Bush Tax Breaks are back on the table.

MSI Magus

MSI Magus

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Newest Obama budget proposal puts tax cuts for oil and gas companies as well as the Bush Tax cuts back on the table. Maybe the man does have some balls and will do something decent for us. Personally I think this is a brilliant move both in the sense of trying to get them passed, but also in the political sense of getting anything he wants what so ever passed. Obama now has the ability to say to Republicans that they want 100 billion in cuts from all sorts of causes he believes in such as high speed rail and environmental protections and he wants to end these tax cuts for the rich. There are multiple compromises that can be reached if he puts his foot down and does not puss out this time.....but that's a big if.

http://news.yahoo.com/s/ap/20110214/ap_on_re_us/us_obama_taxes
 
Republicans will allow Obama to think he won some sort of concession with the tax breaks. He will be sorely disappointed when they vote down anything that comes close to establishing high speed rail or stricter environmental regulations.
 
Sessions shouldn't be allowed near anyhting that deals in finance. This is a guy for whom numbers change depending on who gave them to him.
 
[quote name='depascal22']Republicans will allow Obama to think he won some sort of concession with the tax breaks. He will be sorely disappointed when they vote down anything that comes close to establishing high speed rail or stricter environmental regulations.[/QUOTE]

Well as I said I am certain he will wuss out like he always does. However if he was smart he could use this to come to some sort of compromise. I mean a good compromise would be that most of the programs Republicans want cut are cut, but in return the Bush tax cuts are allowed to lapse in 2012(or allowed to for the rich at least). Or it could be that he agrees to drop the tax cut issue but in return they do not cut any/most of the programs they are trying to.

Like I said I imagine he wimps out then brags how he got 1/100th of what liberals want as a "compromise" but he holds a strong hand right now if he wants to get something done.
 
If tax cuts pay for themselves, why are Republicans so worried about this year's deficit? Over half the deficit is tax cuts.
 
[quote name='MSI Magus']Well as I said I am certain he will wuss out like he always does. However if he was smart he could use this to come to some sort of compromise. I mean a good compromise would be that most of the programs Republicans want cut are cut, but in return the Bush tax cuts are allowed to lapse in 2012(or allowed to for the rich at least). Or it could be that he agrees to drop the tax cut issue but in return they do not cut any/most of the programs they are trying to.
[/QUOTE]


I think a good compromise for letting the tax cuts expire would be to change the earned income credit from a refundable credit to a nonrefundable credit...
 
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