Yesterday, in Obama Goes Spelunking, we explored the battle over tax cuts. After I had written it, I discovered breaking news that Obama denied caving-in, so I added an update at the bottom. Some misunderstood thinking that I did not think Obama will cave in on this. Frankly, I think he will, because he is afraid that it will pass the House. Then, Harry Reid, the Nevada Leg Hound, will probably hump a few Republican legs, begging for votes, whine, roll over, and play dead. The Obama tax cut on income under $250,000 will die, and Obama will be blamed. I think that’s how Obama sees it, and given the current leadership in the Senate, it’s easy to understand why. At this point, we have one leader standing solidly for Main Street, against Republican attempts to strip mine what little wealth we retain to give it to millionaires.
Speaker Nancy Pelosi will not give ground on her opposition to extending the Bush tax cuts on the wealthiest Americans, even as the White House and other Democrats have signaled that it might be time to compromise.
"It’s too costly. It’s $700 billion," Pelosi told NPR this morning. "One year would be around $70 billion. That’s a lot of money to give a tax cut at the high end. And I remind you that those tax cuts have been in effect for a very long time, they did not create jobs."
Pelosi’s strong stand mimics that of some of her colleagues on the Republican side of the aisle. House Minority Whip Eric Cantor told Fox News [Foxtopia delinked] earlier this week that he was equally uninterested in compromising on the Bush cuts — he wants them all extended, and that’s that… [emphasis added]
Inserted from <TPM>
Keith Olbermann covered this in two segments of his show. In the first, he and Richard Wolfe survey the political landscape surrounding the issue.
In the second, he and Robert Reich discuss the insanity of more tax cuts for the rich.
The top 2% can afford to pay 39% and more. The poor and middle classes can’t afford an effective tax increase. Even a one year extension of the Bush/Republican cuts for the rich will hurt the economy, by ballooning the deficit, off budget.
As I have previously stated, if I don’t get the Obama tax cut, my effective rate will increase 50%, but I would rather go without than allow Republican plutocracy to continue. One compromise I would approve is leaving the top marginal tax rate at 35% up to $500 thousand, revert to 39% up to $1 million, and increase to 45% or more above that. That will never happen, because it would cause a brick in Agent Orange’s toilet.
8 Responses to “Pelosi Says NO to 2%ers!”
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I like your proposal to add additional tax brackets at the top end. But you are right. It will never happen, not this year, maybe never.
Thanks, Jerry.
Once again, the political party in power plays good cop, bad cop to continue the illusion that there is a difference between the Dems and GOP. This time Nancy (Impeachment is off the table) Pelosi (DINO) is the good cop, Obama (DINO) is the bad cop, and Harry Reid (DINO) is the useless donut eater.
The Blue Dog DINO incumbents just lost over 50% of their elections for this exact same behavior, and Rahmbo had to leave Washington in disgrace for throwing the Progressive Democrats under the bus. How many times do they have to get smacked in the head with a 2×4 before they finally get the message?
Good, question, Kevin. While I work on changing the Democratic Party, do you want to work on changing the Republican Party?
David Axelord should STFU first. He’s not priviy to to the the internal machinations of Boner, McConnell, Pelosi, or Obama – he’s just making things worse, not better.
I like Reich’s idea of giving the $700B and giving it to the states who are all hurting – they know how best to spend that money to creae sustainable jobs in their areas. This would surely give the the economy a quick kick in the ass without wasting it in the Fed morass. And I don’t think this would hurt Obama at all; the states are all hurting now too and they could use the money to prevent cutting vital programs. Plus, as an added bonuses, all this BS about the money being wasted would be a moot point. 😆
I would like those in the 2% to spend a year in the middle class (what’s left of it) to see what it feels like. 😡
Lisa, how about taking it one step further and making it mandatory for ALL elected officials to earn only a middle class wage with no health or retirement benefits? Things would probably turn around rather quickly.
And after 10 years of the Bush tax cuts, every middle class worker should rise up and ask “where are the jobs?”
I gan go with all the above.