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Thu Nov 8, 2012, 05:12 PM

WCGreen (45,558 posts)

Steve Kornacki has a great idea to let the whole kit and rebuttal expire...

We are talking about tax cuts about to expire on December 31st.

First of all, the 2% FICA cut is what would hurt the most for the majority of working class people, but it is necessary to let this expire since it will affect SSI viability in the long run.

If all the tax rates are left to rise to Prue-Bush levels, then the President and the Democrats in Congress can offer sane rate reform and lay it all on the GOP.

It's also time to get rid of the Alternative Minimum Tax that is creeping way down into middle class income levels because it is NOT adjusted for inflation.

Make it simple, increase revenues and also stop making certain investment income more important by treated that income more favorably than wages via charges less tax on investment income. This is the main reason Wall Street went wild and crashed.

By the way, isn't Ann Colter one of the biggest takers because she really provides nothing and depends on government to make all of her money?

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26 replies	Author	Time	Post
Steve Kornacki has a great idea to let the whole kit and rebuttal expire... (Original post)	WCGreen	Nov 2012	OP
It is even more important to restore the	GitRDun	Nov 2012	#1
For sure...	WCGreen	Nov 2012	#4
Death tax MY ASS! Save the ESTATE TAX!!!	tokenlib	Nov 2012	#14
It's a tempting idea.......	CaliforniaPeggy	Nov 2012	#2
two separate issues actually	CreekDog	Nov 2012	#20
let it expire	Fresh_Start	Nov 2012	#3
Great Quip...	WCGreen	Nov 2012	#5
He's absolutely right.	kentuck	Nov 2012	#6
Has to happen....	WCGreen	Nov 2012	#7
Yep.	kentuck	Nov 2012	#8
Lawrence did a show on this	Dalai_1	Nov 2012	#9
HA HA we posted at the same time...gotta give Lawrence his due...	tokenlib	Nov 2012	#11
I think they all would breath a sigh of relief if Norquist was made irrelevant.	WCGreen	Nov 2012	#12
I would like to see the Democrats go on the offensive.	kentuck	Nov 2012	#13
Perfect!	Dalai_1	Nov 2012	#15
Lawrence O Donnell has been pushing it too--I love the smile when he does..	tokenlib	Nov 2012	#10
I think this issue will help determine Obama's historical significance.	kentuck	Nov 2012	#16
This is the time to do it...	WCGreen	Nov 2012	#17
You know it's coming.	kentuck	Nov 2012	#18
Just got a tweet regarding this topic	Dalai_1	Nov 2012	#19
The "fiscal cliff" is not the Bush tax cuts	Spike89	Nov 2012	#21
Well that is the point...	WCGreen	Nov 2012	#22
Ed just tweeted	Dalai_1	Nov 2012	#23
They should absolutely do this, strike while the iron is, well, limp....	WCGreen	Nov 2012	#24
I replied to his tweet with a link to this thread	Dalai_1	Nov 2012	#25
Ezra Klein:CBO Letting upper-income tax cuts expire would barely hurt economy	Dalai_1	Nov 2012	#26

Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:14 PM

GitRDun (1,846 posts)

1. It is even more important to restore the

estate tax. I am with you, let it expire....

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Response to GitRDun (Reply #1)

Thu Nov 8, 2012, 05:18 PM

WCGreen (45,558 posts)

4. For sure...

All the Estate Tax cuts does is create an entitled class which should be anathema to Conservatives like Ann Coltore.

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Response to GitRDun (Reply #1)

Thu Nov 8, 2012, 05:35 PM

tokenlib (4,186 posts)

14. Death tax MY ASS! Save the ESTATE TAX!!!

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:15 PM

CaliforniaPeggy (141,778 posts)

2. It's a tempting idea.......

It does rather scare me, though...

I mean, they're calling it the fiscal cliff or some such.

But it might work.

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Response to CaliforniaPeggy (Reply #2)

Thu Nov 8, 2012, 05:48 PM

CreekDog (46,192 posts)

20. two separate issues actually

the Bush tax cuts will expire on their own if nothing is done because there's a sunset provision in them at 10 years.

the fiscal cliff is mandated spending cuts congress voted on last year i think (with the debt limit increase). those would kick in.

so they are two separate issues.

but Obama's plan is to do less cuts to programs, more to defense, all tax cuts continue except wealthy
Republican plan is less defense cuts, or none at all, more to programs, Bush tax cuts continue forever

so we need a debt extension again, the tax cuts risk slowing the economy and both parties are needed to pass the a solution to both, but R and D plans are 100% opposite in almost every respect.

if nothing is done, all the tax cuts expire, massive spending cuts to defense and domestic programs --less gov't stimulus to an already struggling economy that will risk recession.

so that is the mess we face. it is solvable, but someone is going to have to budge and that makes me nervous.

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:17 PM

Fresh_Start (11,286 posts)

3. let it expire

I'm with you. It will cost me more money...but I don't have enough for a Cayman Island tax shelter anyway.

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Response to Fresh_Start (Reply #3)

Thu Nov 8, 2012, 05:18 PM

WCGreen (45,558 posts)

5. Great Quip...

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:22 PM

kentuck (105,225 posts)

6. He's absolutely right.

We should have bitten the bullet two years ago. Obama said he would let them expire.

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Response to kentuck (Reply #6)

Thu Nov 8, 2012, 05:26 PM

WCGreen (45,558 posts)

7. Has to happen....

Force their hand.

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Response to WCGreen (Reply #7)

Thu Nov 8, 2012, 05:29 PM

kentuck (105,225 posts)

8. Yep.

It has to happen. We cannot continue with this hanging over our heads every election.

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:30 PM

Dalai_1 (1,300 posts)

9. Lawrence did a show on this

He said if we "went over the cliff"then all pledges to Norquist would be null and
void...he said they could then go back and add the necessary taxes and
people would see a difference in their incomes for around two months.(less)
His take was that several would like to get out of that sacred oath
to Grover and this was a way they could ...

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Response to Dalai_1 (Reply #9)

Thu Nov 8, 2012, 05:32 PM

tokenlib (4,186 posts)

11. HA HA we posted at the same time...gotta give Lawrence his due...

Wasn't he working on buttons..getting suggestions..

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Response to Dalai_1 (Reply #9)

Thu Nov 8, 2012, 05:33 PM

WCGreen (45,558 posts)

12. I think they all would breath a sigh of relief if Norquist was made irrelevant.

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Response to Dalai_1 (Reply #9)

Thu Nov 8, 2012, 05:34 PM

kentuck (105,225 posts)

13. I would like to see the Democrats go on the offensive.

Not only should the taxcuts be allowed to expire but the Democrats should put upon the table for negotiation the reform of all the tax loopholes that are presently in existence. We need to get rid of those without any connection to other issues. That is where the Democrats need to go. give the Republicans something to whine about. That is where we should start the negotiating - the loopholes.

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Response to kentuck (Reply #13)

Thu Nov 8, 2012, 05:37 PM

Dalai_1 (1,300 posts)

15. Perfect!

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:31 PM

tokenlib (4,186 posts)

10. Lawrence O Donnell has been pushing it too--I love the smile when he does..

I say let's go...

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:39 PM

kentuck (105,225 posts)

16. I think this issue will help determine Obama's historical significance.

I would agree that it will take a little courage and backbone. The question is: Is the economy doing well enough to do this at this time? I do not think they will ever find a better time to do it.

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Response to kentuck (Reply #16)

Thu Nov 8, 2012, 05:41 PM

WCGreen (45,558 posts)

17. This is the time to do it...

Before they start in with the Impeachment crap that we all know will be coming out of the GOP...

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Response to WCGreen (Reply #17)

Thu Nov 8, 2012, 05:42 PM

kentuck (105,225 posts)

18. You know it's coming.

BenGhazi...blah...blah...blah... You cannot keep playing defense with this bunch.

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:48 PM

Dalai_1 (1,300 posts)

19. Just got a tweet regarding this topic

Brian Beutler ‏@brianbeutler
Surprise! The least economically damaging layer of the fiscal cliff is the expiring Bush tax cuts for top earners http://bit.ly/VVURUT

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 05:51 PM

Spike89 (1,569 posts)

21. The "fiscal cliff" is not the Bush tax cuts

Just to be clear, these are two different issues. The fiscal cliff is the debt ceiling legislation--if the ceiling isn't raised, the government defaults on some obligations, potentially loses bond ratings, and generally ends up spending lots of money cleaning up after itself. The debt ceiling will be raised, but the Repugs are looking to make a statement and are willing to harm the short term economy to do so.

The Bush tax cuts are only slightly related, in that if they expire, it is assumed that federal debt will drop, giving us a bit more room under the debt ceiling. Of course, the increased taxes will not come in in time to affect the debt ceiling issue we're facing right now. Whether we let the Bush cuts expire or not, we must raise the debt ceiling this year.

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Response to Spike89 (Reply #21)

Thu Nov 8, 2012, 05:58 PM

WCGreen (45,558 posts)

22. Well that is the point...

Let them expire. It's the best way to rejigger the tax codes regardless of what else is on the table.

Probably should have made that more clear.

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 06:18 PM

Dalai_1 (1,300 posts)

23. Ed just tweeted

Ed Schultz ‏@edshow
Given Tuesday's decisive victory for the middle class, should Democrats stand strong on the fiscal cliff? We may use your reply on #edshow!

Maybe he will use this topic for his show tonight!

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Response to Dalai_1 (Reply #23)

Thu Nov 8, 2012, 06:38 PM

WCGreen (45,558 posts)

24. They should absolutely do this, strike while the iron is, well, limp....

It's time to take it to them and take it to them hard...

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Response to WCGreen (Reply #24)

Thu Nov 8, 2012, 06:51 PM

Dalai_1 (1,300 posts)

25. I replied to his tweet with a link to this thread

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Response to WCGreen (Original post)

Thu Nov 8, 2012, 07:07 PM

Dalai_1 (1,300 posts)

26. Ezra Klein:CBO Letting upper-income tax cuts expire would barely hurt economy

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/11/08/cbo-letting-upper-income-tax-cuts-expire-would-barely-hurt-economy/

http://tinyurl.com/bdsn8m4

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