Republican victory could mean higher taxes

[Puppycow]

Analysis: Bush tax cuts might just expire after all

(Reuters) - Republican gains in U.S. elections next month boost the odds of Congress letting Bush-era tax cuts die at year end, a worst case scenario for Wall Street, and the opposite of the party's stated goals.

Tax rates for all individual income groups, including rates on dividends and capital gains, will rise at year-end if Congress fails to act.

President Barack Obama and most Democrats had tried to pass legislation extending low rates for families with income of $250,000 or less.

But a small but vocal minority in their own party backed a rival proposal from Republicans to extend all the tax cuts -- including those for families with income above $250,000.

If they insist on that top rate tax cut extension, they may not get any tax cut extension at all. The Democrats' proposed tax cut extension would be a tax cut for all taxpayers compared to current law.

 

[Beerina]

If a hostage negotiation crew does their best, but the hostage is killed, the death is still on the head of the hostage-takers.

 

[EatatJoes]

I thought the prevailing wisdom was that raising taxes during a recession was a bad idea.

 

[daredelvis]

It might, but more likely they will let the deficit continue to grow, leave the mess for someone else to clean up, then demonize any effort to do so. That is the current definition of "fiscal conservative".

Daredelvis

 

[JoeTheJuggler]

Analysis: Bush tax cuts might just expire after all

Well. . as a matter of fact, the Bush tax cuts will expire no matter what else is done. That was part of the legislation.

Congress could pass a law that extends the exact same lower tax rates (what some Republicans are considering), but that would be a new law and ought not then be referred to as the "Bush tax cuts".

 

[332nd]

If a hostage negotiation crew does their best, but the hostage is killed, the death is still on the head of the hostage-takers.

Absolutely! And if the hostage takers are going to let the vast majority of the hostages go, its the duty of the SWAT team to fire at those released and force them to remain hostages until ALL are freed!

 

[Ziggurat]

If a hostage negotiation crew does their best, but the hostage is killed, the death is still on the head of the hostage-takers.

More importantly, the tax rate question is secondary to the spending question, and it's not hard to predict which party is likely to spend less.

 

[EatatJoes]

Well. . as a matter of fact, the Bush tax cuts will expire no matter what else is done. That was part of the legislation.

Congress could pass a law that extends the exact same lower tax rates (what some Republicans are considering), but that would be a new law and ought not then be referred to as the "Bush tax cuts".

Now, that would just be playing politics...

*giggle* "The Obama Tax Cuts"

 

[leftysergeant]

If a hostage negotiation crew does their best, but the hostage is killed, the death is still on the head of the hostage-takers.

You got that right. Damn those Republican terrorists.

 

[leftysergeant]

I thought the prevailing wisdom was that raising taxes during a recession was a bad idea.

The prevailing wisdom is simplistic. Cutting programs has usually had a more damaging effect.