Category: tax cuts

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Domestic Policies Nancy Pelosi tax cuts vote

Nancy Pelosi Warns Republicans – Protect The Middle Class Or Democrats Will

Warning that “the clock is ticking,” House Democratic Leader Nancy Pelosi on Sunday threatened to bring about a House vote on a bill that would extend the Bush-era tax cuts for families making $250,000, but would allow the tax breaks to expire for those above the threshold.

The Democratic-controlled Senate already passed its version of the bill in July, with strong support from President Barack Obama.

“If Speaker Boehner refuses to schedule this widely supported bill for a vote, Democrats will introduce a discharge petition to automatically bring to the floor the Senate-passed middle class tax cuts,” Pelosi said in a statement.

Under a “discharge petition,” a bill can be brought to the floor without going through a committee or without approval of House leadership. The bill would need an absolute majority — 218 votes — to pass.

h/ CNN

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George Bush Mitt Romney pay Politics tax cuts

Mitt Romney Cannot Explain How He Will Pay for $5 Trillion More in Tax Cuts for Rich People

Rich people were rich before George Bush decided to give them trillions in two massive tax cut. The idea back then was that giving rich people more money would automatically result in the middle class and the poor getting more jobs. The idea was not a new concept, it was also tried over 30 years ago in the Reagan administration, thus bearing the name Reaganomics also known as Trickle-Down Economics. But all Mr. Bush succeeded in doing was a huge transfer of wealth from middle class America to the rich. And the country plunged into a massive recession comparable to the Great Depression of the 1930’s.

So naturally, Mitt Romney’s goal is to try the same tactics Bush failed at if he become president.

Mitt Romney is promising to extend the Bush Tax Cuts for the wealthy, in hopes that history would not repeat. His hope is under a Romney administration, wealthy Americans earning millions and billions of dollars would see the light and hire more people. Americans already lived through this disaster, but Romney is promising to do it all again.

In an interview with Bob Schieffer which aired on CBS, Romney was asked to explain how he plan to pay for yet another colossal tax cut to people who don’t need it. His answer basically amounted to – I don’t know how I’ll pay for it, but just trust me.

SCHIEFFER: You haven’t been bashful about telling us yo want to cut taxes. When are you going to tell us where you’re going to get the revenue? Which of the deductions are you going to be willing to eliminate? Which of the tax credits are you going to — when are you going to be able to tell us that?

ROMNEY: Well, we’ll go through that process with Congress as to which of all the different deductions and the exemptions —

SCHIEFFER: But do you have an ideas now, like the home mortgage interest deduction, you know, the various ones?

ROMNEY: Well Simpson Bowles went though a process of saying how they would be able to reach a setting where they had actually under their proposal even more revenue, with lower rates. So, mathematically it’s been proved to be possible: We can have lower rates, as I propose, that creates more growth, and we can limit deductions and exemptions.

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Barack Obama Mitt Romney Politics Republican Tax break tax cuts United States White House

President Obama To Offer Tax Breaks To Companies Bringing Jobs Back Home

Report from the The Wall Street Journal

President Barack Obama said he will propose new tax incentives to encourage businesses to “bring jobs home,” a move that could sharpen differences with Republicans in an election year.

Mr. Obama also said Wednesday he would suggest eliminating “tax breaks for companies that move jobs overseas.” Administration officials said details won’t be released until the president issues his proposed budget next month.

In past years, most of the administration’s plans to limit tax breaks for multinationals have stalled amid opposition from businesses and Republicans. Tax experts said the proposals could include new investment subsidies such as more-generous depreciation, lower tax rates for income derived from innovation produced in the U.S. or expanded breaks for domestic research or manufacturing.

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Politics tax cuts

Billionaire Says Rich People Are Not “Job Creators”

He is a billionaire. He is responsible for starting, or contributing to getting many corporations off the ground. If anyone knows about job creation and who creates them, it’s him. His name is Nick Hanauer, and it is his belief that tax cuts to the rich does not create jobs. And I agree with him 1000%!

I’m a very rich person. As an entrepreneur and venture capitalist, I’ve started or helped get off the ground dozens of companies in industries including manufacturing, retail, medical services, the Internet and software. I founded the Internet media company aQuantive Inc., which was acquired by Microsoft Corp. in 2007 for $6.4 billion. I was also the first non-family investor in Amazon.com Inc.

Even so, I’ve never been a “job creator.” I can start a business based on a great idea, and initially hire dozens or hundreds of people. But if no one can afford to buy what I have to sell, my business will soon fail and all those jobs will evaporate.

That’s why I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is the feedback loop between customers and businesses. And only consumers can set in motion a virtuous cycle that allows companies to survive and thrive and business owners to hire. An ordinary middle-class consumer is far more of a job creator than I ever have been or ever will be.

Still, we’ll hear the Republican talking point that the only way to create jobs in America, is for the rich to continue getting tax cuts and subsidies. Since George Bush became president, he went on a tax cutting frenzy for rich people, and during his entire eight years in office, only 1.09 million jobs were created. This, after the rich saw their taxes drastically reduced during the time Bush was in power.

But don’t tell this to Republicans in Congress. Although the facts don’t back up their claims, Republicans will go to their graves demanding more tax cuts for the rich in order to “create jobs.”

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Barack Obama Politics tax cuts

A Rich Man Ask President Obama – Would You Please Raise My Taxes?

In a LinkedIn Q & A, President Obama was asked a question by someone the Republicans have been trying their hardest to protect – a rich guy. The man asking the question told the President that he was unemployed, not because he forced to, but because he chose to be. He then asked;

“Would you please raise my taxes?” He continued: “I would like very much to have the country to continue to invest in things like Pell Grants, infrastructure, and job training programs that made it possible for me to get to where I am.”

We can safely predict that the regular talking GOP talking points to this man will be, “just write a check!” It’s the same talking point they’ve made to Warren Buffett and many other responsible rich folks who want to pay their fair share.

Republicans have taken a pledge not to raise taxes on the rich and are now fighting the President’s attempt to add revenue to the economy by asking the rich to pay the same tax rate as middle class Americans.

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Bill O'Reilly Politics Republican Sarah Palin tax cuts

Alan Grayson Slams Fox News and The Right Winged Propaganda Machine

Alan Grayson points finger and calls names in this presentation in the House of Representatives, showing why some on the right insist on continuing the tax cuts for the rich. Grayson stated the obvious, that the truth of the matter is, Congressional Republicans are all going to benefit from those tax cuts.

Alan came prepared with huge cardboard cut-out of different so-called “pundits,” detailing what they make and how much more they are sure to get if the Republicans get their way and extend the Millionaire Tax cuts.

He then came up with a better use of that extra cash these rich folks don’t need – using it to create jobs – over 3 million jobs at $30,000 a year Grayson says, is the better way to get this economy moving again.

Names like Fox News contributors, Glenn Beck, Sarah Palin and Bill O’Reilly and even the former President himself will benefit tremendously from having these millionaire tax cuts extended. In Mr. Grayson’s own words;

They want tax cuts for the rich because they want a tax cut for themselves. What do I mean by that? Let’s take a look at the people who are really in charge, the ones who actually run the Republican party.

Let’s start with this gentleman here, the man with the cigar, Rush Limbaugh. Doesn’t he look happy? According according to Newsweek, he makes $58.7 million a year, and extending the tax cuts means he’ll have another $2.7 million. Mega dittos, Rush, and mega money. Let’s look at the next one.

Here’s Glenn Beck, according to Newsweek Glenn Beck makes $33 million a year as a pundit and extending the Bush Tax Cuts means a cool $1.5 million for Glenn bBeck’s ongoing imitation of Howard Beale from Network. Now let’s look at the next one.

Sean Hannity. Newsweek says that Sean Hannity, this man of the people makes $22 million a year from his act on Fox. And that means the Bush Tax cuts mean an extra $1 million. $1 million for Sean Hannity. Maybe he can afford some anger management classes. Let’s take a look at the next one.

Bill O’Reilly. He makes a modest $20 million a year from his gig on Fox. That means that the Bush tax cuts give him not quite seven figures, nearly $914,000 of extra cash. It’s easy to see why Bill O’Reilly wants to see the Bush tax cuts extended. And I have to say, he’s no pinhead when it comes to that.

And Now, Sarah Palin. Sarah Palin has made $14 million this year from cashing in on her fame. In fact, she’s done a better job of turning fame into cash than anyone in American history. $14 million. So she wants the Bush tax cuts extended so she can make an extra cool $638,000. As she was — as she would gesture (shoulder shrug.)

Alan Grayson did not win his re-election in November, but he is not laying down in these last few weeks of his term in Congress. He is going out with a bang, and in the process, pointing out some very significant truths along the way!

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