Tax Passage Clears House

[Carmen813]

Bill just passed...
http://www.politico.com/news/stories/1210/46531.html
*Edit*
Guess I should add some commentary. I think this is the most pragmatic bill that could pass before the cuts expire. I think Schumer's compromise would have been more ideal, but it didn't have the votes. Honestly, if Democrats had really wanted to allow the breaks for upper income to expire, than they should have tackled this issue a long time ago. They didn't because they thought it would help them in the election.

 

[manimal]

I think the real compromise for the the tea party has been the punting of the Omnibus bill to January.


Is the this the beginning of a compromise or the beginning of the Demint revolution...

 

[sportage]

THe price for this will be extremely high.
Say goodbye to social security if you’re not yet retired or collecting it. Won't really matter anyway, since SS retirement age will be raised far beyond ones typical lifespan.
None of the middle class will be able to send their kids to college. Poverty and unemployment will explode in late 2011. Expect unemployment in the 35+ % range. Government will have little power to improve conditions, since at that point most all of the US economy will be outsourced and controlled by what happens in other countries. Jobs? lol .....

 

[HamburgerBoy]

THe price for this will be extremely high.
Say goodbye to social security if you’re not yet retired or collecting it. Won't really matter anyway, since SS retirement age will be raised far beyond ones typical lifespan.
None of the middle class will be able to send their kids to college. Poverty and unemployment will explode in late 2011. Expect unemployment in the 35+ % range. Government will have little power to improve conditions, since at that point most all of the US economy will be outsourced and controlled by what happens in other countries. Jobs? lol .....

You make McOwen look prophetic.

 

[RaistlinZ]

I love how both parties complain about spending and deficit, then their compormise bill ends up being the most expensive option they could have gone with.

 

[Jhhnn]

Yet another shameful exploitation of fear and greed by Republicans, and foolish spinelessness by Obama.

I don't know why the Right hates him so desperately- he's advanced the cause of America's wealthiest more than McCain ever could have done.

 

[matt0611]

THe price for this will be extremely high.
Say goodbye to social security if you’re not yet retired or collecting it. Won't really matter anyway, since SS retirement age will be raised far beyond ones typical lifespan.
None of the middle class will be able to send their kids to college. Poverty and unemployment will explode in late 2011. Expect unemployment in the 35+ % range. Government will have little power to improve conditions, since at that point most all of the US economy will be outsourced and controlled by what happens in other countries. Jobs? lol .....

WTF does this bill have to do with social security? :\

 

[Jhhnn]

WTF does this bill have to do with social security? :\

Pay attention. It lowers the SS contributions rate, supposedly for 2 years, but repubs will want to make that permanent, hastening the fiscal issues wrt SS.

It's no longer a cash cow, so they'll want to kill it and eat it...

 

[dawp]

Pay attention. It lowers the SS contributions rate, supposedly for 2 years, but repubs will want to make that permanent, hastening the fiscal issues wrt SS.

It's no longer a cash cow, so they'll want to kill it and eat it...

actually, It's one year, but you can bet when it reverts back to the old rate, it will be called a tax hike, much like the bush tax cuts were this year.
http://www.huffingtonpost.com/2010/12/08/tax-cut-deal-a-hidden-thr_n_793983.html

 

[matt0611]

Pay attention. It lowers the SS contributions rate, supposedly for 2 years, but repubs will want to make that permanent, hastening the fiscal issues wrt SS.

It's no longer a cash cow, so they'll want to kill it and eat it...

Ah yeah, forgot about that, I thought that was just replacing the obama making work pay or whatever though.

I'd like to phase out SS anyway, it will never go away though, it will have to be cut or adjusted in someway eventually however.

 

[Jhhnn]

actually, It's one year, but you can bet when it reverts back to the old rate, it will be called a tax hike, much like the bush tax cuts were this year.
http://www.huffingtonpost.com/2010/12/08/tax-cut-deal-a-hidden-thr_n_793983.html

Thanks, dawp.

 

[Mursilis]

I love how both parties complain about spending and deficit, then their compormise bill ends up being the most expensive option they could have gone with.

You realize, of course, that neither party, nor the American people, are all that serious about deficit reduction. People talk about it, but only to feel better about themselves, as if talking about it is actually doing something about it. It's like at office Christmas parties - people blathering on about needing to start an exercise program while stuffing their faces at the buffet.

 

[Engineer]

WTF does this bill have to do with social security? :\

It cut SS taxes from 6.2 to 4.2% next year.

Edit: Nevermind, I see that this has been answered!

 

[IndyColtsFan]

Yet another shameful exploitation of fear and greed by Republicans, and foolish spinelessness by Obama.

I don't know why the Right hates him so desperately- he's advanced the cause of America's wealthiest more than McCain ever could have done.

Wow! Ok, I have to give you some props here for at least admitting that Obama is spineless.

 

[LegendKiller]

I am disgusted by this tax "cut" even though it benefits me.

I was on the train last night listening to a guy talk about how he's going to buy a new TV because the extra 2k next year.

Hey, that's great, go buy a Chinese manufactured TV from a Japanese company sold to you by minimum wage big box employees so you can bankrupt SS even faster or offload more debt to our kids.

As Haines asked Schwartzman, who exactly does this benefit BUT the rich? Will the rich do anything but spend the money on foreign made goods or save it, taking it out of circulation and eliminating that velocity?

I agree 100% with Huff, this will be seen as a tax increase in a year and everybody will decry it and extend it.

Jim Himes has lost my vote for re-election, should have known from an ex-goldman. Obama is a spineless trickle down acolyte who deserves to be voted out in 2 years.

 

[IndyColtsFan]

I agree 100% with Huff, this will be seen as a tax increase in a year and everybody will decry it and extend it.

That is EXACTLY what will happen. People never learn.

 

[Acanthus]

This is extremely unfortunate for all sides.

I find nothing good about this bill.

 

[PokerGuy]

Hey, that's great, go buy a Chinese manufactured TV from a Japanese company sold to you by minimum wage big box employees so you can bankrupt SS even faster or offload more debt to our kids.

You mean, as opposed to a middle class person who... goes to wal-mart and buys a chinese made product from a japanese company sold by a minimum wage employee? It's exactly the same you dimwit, the rich, poor and middle class all spend money on foreign goods because very little is manufactured in this country anymore. Thanks unions!

 

[Mursilis]

It's simply becoming more and more clear that it's going to take a financial catastrophe to get any real reform accomplished. Until then, the American people are happy to sputter along, making minimum payments on the national credit card, oblivious to the financial cliff we're rushing toward.

 

[spidey07]

It's simply becoming more and more clear that it's going to take a financial catastrophe to get any real reform accomplished. Until then, the American people are happy to sputter along, making minimum payments on the national credit card, oblivious to the financial cliff we're rushing toward.

Actually the recession has sparked people to eliminate credit card debt and increase savings to prepare for job loss. It's the primary reason we haven't crawled out of it yet, people are holding onto their money weathering the Obama storm. Not spending it.

All in all this tax bill will give some much needed economic improvements almost immediately. Go republicans! Stop obama's economic nightmare!

 

[CPA]

Pay attention. It lowers the SS contributions rate, supposedly for 2 years, but repubs will want to make that permanent, hastening the fiscal issues wrt SS.

It's no longer a cash cow, so they'll want to kill it and eat it...

Good, if they won't let me invest it my own way, then get rid of it. It's a friggin pyramid scheme as it is anyway.

 

[IndyColtsFan]

Actually the recession has sparked people to eliminate credit card debt and increase savings to prepare for job loss. It's the primary reason we haven't crawled out of it yet, people are holding onto their money weathering the Obama storm. Not spending it.

All in all this tax bill will give some much needed economic improvements almost immediately. Go republicans! Stop obama's economic nightmare!

He was referring to the national debt, not personal debt.

 

[brencat]

You mean, as opposed to a middle class person who... goes to wal-mart and buys a chinese made product from a japanese company sold by a minimum wage employee? It's exactly the same you dimwit, the rich, poor and middle class all spend money on foreign goods because very little is manufactured in this country anymore. Thanks unions!

I'm not sure unions in the aggregate really had much to do with outsourcing. If you want to blame someone, blame Sam Walton for starting the trend. Fact is, we GAVE them our industries -- the smart MBA types realized they could manufacture shit with slave labor and increase profit margins MASSIVELY while cutting the price 'a little' so it appeared to the average consumer they were getting a great deal on product X. Needless to say, in 20 yrs if only the highly educated have jobs and everyone else loses theirs to outsourcing, wtf kind of country are we going to have left?

We cannot compete with slave labor wage manufacturing. Period.

This is a disaster of a bill. And while I think that the temporary cut in SS tax will actually be the most beneficial to the middle class out of all the other options, in the back of my mind I too wonder if some will demagogue this as a potential 'tax hike' come the election year of 2012 if it isn't extended. The Dems made a huge tactical error here in extending this stuff into an election year. I thought they were smarter than that but I guess not.

I guess this is where I have to reiterate I am a conservative with a conscience that is pissed at both parties because no one is proposing realistic comprehensive solutions to concentration of wealth issues, the national debt, or anything else substantative. Fire them all!

 

[fskimospy]

I am disgusted by this tax "cut" even though it benefits me.

I was on the train last night listening to a guy talk about how he's going to buy a new TV because the extra 2k next year.

Hey, that's great, go buy a Chinese manufactured TV from a Japanese company sold to you by minimum wage big box employees so you can bankrupt SS even faster or offload more debt to our kids.

As Haines asked Schwartzman, who exactly does this benefit BUT the rich? Will the rich do anything but spend the money on foreign made goods or save it, taking it out of circulation and eliminating that velocity?

I agree 100% with Huff, this will be seen as a tax increase in a year and everybody will decry it and extend it.

Jim Himes has lost my vote for re-election, should have known from an ex-goldman. Obama is a spineless trickle down acolyte who deserves to be voted out in 2 years.

At which point you will get someone who is an enthusiastic trickle down person instead. I've never understood the position of 'I'm voting against this guy because he sometimes does things I don't like' so that he is replaced by someone who gleefully endorses all those same positions and more.

 

[Schadenfroh]

I love how both parties complain about spending and deficit, then their compormise bill ends up being the most expensive option they could have gone with.

Indeed, this is disgusting. If they wanted to walk-the-walk, they should have let all the tax cuts expire.