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Nancy Pelosi Rejects Extending Bush Tax Cuts for Wealthy

5 years ago
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House Speaker Nancy Pelosi left no doubt Thursday that she is not interested in extending the Bush-era income tax cuts for high earners -- now set to expire at the end of the year.

"I believe the high-end tax cuts did not create any jobs, increased the deficit and should be repealed," she said.

If Congress does not act to prevent the expiration, which President Bush wrote into the law when he signed the cuts in 2001 and 2003, the marginal rate for people making between $250,000 and $375,000 per year will grow from 33 percent to 36 percent, and those earning more than $375,000 will increase from 35 percent to 39.5 percent. The speaker has consistently opposed extending the Bush tax cuts for those Americans, but has said she wants to continue tax cuts for middle- and low-income workers.

When asked Thursday if the House leadership would consider a bill to extend all of the Bush tax cuts, as Republicans and some Democrats have advocated, she said, "No. No. Our position has been that we support middle-income tax cuts. The tax cuts at the high end have increased the deficit enormously."

She criticized Republicans generally and President Bush specifically for adding to the federal deficit with increased federal spending and tax cuts for the wealthiest Americans.

"We're not going back," she said.

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Neither Party cares about the Middle Class. Reagan, froze our wages, Clintion Taxed Social Security, Bush took care of Big Business, Illegals, Anchor Babies, Investment Firms, Obama has spent us into into oblivion. We need a Middle Class Party and we need Lobbyists and we need them NOW!

September 14 2010 at 4:12 PM Report abuse rate up rate down Reply


July 30 2010 at 2:02 PM Report abuse -2 rate up rate down Reply
Good Luck!

A metaphor/comparison: Suppose I'm in college, studying hard during the week and weekends. I date little, party little since I want to do my best and am earning straight A's. My roommate just wants a degree. He/she studies just enough to get by, parties during the week, heavy on the weekends and barely squeaks by with C's. Now the administration feels that everyone should be doing equally well - they insist that all those who get straight A's, give up their A's to those who get C's, raising my roommate's grades to all B's and decreasing my A's to B's. Now that everyone is getting B's, we are now all an expanded "middle class", everyone is equal irrelevant of anyone's individual effort. Is that fair?

July 23 2010 at 5:49 AM Report abuse +7 rate up rate down Reply
1 reply to Good Luck!'s comment

You are comparing apples to oranges. There are alot of low income people that work their tale off and some high income that just float by because of luck, bad morals, and just plain stealing from others. You can't compare income to grades cause if everyone who worked hard earned 500,000+ a year then we would not be in the shape we are in.

July 23 2010 at 9:24 AM Report abuse -7 rate up rate down Reply

This Democratic administration has consistently and constantly blamed anything that shines negatively on themselves on the Bush administration. Personally, I don't fully agree or disagree with either party. What I contiune to hope (dream) would happen is that first of all this Obama administration would stop looking for scapegoats everytime an issue is brought up for discussion or criticized by the American people. I might start having a little more respect for this president and his administration IF he and other Democrats would simply stand up for what's right, regardless of which "side" brings it up. For goodness sake, JUST START DOING THE RIGHT THING! There's nothing worse than someone talking from both sides of their mouth and saying whatever seems to be the most "popular" stance of that particular day.

July 23 2010 at 1:06 AM Report abuse +5 rate up rate down Reply

I know that I get up and go to work every morning to earn a living. I am a business owner and provide jobs for those other people who are willing to work. Our paychecks suffer more and more because of those who aren't "required" to work. I'm tired to making the money and giving to others. Obama has done nothing but make lazy people lazier. If there is anyone racist or unfair, it's Obama. Pelosi is nothing more than a butt kisser.
As a united country, Americans need to realize that small businesses are hurt everyday by government. I will admit that the Forbes and Gates of the world for some reason bypass tax season, but I'm tired of being taxed to death. I am in the higher tax bracket, I pay my taxes on time; but I am tired of this Obama way of living.
This is suppose to be a free country - not free for those that Obama sees fit to give everything I work for to!

July 23 2010 at 12:40 AM Report abuse +9 rate up rate down Reply

The number of wealthy tax payers are insignificnt compared to the general population, and increasing their tax burden will hardly make a dent in reducing the budget or the national debt. With today's inflation, $250,000 is getting pretty close to an upper middle class salary. The real government income comes mostly from the great middle class taxes. "Tax the Rich" is a great political statement, but will not balance any budget.

July 23 2010 at 12:35 AM Report abuse +6 rate up rate down Reply

Yes Nancy, let's tax the heck out of them. Let's bring back the inheritance tax also. These things need to be done. All of the extra taxes from this will go directly into Social Security for retirees and nothing else. They have put in their time and earned it. We also must drug test every person on food stamps and welfare. Americans earned this money that is taxed with our good, honest, hard work. The least they can do is stay clean when they spend our money.

July 22 2010 at 11:51 PM Report abuse +5 rate up rate down Reply

Phil; Here it is for the last time. The Regan tax cuts in 1980 increased the income tax from 244 billion to 446 billion, that is an increase of 83% (sorry not 100%). That comes from the Gov. own Congressional Budget Office. Also the top 1% of wage earners, they added a 51% INCREASE TO THE TREASURY. When Clinton raised taxes the top 1% revenues DECREASED but I don't have an amount. It's not a myth it's fact, look it up. Don't bring a squirt gun to a gun fight. Is there anything else that you "believe" that I can shoot down. If you say something that is factual (not feelings) or I agree with I will admit it. I respond to logic, history, what works and what doesn't. Not what party to attach myself to. When someone in this administration does something right I will give them credit, I'm still waiting.

July 22 2010 at 11:37 PM Report abuse +22 rate up rate down Reply
1 reply to jskul's comment

Reagan did not cut taxes, he just shifted the tax burden to the middle class by raising Social Security taxes, eliminating several tax deductions such as sales tax deduction and consumer loan deductions, like car loans. Consider that that top 1% of earners in 1980 only accounted for 9% of income, but the top 1% today accounts for over 23%. The rich are getting richer while the rest of us are getting poorer.

Don't forget that the 1980's was also when the baby boomers, the most educated generation in history, became the driving force of the economy. The 1980 economic upturn had more to do with people like Bill Gates and Steve Jobs developed a whole new industry that put the U.S. ahead of the rest of the world that was catching up to us after WWII.

July 23 2010 at 1:20 AM Report abuse -2 rate up rate down Reply

jskul, lol. you don't get it. If the lower income people get the money first, it goes into the economy since they spend the money right away. The wealthy don't necessarily spend it immediately. But either way, the money gets to the wealthy anyway by the lower income earners shopping at Walmart which will increase the earnings of Walmart and to their investors. The other fact is that the additional amount of tax that someone whose income is $350,000 would be about $4,000, in addition to what he would have paid the year before. Included in that are the tax advantaged plans of the higher income earners who can pay pre tax dollars into plans that will decrease their taxable income. If you are a high income earner, you need to learn how to keep the money. There are ways even if they increase the progressive tax rate.

July 22 2010 at 11:34 PM Report abuse -23 rate up rate down Reply
1 reply to copperkettle3's comment

Taxing the wealthy, or anyone really during a recession, is a bad idea. The money taxed away from the people in higher income brackets is likely money that would go into investments, either stocks or corporate bonds, which gives those companies money to expand and hire and likely reduce the 9.6% unempolyment rate we're still facing... probably more than any federal jobs program ever could.

July 23 2010 at 2:32 AM Report abuse +4 rate up rate down Reply

The rediculously low taxes that are paid by the top one % are doing nothing more than creating a new American Aristocracy. These people don't have time to deal with the money they have let alone create new businesses with the added savings they are just milking the rest of us, for as much as they can take, then using it to influence our politicians and the ignorant people that are foolish enough to vote for the interests of the super rich over their own best interests.

July 22 2010 at 11:32 PM Report abuse -16 rate up rate down Reply
1 reply to ronstriathlon's comment

I am not RICH by any means. But Ron I'm curious - If I make more than you and have saved, and studied, and have worked harder than you, and have done the things necessary (made the better choices) than you - that put me in a better economical position than you - WHY - OH WHY - should I pay HIGHER taxes than you?? On the flip side - I will assume you have a job and earn a living. Why - oh why - are YOU not giving much more of your money to those that have less than you????????? HMMMM

July 22 2010 at 11:41 PM Report abuse +25 rate up rate down Reply

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