Where is the US economy headed?

PrezBO can extend them as they are and that is the correct thing to do - extend the Bush tax cuts 100% .

Will PrezBO do the right thing?

Will he?

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I assume that President Bush knew that the tax cut bills he signed in 2001 and 2003 had an expiration date of December 31, 2010.
David Axelrod, President Obama's closest adviser, indicated in an interview yesterday that the Bush Tax Cuts will be temporarily extended beyond this year for all taxpayers regardless of income. He conceded it would not be possible to get a bill through the lame duck session that would exclude those with high incomes (however that is defined).

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@Cycloptichorn,

What angers me most is when these people who really don't know what they are talking about talk about the Obama tax increase.

They spread this misinformation without knowing the facts.

Letting the GW Bush tax cuts expire that was included in the law now have these dunces announcing it as the "Obama tax increase." There's no cure for stupid.

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@JPB,

Quote:

Individual Tax Reform

Repeal AMT, PEP, and Pease

Establish 3 rates –15%, 25% and 35%

Triple standard deduction to $30,000 ($15,000 for individuals)

Repeal state & local tax deduction, cafeteria plans, and miscellaneous itemized deductions

Limit mortgage deduction to exclude 2ndresidences, home equity loans, and mortgages over $500,000

Limit charitable deduction with floor at 2% of AGI

Cap income tax exclusion for employer-provided healthcare at the amount of the actuarial value of FEHBP standard option

Modify and repeal several other tax expenditures

Dedicate portion of savings to deficit reduction

At first read I choked on repealing state and local tax deductions and limiting charitable deductions with a floor at 2% of AGI. I got over myself on the state and local tax deductions, as they apply only to taxpayers who itemize their deductions. If you've got enough to itemize, you can probably absorb the tax hit of losing that deduction. It makes state income tax payments taxable income, which I don't like, but so are sales taxes. I'll live with it if I have to. I'd rather see charitable deductions upheld with perhaps a ceiling rather than a floor. Too many valuable charitable enterprises depend on donors who donate with a tax deduction in mind. I can see limiting how much someone can write off as charitable giving once a certain level is reached.

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@cicerone imposter,

cicerone imposter wrote:

What angers me most is when these people who really don't know what they are talking about talk about the Obama tax increase.

You are angry with yourself and Obama democrats.

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@H2O MAN,

Support what you say; tell us about the Obama tax increase?
You're full of ****; quit wasting our time.

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@cicerone imposter,

Let's talk about your ignorance when it comes to what makes
Obama tick... you never explained how he was able to fool you.

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@H2O MAN,

Talk all you want, but try to provide facts if you can.

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@JPB,

Pages 2-7 of the Co-Chair draft list the 10 guiding principles and values. I won't list them all because I agree with all of them except one.

Quote:

4. Don’t Disrupt a Fragile Economic Recovery
Start gradually; begin cuts in FY 2012.

There is NO indication that our economic recovery will be any less fragile in 2012 than it is today. Don't wait. Start immediately.

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@H2O MAN,

I would not want to say that earning $100,000/annum while doing a dangerous job in CA is excessive renumeration.

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@cicerone imposter,

You fail.

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@JPB,

I agree; this is a long term recession that will take more than a few years to recover from.

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@mysteryman,

The person who owns 8 houses may be renting seven or all eight of those houses, making his tax burden different than that of the person who owns one house in which he lives.

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@cicerone imposter,

Yes, the Obama recession will be long term.

Recovery can come sooner if Obama's mistakes are corrected,
but that can't begin in earnest until Obama is defeated in 2012.

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There is a great deal of ignorance in this debate.

Where is the US economy headed should not have among its considerations property taxes which are local taxes.

Besides, too many people here don't want to acknowledge what the environment is doing and what it will do.

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POM
/\

We return to the debate already in progress.

Obama's tax increases will knock this fragile US economy on it's ass

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@H2O MAN,

H2O MAN wrote:

Let's talk about your ignorance when it comes to what makes
Obama tick... you never explained how he was able to fool you.

He doesn't know the answer.

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@okie,

Neither do you or waterboy. All innuendos without any evidence to prove your point(s). Give it up!

Just provide some examples of your claim(s)?

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@realjohnboy,

realjohnboy wrote:

David Axelrod, President Obama's closest adviser, indicated in an interview yesterday that the Bush Tax Cuts will be temporarily extended beyond this year for all taxpayers regardless of income. He conceded it would not be possible to get a bill through the lame duck session that would exclude those with high incomes (however that is defined).

The response today from liberal Dems has not been friendly towards Axelrod. It would be far better for the Dems, it is argued, to introduce legislation in the lame duck session to adopt tax cuts for those earning less than $250K. Those cuts would be equal to those in the expiring Bush cuts. The only change between the new legislation and the old would impact those earning over $250K.
If the Republicans choose to block that, the thinking goes, they might be the ones accused of raising taxes come January 1st.
Would the Republicans want to score points against Obama badly enough to raise taxes on those earning less then $250K?

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@H2O MAN,

Quote:

Obama's tax increases will knock this fragile US economy on it's ass

Please point to the legislation that will cause tax increases.
Then tell us which President signed that legislation.

Then admit you are a idiot.

(You don't have to do them in that order. You started with the last one first.)

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Where is the US economy headed?

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