Little-Acorn
Well-Known Member
President Obama has agreed to give up the tax increases that Democrats had insisted on during the Bush administration, to take place at the end of this month. Obama also said he wanted to cut the Social Security tax, for one year only (?), without saying how he would pay for it. Continuing the present low income tax rates has historically paid for itself by increasing economic activity and thus the amount of income available to tax. But cutting the Social Security tax won't produce any more revenue for SS.
Elections have consequences. It's nice to finally get some that benefit the country after the 2010 election, after all the grief that were the consequences of the 2006 and 2008 elections.
Now, Republicans had better hold the line against any other Democrat tax increases, and start cutting down spending and unconstitutional programs. After Republicans' wild spending of 2000-2006, they have a lot to answer for, and are very much on probation. Time for them to become conservative instead, and stay that way. Then they might stay in office.
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http://www.washingtonpost.com/wp-dyn/content/article/2010/12/06/AR2010120605923.html
Tax-cut deal reached between Obama, Republicans
By Shailagh Murray
Washington Post Staff Writer
Monday, December 6, 2010; 7:02 PM
President Obama and congressional Republicans agreed Monday to a tentative deal that would extend for two years all the Bush-era income tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers to encourage employers to start hiring.
The deal has been in the works for more than a week and represents a concession by Obama to political reality: Democrats don't have the votes in Congress to extend only the expiring income tax breaks that benefit the middle class. The White House estimates that the proposed agreement would prevent typical families from facing annual tax increases of about $3,000, starting Jan. 1.
Elections have consequences. It's nice to finally get some that benefit the country after the 2010 election, after all the grief that were the consequences of the 2006 and 2008 elections.
Now, Republicans had better hold the line against any other Democrat tax increases, and start cutting down spending and unconstitutional programs. After Republicans' wild spending of 2000-2006, they have a lot to answer for, and are very much on probation. Time for them to become conservative instead, and stay that way. Then they might stay in office.
--------------------------------------
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/06/AR2010120605923.html
Tax-cut deal reached between Obama, Republicans
By Shailagh Murray
Washington Post Staff Writer
Monday, December 6, 2010; 7:02 PM
President Obama and congressional Republicans agreed Monday to a tentative deal that would extend for two years all the Bush-era income tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers to encourage employers to start hiring.
The deal has been in the works for more than a week and represents a concession by Obama to political reality: Democrats don't have the votes in Congress to extend only the expiring income tax breaks that benefit the middle class. The White House estimates that the proposed agreement would prevent typical families from facing annual tax increases of about $3,000, starting Jan. 1.