DEMS UNLIKELY TO REPEAL BUSH TAX CUTS
The link leads to a story in McClatchy that says:
Democrats unlikely to repeal tax cuts for the rich
Democrats in Congress are poised to play a leading role this month in thwarting their party's effort to raise income tax rates on the wealthy.
Tax cuts enacted in 2001 and 2003 expire at the end of this year. President Barack Obama and Democratic congressional leaders have been eager to extend the breaks for individuals who earn less than $200,000 annually and joint filers who make less than $250,000. Those who earn more would pay higher, pre-2001 rates starting next year.
However, a small but growing number of moderate Democrats are balking at boosting taxes on the rich. Many face electorates that recoil at the mention of any tax increase. Some represent areas that are loaded with wealthier taxpayers. Further, some incumbent senators who don't face voters this fall are reluctant to increase taxes on anyone while the economy remains sluggish.
Without their support, the push to raise rates on the rich probably will fail.
I respect McClatchy...and despite the fact I'm a Liberal, I can't stand Huffington Post...but there is a huge problem with the story, as far as I see it.
One, the Bush Tax Rates are set to expire at the end of the year. No further legislation is needed to raise the rates back to Bill Clinton-era levels. In fact, no further action is needed to raise the rates back to Bill Clinton-era levels.
(Once again, it's all about the clicks.)
So what are we talking about here??
Fine, was a movement afoot by...well, fiscally responsible Democrats to enact legislation to raise taxes on the rich, and a few Democrats have been stoopid enough to champion the idea of keeping our Nation's wealthiest citizens taxes low, low, low.
And Evan Bayh just proved to me what a crappy Vice-President he would have been. Don't let the door hit you on the way out, you rich bastard!
It is quite possible that Washington stalemate will produce the result fiscally responsible Liberals want, no bill to extend the Bush Tax Cuts. (Do you really think there's 60 votes for this crap? I'm betting 53-55 tops.)
Let's say they do get the tax cuts extended. Who exactly is going to sign them?
The way he was talking last night, I don't think it's going to be Barack Obama.
Again, let me repeat what he said:
Throughout our history, America has been willing to bear the burden of promoting liberty and human dignity overseas, understanding its links to our own liberty and security. But we have also understood that our nation’s strength and influence abroad must be firmly anchored in our prosperity at home. And the bedrock of that prosperity must be a growing middle class.
Unfortunately, over the last decade, we’ve not done what’s necessary to shore up the foundations of our own prosperity. We spent a trillion dollars at war, often financed by borrowing from overseas. This, in turn, has short-changed investments in our own people, and contributed to record deficits. For too long, we have put off tough decisions on everything from our manufacturing base to our energy policy to education reform. As a result, too many middle-class families find themselves working harder for less, while our nation’s long-term competitiveness is put at risk.
And so at this moment, as we wind down the war in Iraq, we must tackle those challenges at home with as much energy, and grit, and sense of common purpose as our men and women in uniform who have served abroad. They have met every test that they faced. Now, it’s our turn. Now, it’s our responsibility to honor them by coming together, all of us, and working to secure the dream that so many generations have fought for -- the dream that a better life awaits anyone who is willing to work for it and reach for it.
Our most urgent task is to restore our economy, and put the millions of Americans who have lost their jobs back to work. To strengthen our middle class, we must give all our children the education they deserve, and all our workers the skills that they need to compete in a global economy. We must jumpstart industries that create jobs, and end our dependence on foreign oil. We must unleash the innovation that allows new products to roll off our assembly lines, and nurture the ideas that spring from our entrepreneurs. This will be difficult. But in the days to come, it must be our central mission as a people, and my central responsibility as President.
Translation: Okay, y'all have made everything I've done in the last two years about the deficit (even when I've worked to trim the deficit), so put your money where your mouth is. I'm about to give you what you say you want, a lower deficit. Now are you willing to stop whoring for your Corporate Masters to get this done, or is what you're selling nothing but a mountain of bullshit?
I'm betting mountain.