[Newsbot]

Title: Obama, GOP pledge action to resolve impasse on tax cuts
Category: Economics
Posted By: Khar
Date: 2010-11-30 11:09:10

[KorbenDeck]

Okay here is what I do not understand, these tax cuts that Bush brought in. Are they forced to vote on wiether to renew or can they simply not vote and the whole thing expires?

[Public_Domain]

[andyt]

KorbenDeck KorbenDeck:

Okay here is what I do not understand, these tax cuts that Bush brought in. Are they forced to vote on wiether to renew or can they simply not vote and the whole thing expires?

These are the tax cuts Bush brought in that immediately turned Clinton's surplus into a deficit. They are set to expire Dec. 31. The Demoncrats want to extend the cuts for all income below 250,000, the Republicons, supported by all those Joe the Plumbers want to extend the cuts for income above 250,000.

Looks like Obama is going to trade giving the rich their tax cut, ie increase the deficit even more, for the Republicons voting for arms control. Bad move

[Pseudonym]

I, for one, would like to keep the current tax rates (with the Bush tax cuts) and begin to eliminate all the exemptions that, as Warren Buffett likes to point out, make the rich pay less proportionally than those less so.

[Proculation]

"As of 2010, the U.S. tax code is 71684 pages in length."

Maybe the problem lies in that simple fact

[Proculation]

Mr_Canada Mr_Canada:

Oh great, more meetings to say that there will be meetings to decide if there will be more meetings in the future.

Ugh.

Bureaucracy at work. Isn't it what you wish for ?

[andyt]

Pseudonym Pseudonym:

I, for one, would like to keep the current tax rates (with the Bush tax cuts) and begin to eliminate all the exemptions that, as Warren Buffett likes to point out, make the rich pay less proportionally than those less so.

Do you have a clear understanding of how those exemptions work? If so please share. I don't understand how Buffet paid 19% rate on 8 million in earnings, while his secretary, who presumably earned a lot less paid 30% on her earnings. That makes no sense at all.

If the rich wind up paying a higher rate under a tax cut, I have no problem with that.

[xerxes]

I wonder how long it will take Obama to cave to the GOP as per the Democratic party norm.

[Proculation]

andyt andyt:

Pseudonym Pseudonym:

I, for one, would like to keep the current tax rates (with the Bush tax cuts) and begin to eliminate all the exemptions that, as Warren Buffett likes to point out, make the rich pay less proportionally than those less so.

Do you have a clear understanding of how those exemptions work? If so please share. I don't understand how Buffet paid 19% rate on 8 million in earnings, while his secretary, who presumably earned a lot less paid 30% on her earnings. That makes no sense at all.

If the rich wind up paying a higher rate under a tax cut, I have no problem with that.

I'm only speculating here (pun not intended ) but i'm pretty sure it's because Buffet's earnings are not "incomes" but dividends and gains on capital from his investments.