SENATE passes Obama tax increase on 150 million Americans

[L. Coyote]

Before all the rants start, there are an estimated 150,000 people in the poorest families in America whose taxes will increase if the house passes this.

The vote is still ongoing. = http://www.c-span.org/Watch/C-SPAN2.aspx

The House is expected to consider the measure as early as today.

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http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x8236
Obama plan will raise taxes on 150,000,000 Americans


President Obama is turning the Democratic Party into the party that raises taxes on its own base while giving tons of cash to the opposition.
Wealthiest one per cent of Americans get one quarter of the benefits (NYT).

"The Worse Off You Are, Your Taxes Increase"
Journalist David Cay Johnston Slams Obama-GOP Tax Deal
http://www.democracynow.org/2010/12/14/the_worse_off_you_are_your

The U.S. Senate is on the verge of approving President Obama’s controversial tax deal with Republicans. Under the deal, Obama agreed to extend the Bush-era tax cut for the wealthiest Americans and reduce the estate tax in return for a 13-month extension of jobless benefits and a handful of tax credits for low- and moderate-income Americans. We speak to Pulitzer Prize-winning investigative journalist David Cay Johnston, author of Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill).

[dennis4868]

1. by how much on a weekly basis?

[GodlessBiker]

2. 150,000 or 150,000,000?

[L. Coyote]

6. Watch the Democracy Now video in the OP (added on edit)

[geek tragedy]

3. How do you arrive at a tax increase on 150 MILLION people? nt

[bonniebgood]

7. 150 million people taxes increase

I have heard that income under 40K would see an increase in taxes. but never heard an explanation as to how.

[Name removed]

24. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[L. Coyote]

4. Final vote is 81-19

[femrap]

27. I'm watching 'The Ed Show....'

When this Tax Cut for the Rich originally occurred under W, the vote was 50-50 and Cheney had to come in and end the tie.

Now, under a Dem, we get a vote of 81-19.:wtf: :wtf: :wtf:

And with trillions of dollars in deficits?????

It's :crazy: :crazy: :crazy: INSANITY!!!

We're witnessing The Decline of the American Empire.

[abelenkpe]

5. But hey

Jamie Dimon will save over a million he'd otherwise have to pay in taxes.

"Dimon’s compensation over the last three years has averaged $21,991,394 a year. The tax deal agreed to between President Obama and the Republicans will give Dimon and extra $1,179,000 next year, according to an analysis by Citizens for Tax Justice."

-from Robert Reich's blog.

[OregonBlue]

8. Huh? Where are you getting this?

[tridim]

23. Second day in a row he has posted this lie.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=439&topic_id=8236&mesg_id=8286

[sasha031]

9. I watched that interview yesterday by David Cay Johnston,

Obama may now be looking for an entire new base.

this is so tragic, I'm finding myself speechless...

those that will see a tax increase while the millionaire, billionaires get tax breaks, will stay home come 2012.

[onenote]

12. and what would those people do if their taxes went up much much more

which is what would happen if the House doesn't pass the agreement.

Now, maybe you believe the repubs are bluffing and that they'd pass an extension for lower income taxpayers without extending the tax cuts for the wealthy. Personally, I don't. And I don't believe that the media spin if the repubs refuse to budge and let all the cuts expire will pin the blame on the repubs (even though that's where it belongs).

[sasha031]

13. they would not have if they had expired.

http://voices.washingtonpost.com/ezra-klein/2010/08/the_bush_tax_plan_vs_the_obama.html


I find it helpful to look things up before I just make statements off the top of my head.

[onenote]

14. that chart shows the tax cuts being extended.

My question is whether you think voters would be rushing to support Democrats if the Obama compromise fails and all of the tax cuts expire.

[sasha031]

16. my guess is the repub's will use the deficit as a noose in time to come

we have infrastructure that is falling apart, eduction, public services will be slashed, they will drown the beast....it is what they have been planning all along.

I hope I'm wrong...

[femrap]

26. You're not wrong.....

The deficit will be blamed on the prez. The repugnants are playing the dems like a violin. It's pathetic.

The House has to stand up and tell McConnell to 'f*ck off.'

And I have read that the very least of our population will see a slight tax increase.

Remember the 2% that workers will NOT be putting into their Social Security Account? Well, they'll have to pay income taxes on that 2%. So in the long run, this is worse for working people....and those already receiving SS.

I think the Administration wants to get rid of SS and reduce Medicare....The Baby Boomers will see very little from their life-long contributions to their Social Security Accounts. Women on Social Security or soon to be on SS are under the bus....thanks to this prez.

Change....for the worse, if you're a older woman, a working person, the disabled. The prez likes the Rich, the Corporations, and the heirs to the Rich. I'm disgusted.

We are witnessing The Decline of the American Empire. The Rich are taking the last of the money and sending it overseas.

Nancy Pelosi is our only Savior.

Even Sherrod Brown voted for this Tax Cut for the Rich. Makes me sick.

[Bandit]

15. I believe the issue should have been debated and put in front of the public

IMO it was a winning issue for the Democrats.. Tax Cuts for 98% of the population and only the very wealthy would see an increase back to what it was just ten years ago..Democrats never bothered to make their case..In any case even if they let all the tax cuts expire a good case could be made for doing so.. I think the american people for the most part are grown up enough to understand Basic economics. You can't keep charging things forever with eventually paying for them...America did just fine before Bush* and his Tax Cuts and they would do just fine if they were allowed to expire.

[fatbuckel]

10. Not real sure whats happening but C-Span.org freaks out my firewall and locks up my browser.

[L. Coyote]

11. You must have a bad setting on your PC, or another problem at your end. What

browser are you using?

What is your helper app for video streaming?

Do you have a new system with adequate memory?

Are you on high speed?

[L. Coyote]

17. Senators considered an amendment by Sen. Bernie Sanders (I-VT)

Before they passed the plan, Senators considered an amendment by Sen. Bernie Sanders (I-VT), who spoke out against the bill for nine straight hours last week, that would have replaced the payroll tax credit with an extension of the Make Work Pay Credit, imposed an estate tax of 45 percent on estates worth more than $3.5 million and provided a cost-of-living-adjustment of $250 to seniors, veterans and the disabled dependent on government benefits. It failed 57 to 43.


http://tpmdc.talkingpointsmemo.com/2010/12/senate-passes-obama-tax-cut-compromise-plan.php

Almost the same as the Senate votes on the Baucus and Schumer bills.
15 Democrats voted against Sanders' amendment.

Baucus (D-MT)
Bayh (D-IN)
Bennet (D-CO)
Casey (D-PA)
Hagan (D-NC)
Kohl (D-WI)
Lieberman (ID-CT)
Lincoln (D-AR)
Manchin (D-WV)
McCaskill (D-MO)
Nelson (D-FL)
Nelson (D-NE)
Pryor (D-AR)
Udall (D-CO)
Webb (D-VA)

[L. Coyote]

18. The nineteen NO votes are:

Bingaman (D-NM)
Coburn (R-OK)
DeMint (R-SC)
Dorgan (D-ND)
Ensign (R-NV)
Feingold (D-WI)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Merkley (D-OR)
Sanders (I-VT)
Sessions (R-AL)
Udall (D-CO)
Udall (D-NM)
Voinovich (R-OH)
Wyden (D-OR)

Oregon, New Mexico, Vermont = both Senators

[L. Coyote]

22. From Sen. Sanders Facebook page:

Bernie Sanders Sen. Sanders proposed an amendment that he told colleagues (video below) would have let Bush-era tax breaks for the top 2 percent expire on schedule and make other significant changes. The Sanders Amendment received 43 votes, an impressive result for a proposal resisted by the White House and Senate leadership from both sides of the aisle.

LIKE him here: http://www.facebook.com/senatorsanders

[treestar]

19. Your line is still misleading

As if that is the only thing in the bill.

[L. Coyote]

20. I left out the payback cost, per each American $3,000 plus interest ...

in rough numbers (census data to be released Dec. 21) = THAT WE WILL HAVE TO PAY BACK TOP CHINA, ET.AL. WITH INTEREST.

[TwilightGardener]

21. Obama's Making Work Pay tax cut is expiring on time. So it's a joke to call this

Obama's Tax Increase, because he wasn't able to renew it. This is silliness.

[walldude]

25. Who's calling it an increase? It's a HOLIDAY!

It's a HOLIDAY so theres nothing to worry about just believe us when we tell you it's a HOLIDAY.