Quote
Originally posted by: BobOrmeQuote
Originally posted by: pjstroh The budget busting Bush tax cuts are set to expire at the end of this year.
Can you show me the Republican plan that reconciles the Bush tax cuts with spending cuts?
The cuts expire in December.
Those same tax cuts will be on the board again before December without spending cuts to reconcile them.
Am I wrong?
Yes, you are wrong.
The Bush tax cuts were set to expire in 2010. Those same tax rates were passed by Congress (Democrats controlled both houses) and signed into law by Øbama in December of 2010. At that point, Democrats owned the tax rates and still do. You should be calling for an end to "the budget busting" Øbama Democrat tax rates.
Correct I see now and were made permanent in 2012.
"..Bush tax cuts had sunset provisions that made them expire at the end of 2010, since otherwise they would fall under the Byrd Rule. Whether to renew the lowered rates, and how, became the subject of extended political debate, which was resolved during the presidency of Barack Obama by a two-year extension that was part of a larger tax and economic package, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. In 2012, during the fiscal cliff, the tax cuts were made permanent for single people making less than $400,000 per year and couples making less than $450,000 per year, and eliminated for everyone else, under the American Taxpayer Relief Act of 2012.
Before the tax cuts, the highest marginal income tax rate was 39.6 percent. After the cuts, the highest rate was 35 percent. Once the cuts were eliminated for high income levels (single people making $400,000+ per year and couples making $450,000+ per year), the top income tax rate returned to 39.6 percent.."
Regardless I still think they're a positive. Spending is what has to be reigned in. That's the huge difference between people( DUH), some always believe the soltion is to tax and tax some more. Spent too much last quarter?, raise a tax on something. Others think it's more prudent to maybe, just maybe, pull back on the budgets a bit. 19T in debt, and getting worse by the day, is completely insane.
I know, I know, bush's fault, Obama has nothing to do with the additional 10T in debt.
