lost control of his own caucus and has thrown the whole fiscal mess into President Obama’s lap, is chained CPI off the table? And how about the Social Security wage cap? Can’t that be on the table? Because it would put the costs onto the wealthier among us:

The Social Security Administration has announced an increase in the Social Security taxable wage base in 2013 from $110,100 to $113,700. The $3,600 increase is slightly more than the $3,300 increase from 2011 to 2012. The cap was just $106,800 from 2009 to 2011, as inflation ground to a halt during the economic downturn.

The wage cap is the maximum amount of compensation subject to tax under the Federal Insurance Contributions Act (FICA) for old age, survivors and disability insurance (OASDI) — typically called Social Security tax.

So how far are the Dems really willing to go? Is the chained CPI issue just a bargaining tool, something they’d “consider” but never accept? Let’s hope so. However (h/t: Digby), Noam Scheiber at The New Republic had this to say:

Boehner clearly couldn’t muster a majority (or anything close) for the compromise he and Obama tossed around Monday—about $1.2 trillion in revenue, with tax rates rising on income over $400,000 per year, and about the same amount in spending cuts, including cuts to Social Security benefits via a stingier cost-of-living adjustment. If Boehner could have gotten remotely close to a majority of his caucus behind this, he would have brought it up for a vote instead of detouring into his cockamamie and disastrous “Plan B.” Clearly, he could not. 

Meanwhile, Obama can’t really make a more generous offer to Boehner at this point. Liberals were essentially told Monday night that this was the offer that was going to secure the deal. They spent the next 24 hours agonizing over whether they could support it. Most came to the conclusion that it was borderline offensive, but that they could hold their nose and accept it rather than risk the uncertainty of going over the cliff

stay tuned

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