Senate Rejects “Tax Cut Extension”
By Steven Osborne | Saturday, December 4th, 2010 | PolicyThe Wall Street Journal reports that the Senate has just voted to reject a bill that would permanently extend the existing tax cuts for individuals making under $200,000 and couples making under $250,000 a year.
The Democratic legislation came seven votes shy of the necessary 60 votes needed to bring it to the floor. Republicans who have rejected this bill have done so on the basis that it allows taxes to go up on the “wealthy.” While the Democrats pushing this bill have suggested that this is necessary, the reality is that many of those affected will be small business owners who file business profits as personal income. These coming tax increases will also negatively affect the already miserable level of unemployment. So Republicans are not going to let the Democrats get off that easily.
The bill was rejected, in large part due to the fact that it was a political stunt intended to force Republicans to vote against a tax cut. Now that this politically motivated garbage is out of the way, some real negotiations can begin on permanent extension of all of the tax cuts. Throw some meaningful spending cuts in there and we might actually start moving in the right direction.
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Steven Osborne is a grassroots conservative activist from Central Virginia. He is currently furthering his education at Liberty University in Lynchburg, Virginia. In addition to writing for Bearing Drift he is also a columnist for the Christian Law Journal.
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14 Responses to "Senate Rejects “Tax Cut Extension”"
I don’t share your optimism such as it is. The Dems have thrown off their masks as socialists and control freaks and they don’t have much choice at this point except to bet everything on achieving total control again any way they can, politically, judicially, regulatory. They think they have to play class warfare to the bitter end to prevent a fundamental unraveling of their agenda. Look at Bernanke. He is doing QEs until they drag him off screaming because the one thing he can’t stand is to halt QE and then have the economy take off without him. He wants to have some QE that he can point to as the sole cause of recovery. Same with the Senate Dems and WH. It’s going to be a tough two or more years.
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valentinus,
I agree that it may be a tough two or more years. I am not optimistic that Pelosi and her band of Democrats are in the least bit willing to give up control, or that they will stop in their pursuit of more.
However, with Conservatives getting ready to assume more power, I beleive that they can stop some of the wasteful spending, if they have the will to.
Instead of supporting the wealthest in American, the GOP should put the country first. What about the working taxpayers who NEED the tax cuts? Can’t afford unemployment benefits unless they are paid for but millionaires get GOP support. You all are playing politics and real Americans suffer. Sick…
Ah, William. Always nice to hear from those who work for government.
William also forgets that the Dems and the lapdogs in the media spent 8 years claiming that the Bush tax cuts were Only for the wealthy and had ruined the economy. Actually the bulk of the benefits went to middle class taxpayers and led to high job growth. It seems like ages but only 3 years ago we had 5% jobless. But now it’s ok for Dems to discover the tax cuts for the middle class because they know their acolytes have amnesia.
Again, you Never hear Dems discuss this in terms of economic growth, competitiveness etc. As I said above, Class Warfare uber alles. I’m still looking for the country that thrived with class warfare.
But I thought you guys were all about deficit reduction? Oh but you didn’t really mean it when it comes to folks making more than a million…. Instead the GOP plays political games.
Personnally, I’m hoping the Bush cuts expire just like the GOP/Congress voted originally. If you wanted them to be permanent, you should have put them in place in that form. I’d like to see President Obama submit his own version in 2011 and then we can put the “Obama tax cuts” on the table for all to support. We’ll see where you all are then… LOL
I’d stuff the whole process right up the GOP rears if it was up to me. Don’t worry; it’s not up to me…
And to Brian’s remark: it is always nice to see irrelevant comments thrown in that contribute nothing to the topic and discussion. It is juvenile but is par for the course on BD…
William thinks government spending is irrelevant. Novel!
William, we are for deficit reduction. But if we have to choose between deficit reduction and torpedoing any chance at economic recovery in the near future, we’re going to err on the side of caution and not tinker with the economy.
This will not add a dime to the actual deficit. Yes, some people’s projections will need to be reforecast, but you can’t lose money when you simply didn’t collect it.
If the tax cuts expire as originally voted upon, you’ll be well on your way to deficit reduction. I support that efort. And I guess you do not know that American businesses owners are sitting on 3 billion in unspent and encoumbered money with the highest recorded profits in American history.
Please don’t tell me you have to give millionaires a break to create jobs…
Not to you, William. Only us in the private sector need private individuals to create jobs.
All you need is more stimulus money and higher taxes.
Brian: Not that it would make a difference to you…
I only wish I could public share my private business interests with you but that isn’t going to happen. Your public comments about my income make me laugh because you are so uninformed. I’ve watched you for nine years and it gets funnier every time you assume you know anything about me…and that is what makes me enjoy our exchanges. You look so foolish and silly everytime you make those cute little comments!
Anyway that is why we call it “private business and life.” Please continue… You made my day once again!
I wish you could public share what the hell public share means.
I’m eagerly awaiting the word from “fiscal conservatives” that extending tax cuts will lower the deficit, with historical referents as justification. I’m also waiting for Obama to declare his Capitulation as a sound economic decision.
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