There are certainly a plethora of reasons for Senators and Representatives to oppose the Tax Capitulation Act. Granting huge income tax cuts to millionaires and billionaires, who neither need nor deserve the relief. It gives $25 billion in estate tax cuts to only the 6,600 richest plutocrats, an average of $3.8 million per family. For Americans earning less that $20,000 per year, it’s a tax INCREASE. It gets only one year of unemployment relief, and does nothing for the 99ers. If that were not enough, already, yet, it promises to trash the bond rating for US securities.
Ratings agency Moody’s on Monday warned the United States will put its top level credit rating at risk if Congress extends a sweeping package of tax cuts and unemployment spending.
As the hotly-contested package was being considered by Congress, Moody’s said passage would lift the odds of a potentially damaging credit outlook revision.
"Unless there are offsetting measures, the package will be credit negative for the US and increase the likelihood of a negative outlook on the US government’s Aaa rating during the next two years," said Moody’s Steven Hess.
The threatened outlook revision would be one step short of a full downgrade, but could nonetheless rock global financial markets and see Washington’s cost of borrowing soar… [emphasis added]
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I understand that this has already cleared cloture in the Seneate, bought with generous slabs of pork. The buzz from the House is that Democrats will be fighting only the estate tax increase. In short, it’s time to get out our Vaseline. We’ll need it.
10 Responses to “Another Reason to Say NO to Tax Capitulation Act”
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The cost of this compromise has been estimated at something over $800 billion dollars over 10 years. Eliminating the tax cuts for those over $250,000 will essentially pay for it.
It would, but I don’t see it happening now… or in two years.
I’d rather take one up the wazoo than steal one penny from Rupert Murdoch!
You lost me, bro! 🙂
for anyone interested, i posted my take on the mcconnell-obama plan
I checked and agree.
Why not just(ly), It’s WRONG!?
Huh? 🙄
Now, apparently, only Speaker Pelosi, and the still-Democratically controlled House of Representatives, can save America from ITSELF! Stay STRONG Progressive Caucus. America is counting on you!
Welcome Steve! 🙂
They will, but they will be outvoted by republicans, blue dogs, and spineless mainstream dems.