Posts Tagged ‘Bush tax cuts’

Tea Party outraged over soon-to-be signed fiscal cliff deal

Barack Obama

Newscast Media WASHINGTON, D.C.—Tea Party Leaders are expressing outrage and disappointment over the House passing a bill late New Year’s Day that allows President Obama and Congressional Democrats to raise taxes on wealthy Americans with no guarantee of future spending cuts.

“Sadly, our New Year’s predictions have all come true,” said Jenny Beth Martin, national coordinator of Tea Party Patriots. “Congress and the president had all year to do their jobs and be fiscally responsible – and, just like we said they would, they waited until the last possible moment to fail their nation miserably with a ‘fiscal cliff’ scheme to raise taxes and keep overspending.

The issue for those who believe the nation has a spending problem and not a revenue problem suddenly became a nightmare when 85 Republicans in the House joined 172 of their Democrat colleagues in supporting the measure that was sent over in the wee hours of the morning on New Year’s Day.

For the past 17 months the fiscal game of chicken rarely changed. Obama and liberal Democrats demanded higher taxes on families making over $250,000 annually and Republicans, led by House Speaker John Boehner with some assistance by presidential candidate Mitt Romney, wanted to extend the Bush-era tax cuts and reduce spending, especially on the big entitlement programs of Social Security and Medicare.

But in the end it was Obama and his team that got Boehner to go off the road as opposed to risk getting blamed for raising taxes on most every American taxpayer.

The final version that President Obama is expected to sign will extend the tax cuts for some taxpayers but individuals making over $400,000 and families over $450,000 will owe Uncle Sam more money in 2013 and beyond. Additionally, estate and capital gains taxes will go up for the same group. The bill also extends jobless benefits for one-year and cuts Medicare reimbursements for doctors.

The Congressional Budget Office estimates the bill will add almost $4 trillion to the national debt over the next 10 years.

Judson Phillips of Tea Party Nation is even more outraged that some Republicans – including Boehner – voted in favor of the bill.

“The Republican Party has now cast itself as the Official Tax Collector for the Great Obamacare State,” Phillips wrote in an email to The Christian Post early Wednesday morning.

“Once again Republicans have surrendered their position of strength and given in to everything the Democrats wanted. This bill punishes Americans with new taxes that go not to reducing the deficit but for even more government spending. Today the Republicans stand under John Boehner’s freshly laundered white flag of surrender and America loses.”

Congressman Chuck Fleischmann was one of those elected in the GOP tidal wave of 2010 that voted against the bill.

“Months ago, the House passed bills that extended tax cuts for all Americans and responsibly dealt with sequestration. Unfortunately, the Senate waited until the final days of the year to look at any solutions. What they produced does nothing more than kick the can down the road on the most serious issue facing our nation.

“As I have long said, we have a spending problem not a revenue problem. The bill sent back to the House not only allowed taxes to increase but increased spending by $330 billion. It was simply something I could not support.”

Although Boehner voted in favor of the bill, his top lieutenants, Majority Leader Eric Cantor of Virginia and Majority Whip Rep. Kevin McCarthy of California joined Fleischmann and other House Republicans in voting against the measure. House Budget Chairman and 2012 vice presidential candidate Rep. Paul Ryan of Wisconsin also joined Boehner in voting for the bill.

Martin also applauded members of the House and Senate who voted against the bill and chastised those who voted in favor of the measure, calling on them to step aside.

“The conservatives who stood firm for the principles they were elected to uphold are to be applauded, but those who negotiated this deal and those who went along with it should be ashamed and should consider stepping down. The American people deserve representatives who will do the right thing, even in a crisis.”

http://newscastmedia.com/vote-on-fiscalcliff.htm

         

Be the first to comment - What do you think?  Posted by Joseph Earnest - January 2, 2013 at 6:11 pm

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Obama blames Republicans — The media blames Obama

Barack Obama

by Napp Nazworth

Newscast Media WASHINGTON, D.C.—The day before the ‘fiscal cliff’ deadline and as Congress continues to work on an agreement, President Barack Obama appeared on NBC’s “Meet the Press” to blame Congressional Republicans for not reaching a deal. In a panel discussion after the interview, journalists criticized Obama for not doing more to build trust with Republicans and not displaying more leadership on entitlement reform.

“We have been talking to Republicans ever since the election was over. They have had trouble saying yes to a number of repeated offers,” Obama explained Sunday. The problem has not been with the Democrats, Obama said, but with Republicans because they have been unwilling to ask the wealthy to pay more in taxes.

“So far, at least, Congress has not been able to get this [fiscal cliff] stuff done. Not because Democrats in Congress don’t want to go ahead and cooperate, but because, I think it’s been hard for Speaker [of the House John] Boehner and Republican [Senate Minority] Leader [Mitch] McConnell to accept the fact that taxes on the wealthy Americans should go up a little bit as part of an overall deficit reduction package,” he said.

The interviewer, David Gregory, asked Obama if he holds any accountability for the lack of an agreement to avoid the fiscal cliff. He answered that it was the Republicans’ fault because he has moved “more than halfway” to their position. That agreement, Obama said, would offer two dollars in spending cuts for every one dollar in tax increases.

In the panel discussion after the interview, most of the journalists criticized Obama for not showing more leadership on entitlement reform. If Obama had shown more willingness to take on the long-term drivers of the nation’s debt problem, NBC News special correspondent Tom Brokaw explained, he would have a better chance of getting Republicans to go along with a last-minute fiscal cliff deal.

“I think it would have been helpful this morning to have said, ‘look, we get this tax deal done, I’m here to help on Medicare and Social Security reforms, we’ve got to address those,’ Brokaw advised. “Instead of just saying, ‘I’m going to protect the seniors who are there and the Medicare and Medicaid recipients.’ Give a little something to show good faith about what needs to be done on deficit reduction in the entitlement programs.”

Gregory recalled that when Brokaw interviewed Obama in 2008 he promised to take on entitlement reform before the end of his first term, but in Sunday’s interview he showed no commitment to entitlement reform.

“I asked him to make a commitment for the first year of his second term, he’s not prepared to do that. This is the driver, … you’re going to run out of discretionary money to do [the] things the president wants to do if you don’t take on entitlements,” Gregory complained.

http://newscastmedia.com/fiscal-cliff.htm

         

Be the first to comment - What do you think?  Posted by Joseph Earnest - December 31, 2012 at 8:20 pm

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Democrats in Senate pass tax cut bill in time for 2012 election

Tax return

by Anugrah Kumar

Newscast Media WASHINGTON, D.C.—Democrats in the U.S. Senate pushed for and succeeded in the passage of a bill to extend tax cuts for the middle class. The Democratic bill was approved Wednesday by a near party-line 51-48 vote, and Vice President Joe Biden presided over the chamber just in case his vote was required to break a tie, The Associated Press reported.

The measure was passed soon after a rival Republican plan to include the best-off in the tax reductions was defeated 54-45 in the Senate.

When the Democratic bill goes to the Republican-controlled House of Representatives next week, it will certainly be rejected. “The House will vote next week to stop that tax hike, and until the Senate does the same, the threat to our economy remains,” House Speaker John Boehner said in a statement following the vote on Wednesday.

Democrats seemingly pushed for the measure just to allow President Obama to say to voters in the run-up to the Nov. 6 presidential election that his party got the measure passed but Republicans prevented his party from implementing it.

Democratic Senator Charles Schumer said, “Now the ball is in Speaker Boehner’s court. The Senate has spoken, the message is clear: ‘put the middle-class first.’”

“With the Senate’s vote, the House Republicans are now the only people left in Washington holding hostage the middle-class tax cuts for 98 percent of Americans and nearly every small business owner,” Obama said in a statement.

However, the passage of the Democratic bill also allows Republicans to say that the Democratic Party doesn’t care for businesses. Senate Minority Leader Mitch McConnell, a Republican, said, “Thank goodness it’s not going anywhere because it would be bad for the economy, the single worst thing we could do to the country.”

The $250 billion Democratic measure seeks to extend tax cuts for another year that are otherwise set to expire in January. But those tax cuts are not meant for individuals whose annual earnings exceed $200,000 and couples earning more than $250,000 yearly.

Under the Democratic measure, individuals earning over $200,000 and couples making at least $250,000 would see their top rates on those earnings rise from 33 percent and 35 percent today to 36 percent and 39.6 percent in January.

Republicans in the House are now expected to pass a bill similar to their $405 billion measure the Senate rejected Wednesday.

http://www.newscastmedia.com/taxcuts.htm

          

Be the first to comment - What do you think?  Posted by Joseph Earnest - July 27, 2012 at 1:55 am

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Bill Clinton advises Barack Obama to extend Bush era tax cuts

Clinton and Obama

Paul Stanley

Newscast Media WASHINGTON, D.C.—Former President Bill Clinton took to the airwaves Tuesday to offer President Obama some economic advice by suggesting that the White House back a temporary extension of what is known as the Bush tax cuts, which are set to expire in January.

The suggestion from one Democratic president to another may cause further scrutiny of the Obama administration’s plan to increase taxes on those earning over $250,000 per year to raise money to reduce the nation’s growing deficit.

During President George W. Bush’s second term, Congress enacted a series of tax cuts, some of which will expire in January of 2013.

About that same time, $1.2 trillion in automatic spending cuts will take effect because the so-called “supercommittee” that met last fall was unable to reach a consensus on budget cuts or tax increases. Officials in the Congressional Budget Office have said allowing the two to occur at the same time may add to the nation’s economic woes by causing another recession.

“What I think we need to do is find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what’s necessary in the long-term debt reduction plan as soon as they can, which presumably will be after the election,” Clinton said on CNBC’s “Closing Bell With Maria Bartiromo.”

Officials at the White House were mum on Clinton’s comments, but others close to the president pointed out that Obama has repeatedly said that he would not extend the Bush tax cuts for high-income individuals and families when they expire.

President Obama and Senate Majority Leader Harry Reid of Nevada have said they will not extend the Bush era tax cuts without some agreement from Republicans to raise taxes.

“If Republicans want to walk away from the bipartisan spending cuts agreed to last August, they will have to work with Democrats to replace them with a balanced deficit reduction package that asks millionaires to pay their fair share,” Reid said in a statement on Tuesday.

Despite both sides saying something must be done soon, political pundits believe the White House will not push the issue until after the elections.

http://www.newscastmedia.com/clinton-obama.htm

          

Be the first to comment - What do you think?  Posted by Joseph Earnest - June 7, 2012 at 6:23 am

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The lessons Obama should learn if Republicans win

Barack Obama

Newscast Media — Discussing the implications of a GOP win in the midterms on MSNBC this morning, Democratic Leadership Council chairman Harold Ford said the lesson Obama should learn from a Republican victory November 2, would be to extend the Bush tax cuts.

Ford said, “The reality is the country is worried about jobs, economic growth and our future. And there is a belief that the President and his team have gone about this in a way that has not only not been pleasing to independents but has not gained the confidence of the country as it relates to their future and as it relates to the country feeling like we can compete and succeed going forward. Extend the Bush tax cuts, be willing to work with Republicans, push the reset button with the business community. I think these are the two or three tone changes. They’ve got to send a clear message to the country, “We’ve heard the message. We are ready, not to give up on our goals, but to govern in a different way to achieve those goals.”

Ford may be right to an extent, but what voters will remember are Obama’s broken promises, so the other lesson Obama should learn is that if you can’t keep a promise, don’t make one.

Below are a list of Obama’s broken promises:

I will have a transparent government………………………………………Broken
I will use federal campaign funds…………………………………………….Broken
I will get US troops out of Iraq in 16 month………………………………Broken
I will change Washington with new faces…………………………………..Broken
I will have my administration pay their fair share of taxes……..Broken
I will eliminate rendition of terrorist combatants……………………..Broken
I will have a transparent admin. with the media………………………..Breaking
I will have new blood in admin. but names Panetta to CIA……….Broken
I will apply windfall taxes on big oil companies……………………………Broken
I will change US Foreign Policy, appoints Hillary Sec. State……Broken
I will change the defense department, YET keeps Gates…………Broken
I will not hire lobbyists………………………………………………….Broken

(These are the lobbyists Obama hired)
* Melody Barnes, lobbyist for American Civil Liberties Union, the Leadership
Conference on Civil Rights, the American Constitution Society and the Center for
Reproductive Rights.
* William Corr, lobbyist for Campaign for Tobacco-Free Kids.
* Patrick Gaspard, lobbyist for Service Employees International Union.
* David Hayes, lobby San Diego Gas & Electric.
* Eric Holder, attorney general, lobbyist for Global Crossing telecommications.
* Ron Klain, lobbyist for Asbestos Resolution, U.S. Airways, Airborne Express and
drug-maker ImClone.
* William Lynn, lobbyist for Raytheon.
* Cecilia Munoz, lobbyist for National Council of La Raza
* Mark Patterson, lobbyist for Goldman Sachs.
* Mona Sutphen, lobbyist for Angliss International.
* Michael Strautmanis, lobbied for the American Association of Justice.
* Tom Vilsack, lobbyist for NEA. Just to mention a few.

I will be non-partisan. Hires highly partisan Emanuel………………Broken
I will dump Patriot Act wire tapping…………………………………….Breaking
I will eliminate tax breaks for wealthy……………………………………….Broken

If only Obama had kept silent rather than make these promises to please his voters, he would not be on the defensive now, because silence can never be misquoted. http://www.newscastmedia.com/obamalessons.htm

Be the first to comment - What do you think?  Posted by Joseph Earnest - November 2, 2010 at 9:27 pm

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