The Republicans $700 billion dollar bailout to the wealthy

Discussion in 'Politics' started by Chris, Dec 1, 2010.

  1. Chris
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    Chris Gold Member

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    Washington (CNN) -- Senate Republicans promised Wednesday to block legislative action on every issue being considered by the lame-duck Congress until the dispute over extending the Bush-era tax cuts is resolved and an extension of current government funding is approved.

    All 42 Senate Republicans signed a letter to Senate Majority Leader Harry Reid, D-Nevada, vowing to prevent a vote on "any legislative item until the Senate has acted to fund the government and we have prevented the tax increase that is currently awaiting all American taxpayers."

    "With little time left in this congressional session, legislative scheduling should be focused on these critical priorities. While there are other items that might ultimately be worthy of the Senate's attention, we cannot agree to prioritize any matters above the critical issues of funding the government and preventing a job-killing tax hike," the letter said.

    The 2001 and 2003 tax cuts enacted by former President George W. Bush will expire after December 31 if Congress fails to reach an agreement on their extension. Top Democrats and Republicans disagree sharply over whether the current tax rates should be extended just for families earning $250,000 or under per year, or should be extended for everyone regardless of income.

    Republicans contend that a failure to extend all of the tax cuts would hamper an already-sluggish economy. President Barack Obama and Democratic congressional leaders argue that the roughly $700 billion price tag attached to an extension of the tax cuts for the wealthiest Americans would be fiscally irresponsible.

    Senate GOP pledges to block all bills until tax dispute resolved - CNN.com
     
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  2. Truthmatters
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    Truthmatters BANNED

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    But the best stimulus is cut.

    Unemployment benifits.
     
  3. Chris
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    Chris Gold Member

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    The Republican Party is evil.

    Pure evil.

    The Reagan mythology of lowering taxes for the rich and doubling the deficit will destroy America if it is not stopped.
     
  4. elvis
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    elvis BANNED Supporting Member

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    You lost. Deal with it. It's what you said in 2008.
     
  5. Truthmatters
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    Truthmatters BANNED

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    Um asshole there are still more dems than Rs in the gov.

    You are the loser.
     
  6. LordBrownTrout
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    LordBrownTrout Gold Member

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    We're in a sad state of affairs when the best our intellectual leaders can offer is to raise taxes.
     
  7. elvis
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    elvis BANNED Supporting Member

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    I know that, dumb bitch. you lost the 2010 election. now you and chrissy are crying.
     
  8. sangha
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    sangha Senior Member

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    Wingnuts will balance the budget by increasing the deficit.:cuckoo:
     
  9. Stephanie
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    Stephanie Diamond Member Supporting Member

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    December 1, 2010 12:00 A.M.


    SNIP:
    Demagoguery Unanswered
    Do Republicans understand that “demagoguery beats data”?




    Guess who said the following: “It is incredible that a system of taxation which permits a man with an income of $1,000,000 a year to pay not one cent to his Government should remain unaltered.”

    Franklin D. Roosevelt? Ted Kennedy? Nancy Pelosi?

    Not even close. It was Andrew Mellon, secretary of the Treasury under conservative Republican president Calvin Coolidge.

    What was Mellon’s point? That high tax rates do not necessarily result in high tax revenues to the government. “It is time to face the facts,” he said. Merely having high tax rates on large incomes will not bring in more tax revenues to the Treasury, because of “the flight of capital away from taxable investments.”
    This was all said in 1924, in Mellon’s book, Taxation: The People’s Business. Yet here we are, more than 80 years later, still not facing those facts.

    It is not just a question of what Andrew Mellon said. It is a question of hard facts, easily checked in official documents available to all — and ignored all these years.

    Internal Revenue Service data show that there were 206 people who reported annual incomes of one million dollars or more in 1916. But, as the tax rate on high incomes skyrocketed under the Woodrow Wilson administration, that number plummeted to just 21 people reporting a million dollars a year in income five years later.

    What happened to all those millionaires? Did they flee the country? Were they stricken with fatal diseases? Did they meet with foul play?

    Not to worry. Right after Congress enacted the cuts in tax rates that Mellon had been urging, there were suddenly 207 people reporting taxable incomes of a million dollars or more in 1925. As Casey Stengel used to say, “You could look it up.” It is on page 21 of an Internal Revenue publication titled “Statistics of Income from Returns of Net Income for 1925.”

    Where had all the income of those millionaires been hiding? In tax-exempt securities like state and local bonds, among other places. Mellon had urged Congress to end tax exemptions for such securities, even before he got them to cut tax rates. But he succeeded only with the latter, and only after a political struggle with those who made the same kinds of arguments that are still being made today by those who cry out against “tax cuts for the rich.”

    Still, one out of two is not bad, when it comes to getting Congress to do something that makes sense economically, rather than something that looks good politically.


    read it all here.
    Demagoguery Unanswered - Thomas Sowell - National Review Online
     
    Last edited: Dec 1, 2010
  10. Hot Wire
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    lol,Your a total idiot!!Class warfare will get this nation no where.The rich already pay most of the taxes.I bet you voted for that fascist pig obama.That proves what a total idiot you are.Your welfare check late?
     
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