Bikewer
Penultimate Amazing
The arguments over letting the Bush tax cuts "sunset", extend them partially, make them permanent, make some permanent....
Makes my head spin.
We know Republicans generally want all the cuts, even for the wealthiest Americans, to be at least extended and preferably made permanent.
Obama wants to extend the cuts for sub-200,000 income (250,000 for couples) folks and businesses but to let the cuts for those wealthier expire.
Critics say that any increase in taxes in a bad economy is a bad idea...
The notion being, I suppose, that Mr. Gottrocks, sitting with both cheeks firmly clenched on his millions, will not spend a nickle unless his tax rate is lowered.
This seems rather silly, as Mr. Gottrocks has apparently not been spending the economy back into health during this period when the tax cuts are actually in effect and the economy is in the tubes....
The notion that assuring the very wealthy that they will retain a lower tax rate will cause them to immediately spend and invest like madmen.... Seems a little odd.
Studies have shown that the very wealthy don't really spend more proportionately than poorer folks anyway, given lower taxes all 'round.
Likely they already have all the gizmos they need; though the yacht might need some new gold-plated fixtures.....
By most reckoning, allowing the tax cuts to continue on the wealthiest classes will result in some 700 billion in decreased revenues annually; not an insignificant sum.
Now, at least, some are calling for another attempt to reform the tax code overall, something long due on account of the literally thousands of exemptions, loopholes, and the like that permeated same since the last attempt at reform.
However, at least one congressman indicated that any attempt to do so would result in a flood of lobbyists and big-money interests on Capitol Hill in opposition...
Makes my head spin.
We know Republicans generally want all the cuts, even for the wealthiest Americans, to be at least extended and preferably made permanent.
Obama wants to extend the cuts for sub-200,000 income (250,000 for couples) folks and businesses but to let the cuts for those wealthier expire.
Critics say that any increase in taxes in a bad economy is a bad idea...
The notion being, I suppose, that Mr. Gottrocks, sitting with both cheeks firmly clenched on his millions, will not spend a nickle unless his tax rate is lowered.
This seems rather silly, as Mr. Gottrocks has apparently not been spending the economy back into health during this period when the tax cuts are actually in effect and the economy is in the tubes....
The notion that assuring the very wealthy that they will retain a lower tax rate will cause them to immediately spend and invest like madmen.... Seems a little odd.
Studies have shown that the very wealthy don't really spend more proportionately than poorer folks anyway, given lower taxes all 'round.
Likely they already have all the gizmos they need; though the yacht might need some new gold-plated fixtures.....
By most reckoning, allowing the tax cuts to continue on the wealthiest classes will result in some 700 billion in decreased revenues annually; not an insignificant sum.
Now, at least, some are calling for another attempt to reform the tax code overall, something long due on account of the literally thousands of exemptions, loopholes, and the like that permeated same since the last attempt at reform.
However, at least one congressman indicated that any attempt to do so would result in a flood of lobbyists and big-money interests on Capitol Hill in opposition...
