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BushTaxCuts
Obama and the Republicans: It's a War in There
By Robert and Donna Trussell - Politics DailyFollow the Trussell cartoons on Twitter at ChaosTheoryPD ...
Congress Delays Vote on Bush Tax Cuts Until After Elections
By Patricia Murphy - Politics DailyWith a potentially bruising election less than six weeks away, Democrats on Capitol Hill came to an impasse Thursday over what to do about the Bush tax cuts. The result was a decision to do nothing, at least until after the elections, when Congress comes back to Washington for a lame duck session. For weeks, Republicans have happily watched from the sidelines as liberal and moderate Democrats have struggled to agree on the best course of action, both politically and on policy grounds, with the Bush-era tax policy that Democrats describe as a "time bomb." All of the tax cuts -- including those ...
White House, Boehner Spar Over Bush Tax Cuts
By Alex Wagner - Politics DailyIn a sign of the increasingly contentious relationship between the Obama administration and the GOP, on Sunday House Minority Leader John Boehner (R-Ohio) traded barbs with the White House over the Bush tax cuts -- a sure sign that the issue will be a major talking point in the run-up to this year's midterm elections. In an interview with CBS' "Face the Nation" Sunday, Boehner said he would be open to extending the tax cuts for the middle class (individuals making more than $200,000 a year and families making over $250,000), even if it meant ending tax breaks for wealthier Americans. Boehner, ...
Mike Pence: House Republicans Have Tax-Cut Agenda If They Win Majority
By Tom Diemer - Politics DailyTax cuts, and then more tax cuts. The No. 3 Republican in the U.S. House says the GOP will extend President Bush's tax reductions and then move toward broader across-the-board tax relief if the GOP claims a majority in the November election. Rep. Mike Pence (R-Ind.), chairman of the Republican Conference, told CNBC "the first thing that we will do is try to preserve the tax relief of 2001 and 2003 for all Americans -- for all small businesses and family farmers." Once the Bush tax cuts are safeguarded, Pence said, the new Republican majority would move toward "the kind of tax relief that will ...
Nancy Pelosi Rejects Extending Bush Tax Cuts for Wealthy
By Patricia Murphy - Politics DailyHouse 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 ...
Do the Rich Pay Their Fair Share of Taxes?
By John Merline - AOL News(Feb. 3) – The Obama administration says its proposed budget would repeal Bush-era tax cuts on wealthy families and offer tax cuts to working families, as part of its effort "to restore balance to the tax code." While the tax code certainly is out of balance, it's not in the way most people probably think. Today, the richest 1 percent in America account for 23 percent of all the income in the country. But they pay an eye-popping 40.4 percent of all federal income taxes. If you go down the scale a bit, you find that the richest 10 percent earn slightly less than half of all the income in ...
Obama Calls for Big Tax Hikes, But Lets Bankers off the Hook
By Joann M. Weiner - Politics DailyPresident Obama knows that there are just two ways to close the $1.6 trillion federal budget deficit. He can raise taxes, or he can cut spending. On Monday, the president proposed doing some of both in an attempt to cut the federal deficit to $727 billion by 2013. In terms of taxes, the fiscal year 2011 budget raises more than $1.5 trillion from companies and wealthy individuals over the next decade. Offsetting these tax increases are $250 billion in savings from a three-year freeze on non-defense discretionary spending and $23 billion this year from cutting federal programs. ...
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