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It’s Time to Let the
Bush-Era Tax Rates Expire

Power Line, by John Hinderaker

Original Article

Posted By:Dreadnought, 11/12/2012 11:00:22 PM

The Bush-era income tax rates will expire at the end of the year. That is only one of a number of financially significant–some say cataclysmic–deadlines that occur around year end: the payroll tax holiday ends, the alternative minimum tax patch will expire, $36 billion in Obamacare taxes will take effect, tax extenders will expire, the (minimal) 2009 “stimulus” tax cuts will run out, the inheritance tax will increase, and 100% expensing for business investment will expire. At the same time, $109 billion in sequestration begins, affecting both non-defense and, disproportionately,

      


Post Reply  

Reply 1 - Posted by: JonR, 11/12/2012 11:07:32 PM     (No. 9010246)

Sure! Lets increase taxes in the middle of the worst depression since the 1930s! All economists say that this will be a big help!! The Death Tax is a nice touch too!

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Reply 2 - Posted by: horacer, 11/12/2012 11:08:55 PM     (No. 9010249)

It´s 10 years not 20. It only seems like 20. Why not start a few trade wars too.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: bob913, 11/12/2012 11:14:58 PM     (No. 9010265)

Did John get bought off?

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Reply 4 - Posted by: Not your typical New Yorker, 11/12/2012 11:16:52 PM     (No. 9010267)

One by one the squishy cave.

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Reply 5 - Posted by: jimK1, 11/12/2012 11:17:45 PM     (No. 9010271)

Hey John, go pound sand you idiot.

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Reply 6 - Posted by: Fosterdad, 11/12/2012 11:19:13 PM     (No. 9010274)

Yes. It´s exactly what the Republicans should do. Raise taxes on everyone, especially the rich, and let the Democrats spend whatever they want on any social program that comes to mind.

Yes, it will wreck the economy, but the only way to get anyone´s attention any more is a complete catastrophe.

We neglected our military until Pearl Harbor. We ignored terrorism until 9/11. Our only choice is to create an economic 9/11. Then, people might start to realize that liberalism is a fraud and always will be.

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Reply 7 - Posted by: unagator, 11/12/2012 11:21:06 PM     (No. 9010280)

Makes sense to me. The people want Big Santa?

Fine. You´re going to get it good and hard...and you are going to pay for it.

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Reply 8 - Posted by: michellewsc2, 11/12/2012 11:42:11 PM     (No. 9010310)

Can´t remember who said this recently on TV but, the reason Republicans aren´t just letting the Dem´s have the big tax increases is because they´re scared the Dem´s would hit GOP for raising taxes then cut tax rates and claiming they are the party of tax cuts.

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Reply 9 - Posted by: hoopsfan, 11/12/2012 11:42:26 PM     (No. 9010311)

Agree with Hinderaker here. Let the tax cuts expire and get the best deal possible.

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Reply 10 - Posted by: ivehadit, 11/13/2012 12:13:53 AM     (No. 9010330)

Yes, yes, yes. I have been saying this all week. It is time for the democrats to OWN their policies. Let the people see.

We have been saving the democrats from themselves since 1994. I REMEMBER the 70´s and 80´s and my 13% mortgage. But do any of those who voted for obama remember them? I doubt it.

The standard of living for MOST Americans is about to go way down THANKS TO LEFTIST policies. They are NOT going to have the life they did under George W. Bush who actually helped the middle class a great deal and kept prices of goods way down. Now we will suffer shortages and NO CAPTIAL INVESTMENT into new and more EFFICIENT products and ideas. Just wait and see....

The very people the leftists claim they want to "help" will be significantly hurt.
THERE WILL BE NOTHING LEFT FOR THEM TO TAKE (read be given by democrats, imho) when smart and industrious Americans say: ENOUGH, NO MORE. We are done. No more exceptonalism.

We have turned our country over to people who actually hate it...they just want what we have built, imho. But they will have a rude awakening, imho.

And then there´s Cloward Piven...

Mediocrity thy name is the democrat party and its supporters, imho. Bad karma, imho.

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Reply 11 - Posted by: Mike PHX, 11/13/2012 12:16:41 AM     (No. 9010331)

Hinderaker is right. If they had done this months ago, we´d be in charge now.

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Reply 12 - Posted by: Roark, 11/13/2012 12:34:15 AM     (No. 9010341)

What will come of letting the tax rates expire will be lot of pain. Across-the-board a lot of pain. Coupled with the 0bamacare taxes, sequestration, mounting regulation and the debt ceiling, the resulting calamity will separate people into two classes real quick. And I´m guessing the class with all the pain will be larger and more reactive then ever.

All of this is bought and paid for by 0bama. He owns it and cannot blame anyone else nor can the LSM make claims to the contrary. It will take the country down a peg or two, we might even see some violent outbreaks here and there. I doubt anything on the scale of civil war. Yet. But it will crystalize the left and the right. There will be no middle ground. From this place there will be enough people to start retaking our country and re-establish a constitutional republic. It won´t be easy and it will take some time, but that is what it will take to realize a free United States of America again.

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Reply 13 - Posted by: Barkingkangaroo, 11/13/2012 12:46:21 AM     (No. 9010346)

These people don´t seem to have even a basic understanding of how economics works.

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Reply 14 - Posted by: bdog, 11/13/2012 1:08:01 AM     (No. 9010354)

This article is so correct. Every time I hear some idiot talking about the Bush tax cuts for the rich I say exactly what John has said here. The Republican House members have to drive this point home in the press every time they are in front of them. The democrats know what will happen if the tax cuts expire. It´s up to the republicans to make sure the democrats own it.

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Reply 15 - Posted by: globalwarmer, 11/13/2012 1:32:06 AM     (No. 9010365)

It´s time for a major correction, not only to our economy but to the voters who are bound and determined to repeat history. Let it happen, I´m ready.

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Reply 16 - Posted by: Crashnburn, 11/13/2012 1:47:04 AM     (No. 9010377)

We had a long recession. We are in, to put it charitably, an anemic recovery. Allowing the Bush tax cuts to expire, along with sequestration, payroll tax cuts expiring, and the ObamaScare tax increases, will not push us off the financial cliff, it will throw us over it, and cause another recession.

And, guess what is the classic definition of a depression: its a recession, followed by an anemic recovery, followed by another recession. This will be Obama´s depression. There won´t be any way he can believably blame it on George Bush or those wascally Wepublicans.

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Reply 17 - Posted by: Di Guy, 11/13/2012 2:05:17 AM     (No. 9010388)

I hate the economics of this, but I love the politics of this...

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R_DBL_B
  


 
Reply 18 - Posted by: sunsong, 11/13/2012 3:27:55 AM     (No. 9010430)

This is so right on! I love it:


[[[This approach has major advantages. Currently, upper-income taxpayers are pretty much pulling the whole sled, as the U.S. relies on its upper-income citizens to a greater extent than any other developed country. This is an unhealthy situation. When it comes to income taxes, most Americans have little or no skin in the game, so why not vote for more government largesse? Raising everyone’s income taxes will give more voters a stake in federal spending. America desperately needs to get its spending under control, and that won’t happen as long as most voters think spending is not their concern since they don’t, to any significant extent, pay for it. The most important consequence of increasing marginal rates on all taxpayers is that it will cause federal spending to be scrutinized more critically.]]]

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Reply 19 - Posted by: Phil_hk, 11/13/2012 4:16:53 AM     (No. 9010454)

The sombre sound of chickens coming back to roost

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Reply 20 - Posted by: Hobbiest, 11/13/2012 4:20:09 AM     (No. 9010456)

Let´s talk about even more taxes. The Gates Foundation has a $35 billion endowment, Harvard $31 billion, Ford Foundation $10 billion. Give them all a haircut.

A one time excise tax on the FMV of the endowments of all private foundations would work nicely. To be fair, the rate should be low for the small guys and 90% for the behemoths like Ford and Carnegie and graduate down to 10% for under $10 Million. After that they not only pay taxes like the rest of us but they have 20 years to spend what´s left or it reverts to Uncle Sam.

Some colleges have much larger endowments than others. I propose a graduated rate based on a multiple of the theoretical income to the school if all students enrolled at the beginning of the school year paid full tuition and fees. If the FMV of the endowment is less than ten times that number the excise tax would be nominal. The rate for a school like Harvard where the income alone from the endowment could pay the combined tuition and fees of all students with lots of money left over should be 90%. After that impose a 25% excise tax on the endowment if a future tuition increase exceeds the CPI.

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Reply 21 - Posted by: Spidey, 11/13/2012 4:37:53 AM     (No. 9010463)

Craziness. Why throw working people under the bus when they´re the least of this country´s problem. We need to be putting an end to welfare to save the country.As long as we continue to feed that hog,it´ll only get fatter.

Even if we caved on the taxes on the rich,Obama would have signing statements exempting his donors. You could simply say anyone related to public service would be exempt. That would include selected gov´t workers,contractors and even trial lawyers who perform a public service by suing people out of business.People in the entertainment industry would get carved out because they provide a service to the public.

I´ll bet anything that Obama donors gave him money for a carve out on higher taxes.

I´m in favor of raising the capital gains rate for people making over a certain amount. They´re not investing in this country anymore and are making a fortune on emerging markets overseas,sometimes with ultra cheap borrowing from the fed.

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Reply 22 - Posted by: Pinchem, 11/13/2012 5:11:16 AM     (No. 9010478)

Recession = When the other guys lose their jobs.

Depression = When you lose YOUR job.


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Reply 23 - Posted by: DaBigGuy, 11/13/2012 5:24:31 AM     (No. 9010482)

And let´s make sure to distinguish the sayings "Bush tax cuts" and "Obama tax increases", just to let the ignorant know who owns each. Give Zero everything he wants, and be sure the bill guts all refundable tax credits, slashes every welfare program, and includes a provision tying tax return filing to the voter rolls.

The problem herein is that Zero is incapable of work, invariably does nothing in order to effect a contrived "crisis", and brings nothing to the table. If the Republicans bring his alleged ideas to the table, it will be their fault when it collapses. If they don´t, the demagoguery starts anew. It´s well past time for Boehner to tell Zero to specifically put up or shut up. I´d take either one, but would far prefer the latter to save my mute button.

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Reply 24 - Posted by: Trigger2, 11/13/2012 5:54:17 AM     (No. 9010498)

Those stupid demonrats want to raise taxes so they can take the money and waste it somewhere else. Guaranteed.

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Reply 25 - Posted by: frenesi1, 11/13/2012 6:24:19 AM     (No. 9010531)

I agree. Let them expire. We are going to have another recession anyway so let´s put the blame on dems.

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Reply 26 - Posted by: bpl40, 11/13/2012 7:22:44 AM     (No. 9010597)

The sunset clause in the Bush era tax cuts was put in there at the insistence of the ´Rats. Republicans should not take any moral responsibility for that. Its the you broke it you own it rule.

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Reply 27 - Posted by: philemon1967, 11/13/2012 7:47:27 AM     (No. 9010651)

The biblical story of Rehoboam, Solomon´s son is instructive. The older, wiser counsellors (republicans) to the king (obama) advised reducing the tax burden from the previous king (bush) but the young cool crowd (demo-gogues) wanted to flex the king´s political power, talking rough (I won! Soak the rich!) when they were really petty neighborhood bullies.

He never attained to the stature of his predecessor but ruled over a declining nation which became a vassal state of Egypt. The difference is that this probably doesn´t bother Obama; for him America is exceptionable rather than exceptional.

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Reply 28 - Posted by: god of irony, 11/13/2012 7:48:12 AM     (No. 9010656)

Really? Perhaps you missed the election last week where people that were dependent on the government voted for democrats. What do you think is going to happen when more people are added to the rolls?

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Reply 29 - Posted by: pineledger, 11/13/2012 7:50:53 AM     (No. 9010661)

27, maybe vassal state of Egypt is what The Won has in mind.

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Reply 30 - Posted by: Quaestio, 11/13/2012 8:18:03 AM     (No. 9010737)

Given the stupidity of the American voter, most people do not know that the Bush tax cuts affected everyone. At the very least I would enjoy hearing the cries of outrage as the lower incomes suddenly start paying due to the taxes on the ´rich,´ particularly among my relatives.

Sadly, the Repubs will cave and raise taxes on those above $250K. Then the myth that the tax cuts were only for the rich will be forever written into history.

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Reply 31 - Posted by: NYbob, 11/13/2012 9:45:21 AM     (No. 9010961)

It seems like all of us are heading into a financial train wreck, which is logical since the drivers are financial illiterates. I expect the slow footed Republicans to continue to be scapegoats no matter what disaster comes up.

This series of events is as stupid as the Children´s Crusade and that is appropriate since millions of sub 30 idiots voted for this. I blame them for being morons, but I reserve a lot of contempt for their parents who failed to teach them anything useful about life as an adult.

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Reply 32 - Posted by: slrobi, 11/13/2012 10:01:35 AM     (No. 9011017)

I agree with this article. Letting the Bush tax cuts expire would mean more Americans have skin in the game, unlike the 47% now who pay no income taxes.

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Washington Post, by Kathleen Parker    Original Article
Posted By: JoniTx- 3/29/2014 2:21:53 PM     Post Reply
The past couple of weeks have marked a turning point in American ugliness as the mob has turned its full fury on first lady Michelle Obama. From criticism of her trip to China to a recent “tell-all” by former White House assistant press secretary Reid Cherlin in the New Republic about Obama’s allegedly tyrannical behavior, the gloves have been removed. As described, she was a perfectionist — super-attentive to detail and laser-focused on advance planning. And this is bad because? Worse, according to a former (anonymous) staffer, there was no barometer for meeting Obama’s high standards. “The first lady having

Influential Republicans
working to draft Jeb Bush
into 2016 presidential race

33 replie(s)
Washington Post, by Philip Rucker and Robert Costa    Original Article
Posted By: tisHimself- 3/29/2014 11:42:28 PM     Post Reply
Many of the Republican Party’s most powerful insiders and financiers have begun a behind-the-scenes campaign to draft former Florida governor Jeb Bush into the 2016 presidential race, courting him and his intimates and starting talks on fundraising strategy. Concerned that the George Washington Bridge traffic scandal has damaged New Jersey Gov. Chris Christie’s political standing and alarmed by the steady rise of Sen. Rand Paul (Ky.), prominent donors, conservative leaders and longtime operatives say they consider Bush the GOP’s brightest hope to win back the White House.

Student, 20, sues for $40MILLION
after being hauled from her car at
gunpoint and arrested for buying beer
underage when she only bought WATER

32 replie(s)
Daily Mail [UK], by Peter Rugg    Original Article
Posted By: Ribicon- 3/29/2014 1:17:21 PM     Post Reply
A University of Virginia student arrested by Alcoholic Beverage Control agents who wrongly believed she´d illegally bought beer when in fact she only had bottled water is seeking $40 million in a lawsuit filed Tuesday. Elizabeth K. Daly, 21, alleges malicious prosecution, six counts of assault and battery and failure to appropriately train ABC agents in the suit which names the state and seven agents involved in her arrest. (Snip) Daly claimed she attempted to flee from the agents because neither were in uniform, one pulled a gun, and the other tried to smash her car window with a flashlight. ´My

No meat at ‘Noah’ party
25 replie(s)
New York Post, by Richard Johnson    Original Article
Posted By: Pluperfect- 3/29/2014 7:13:57 AM     Post Reply
Where’s the beef? That’s what the carnivores were wondering as they arrived at the Boathouse in Central Park for the “Noah” party. The buffet tables were loaded with various forms of edible vegetable matter, but there was no meat, fish or cheese — because director Darren Aronofsky is vegan, as was the hero of his biblical epic, as played by Russell Crowe. To underscore the point in the movie, which also stars Emma Watson and Jennifer Connelly, villain Tubal-cain (Ray Winstone) eagerly bites the head off an unidentified reptile and devours it raw. Meat = evil. Got it. As hungry Boathouse guests bellied

Race equity summit to address
widening wealth gap between races

25 replie(s)
Detroit Free Press, by Niraj Warikoo    Original Article
Posted By: Ribicon- 3/29/2014 11:28:34 AM     Post Reply
With studies showing widening economic gaps between whites and African Americans, civil rights leaders in metro Detroit are concerned. “We’re going in the wrong direction,” said Freda Sampson, a leader with the nonprofit group Michigan Roundtable for Diversity and Inclusion. “We’re getting further and further divided.” To help close that racial and class divide, her group is holding an all-day conference, called the Equity Action Summit, on Saturday at Cobo Center in Detroit. (Snip) Saturday’s conference, supported by the NAACP and Fair Housing Center of Metro Detroit, is to feature talks by President Barack Obama’s former pastor, the Rev. Jeremiah

Did baby Barack Obama live with
Ann Dunham in Seattle?

22 replie(s)
American Thinker, by Shawn Glasco    Original Article
Posted By: JoniTx- 3/29/2014 9:39:28 AM     Post Reply
Only "mere scraps of data documented" Barack Obama´s mother´s "days in Seattle," writes Obama biographer David Maraniss in his 2012 Barack Obama: The Story. Incidentally, Maraniss was telling the truth: Ann´s "days in Seattle" weren´t mentioned in Dreams from my Father and were only vaguely implied in Maraniss´s lengthy 2008 article. And it appears that the only "scraps" of evidence of Obama´s mother´s time in Seattle during 1961-1962 was a listing in a Seattle Polk directory and a University of Washington (UW) transcript. And it appears that the only "mere scraps" of evidence of baby Barack´s time in Seattle are


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