Archive for taxing the rich

John Boehner is a squish. He says he ain't.

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boehner squish

Memo to Progressives: We have a new meme to introduce, and it is with fake solemnity and stifled laughter than I implore you to get the word out.

Here it comes.

Ready?

The Boehner is a squish.

Run with it. Savor it. Eat it for breakfast, lunch, and dinner.

Oh, but I kid The Boehner.

The Hill:

Speaker John Boehner (R-Ohio) is sharing his regrets about his "fiscal-cliff" strategy, less than a month after the House bitterly swallowed a last-minute deal hatched in the Senate.

In a private speech to the Ripon Society [a 50-year-old GOP advocacy group] on Tuesday, Boehner said that he should have taken a different course after the November election by immediately demanding that the Senate produce a bill to avert the worst parts of a combination of tax increases and spending cuts [...]

“Some of our members don’t realize that while I may be a nice enough guy, and I get along with people, when I was voting I had the 8th most conservative voting record in the House,” he said. “But a lot of our newer members – they don’t know that. And so, you know, they think I’m some squish, that I’m ready to sell them out in a heartbeat, when obviously, most of you in this room know that that ain’t quite who I am.”

Oh we all know who you ain't and who you am, Boehner... you big regretful squish, you. Sniffle!

popeye I am what I am

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VIDEO-- Nancy Pelosi: No deal without ending Bush tax cuts for the wealthy

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Martha Raddatz asked if a deal without including an extension of the Bush tax cuts for the wealthy was acceptable.

Pelosi:

Well, no, I mean, the president made it very clear in his campaign that there is not enough — there are not enough resources.  What you just described is a formula and a blueprint for hampering our future. You cannot go forward — you have to cut some investments. If you cut too many, you’re hampering growth, you’re hampering education, our investments for the future. If it’s going to bring in revenue, the president has been very clear that the higher income people have to pay their fair share.

As you can see, Martha Raddatz's interview with Nancy Pelosi was on ABC's “This Week,” and Pelosi flatly stated that without ending the Bush tax cuts for the wealthy, by simply closing loopholes and capping tax deductions, there would be no deal on the "fiscal cliff" aka fiscal curb, fiscal slope, fiscal speed bump, etc.

John Boehner would disagree. ABC:

Pelosi’s position puts her directly at odds with GOP House Speaker John Boehner, who said tax rate hikes would be ”unacceptable” during an interview with ”World News” anchor Diane Sawyer earlier this month. Boehner has said he is open to rewriting the tax code and closing loopholes, which would result in additional revenue for the federal government, but has ruled out rate hikes for the wealthy.

Pelosi made it clear that she also doesn't want to go over that fiscal speed bump:

 "The spirit at the table was one of everybody wants to make the best effort to get this done. Hopefully that is possible; hopefully it is possible by the middle of December so the confidence of the markets and most importantly the confidence of the consumers returns to infuse our economy with demand, which creates jobs."

She made a good point: It's consumers who are the job creators.

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Nancy Pelosi seeks at least $4 trillion cut to deficit as GOP moves toward Obama on taxes in talks

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Okay, first things first: That so-called “fiscal cliff” is more like a “fiscal slope” or “fiscal curb." Or speed bump.

That said, Roll Call is reporting that the GOP is bending on taxes as fiscal speed bump talks begin, and that the impending fake-doomy, scary, catastrophic, omg the world is going to end Cliffageddon can be averted. Apparently, Congressional leaders don't like the looks of the stock market these days, and you know what that means... magically breaking gridlock... sort of:

The four top leaders in Congress all expressed confidence that they could avert the fiscal cliff after Speaker John A. Boehner offered up revenue and Democrats agreed to pursue spending cuts during an hourlong meeting Friday at the White House.

The Ohio Republican told reporters that he proposed a framework for dealing with the cliff that would tie revenue to spending cuts “consistent with the president’s call for a balanced approach.”

Luckily, the "Democratic leader opposes cutting Medicare benefits to strike a deal," meaning Nancy Pelosi is against compromising at the expense of Medicare and Medicaid beneficiaries.

Many of us Dems have been very concerned about ideas being floated such as raising the Medicare eligibility age above 65, a policy that is included in Paul Ryan’s Kill Medicare Budget plan. Here's Nancy:

Pelosi hopes the negotiations will yield at least $4 trillion in deficit reduction, although she said she wasn't speaking for everyone. Here's more of what she told reporters after meeting with President Obama and congressional leaders, via The Hill:

"Even if we didn't come out of the room with a solution … we came out with a plan of action, an understanding of what we wanted to achieve, a timetable for how to get it done [and] what would spring from those discussions... Each of us had some idea about how we can get this done in a way that instills confidence even as we proceed down the path."

MSNBC is reporting that Republicans are still very resistant to letting tax cuts for the very rich expire, and that Democrats will still have to make "tough compromises."

So will the tax break number move from those making $250,000 and over to a million and over? And what about Medicare and Medicaid? I'm not feeling as optimistic as I'd like.

And just for good measure, let's remember what GOP idol Ronald Reagan said: “Social Security has nothing to do with the deficit.”

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VIDEO: That so-called "fiscal cliff" is more like a "fiscal slope" or "fiscal curb"

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The media is working itself into yet another frenzy, this time about the so-called "fiscal cliff" clock that's ticking away. They must need another ratings boost now that the Big Election Week has come and gone.

So it's all Fiscal Cliff all the time. If no tax deal is made by the January deadline, we're all gonna die! We'll have another Great Depression! We'll all go bald and break out in welts and never eat pie again! Help meeeee!

But no. That won't happen. Okay, some of us will go bald at some point, but we won't die and there may be a temporary dip unless Congress does nothing, which won't happen. They'll snap to attention and legislate retroactively. No one other than the top 2% will have their taxes go up.

As Chris Hayes points out, Ben Bernanke coined the phrase "fiscal cliff" to "kick Congress's butt to do something stimulative, and you CAN go off it. It's a little driveway!"

A slope. A curb. A little driveway. A situation that, should it occur, would be immediately rectified. 'Nuff said.

Well, except saying that the GOP has "no vision for the future."

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VIDEO- Stephanie Cutter: Mitt Romney's Plan will INCREASE Middle Class Taxes. New Tax Calculator Tool Proves It.

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Yesterday I posted CHART, VIDEO- Pres. Obama in Ohio on Romney’s Tax Plan: Mitt would INCREASE middle class taxes by more than $2000.

Talk about striking while the iron's hot.

But wait! There's more!

President Obama's rapid response team is great this election, and Stephanie Cutter is consistently clear, effective, and tough.

"Now we know why" Willard Romney has been so evasive about the details of his plan.

:

Use the Tax Calculator : http://OFA.BO/EKDooo

Stephanie Cutter breaks down what Mitt Romney's tax plan means for families and how President Obama's plan will cut the deficit while still making the investments we need to grow and keep middle class families strong.

Go to http://www.barackobama.com/TaxCalculator and use the tax calculator to see how these two very different plans will affect you.

And just to drive the point home:

Mitt Romney "pays less, you pay more."

:

Learn more: http://OFA.BO/AHWfiR

You work hard, stretch every penny, but chances are you pay a higher tax rate than him: Mitt Romney made $20 million dollars in 2010, but paid only 14% in taxes—probably less than you.

Now he has a plan that will give millionaires another tax break and raises taxes on middle class families by up to $2000 dollars a year. Mitt Romney's middle class tax increase: he pays less, you pay more.

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CHART, VIDEO- Pres. Obama in Ohio on Romney's Tax Plan: Mitt would INCREASE middle class taxes by more than $2000

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:

Today, at a grassroots event in Mansfield, Ohio, President Obama highlighted a new report from the Tax Policy Center -- a nonpartisan policy think tank -- that concludes that Mitt Romney would have to raise taxes on millions of middle-class families with children by more than $2,000 to pay for his $5 trillion tax plan tilted to the wealthiest.

Steve Benen at The Maddow Blog buttresses the president's point with this chart and more details here:

Maddow Blog chart based on Brookings Institution and Tax Policy Center data

Notice that everyone's tax burden go up under Romney's vision, except those in the top 5%, who see get a generous windfall.

And here's the kicker: I had to leave off the top 0.1% of earners, because it made the chart unreadable. If you're in the bottom 80%, your tax increase under Romney would range from $128 to $1,880, but if you're in the top 0.1%, your tax break would be worth nearly a quarter of a million dollars.

Not to pile on-- okay, piling on-- but there's this letter from a group of about 100 rich progressives who are in the top 2% and are asking Congress to raise their taxes right. Now.

With a little more messaging like this, we may actually make a dent.

The letter from the wealthy liberals was organized by the group Voices for Progress. Via Greg Sargent (who has more details):

As you can see, they understood, supported, and took into account the, you know, context of President Obama's “didn’t build that” statement, unlike the GOP.

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Poll-itics Chart: Cut the deficit, just don't cut the programs we like

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Americans favor cuts to the deficit and less spending in general, just as long as it's not to programs they like specifically. Isn't that just like America? They also support raising taxes on the wealthiest Americans, by the way.

Via Think Progress:

[W]hen asked about specific programs, wide majorities almost always favor either increasing spending or maintaining the current level, according to the Pew Research Center.

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