Presdient Obama needs to stand his ground and so do Progressive Democrats. Any attempt to extend the Bush tax cuts for those making OVER 250,000 a year MUST BE DEFEATED. President Obama is the last bulwark of progressivism on this: he can veto a bill from the Senate. [From Congress. Pelosi also can help defeat this.]
Conrad and Nelson are already joining Republicans in wanting to extend tax cuts for millionaires! If the Democrats do this, I am finished with this Party. Fortunately, President Obama NEVER has suggested this.
Two more Senate Democrats called for extending tax cuts for all earners—including those with the highest incomes—in what appears to be a breakdown of the party's consensus on the how to handle the expiration of Bush-era tax cuts.
Sen. Kent Conrad (D., N.D.) said in an interview Wednesday that Congress shouldn't allow taxes on the wealthy to rise until the economy is on a sounder footing.
Sen. Ben Nelson (D., Neb.) said through a spokesman that he also supported extending all the expiring tax cuts for now, adding that he wanted to offset the impact on federal deficits as much as possible.
They are the second and third Senate Democrats to come out publicly in recent days in favor of extending all the tax breaks for the time being. Sen. Evan Bayh (D., Ind.) made similar comments last week.
President Barack Obama and most Democrats want to extend only the breaks benefiting taxpayers who make $250,000 or less.
Wealthier Americans stand to gain from an election-year fight over extending trillions of dollars in tax cuts enacted under former President George W. Bush.
While Democrats and Republicans alike want to keep the 2001 and 2003 tax reductions for families earning up to $250,000, President Barack Obama and congressional Democrats want to end the break for those who earn more. Republicans, contending a recovery from recession is no time to raise taxes, insist on continuing the Bush-era cuts for high-income people as well.
As Congress returns this week, the looming fight over one of the biggest battles of the session will play out in a midterm election season that will determine who controls Congress and ultimately who makes long-term decisions over taxes.
If they extend those tax cuts for the wealthy, unions will be gone, progressives will be gone, and there will be a party of few that will be kicked to the curb by corporate power having outlived its usefullness.
IT'S NOT GOING TO HAPPEN. On this, President Obama will stand strong.
Remember, Republicans and turncoat Dems always have a reason to cut taxes on the rich. There is a surplus in the budget (2001) and we must cut taxes on the rich. There is a recession (2001) so we must cut taxes on the rich. The sun is shining, so we must cut taxes on the rich. It's raining, so we must cut taxes on the rich.
Until recently, it was a given that President Barack Obama would make good on his campaign pledge to let the Bush-era tax cuts that benefited wealthy Americans expire at the end of this year. Ditto for his promise to maintain the tax cuts for households earning up to $250,000 a year.
This being an election year and the economic recovery looking shaky, Washington is having a rethink. While lawmakers from both parties want to keep the tax reductions for families earning less than $250,000, Republicans say this is no time to raise taxes and insist on continuing the cuts for high-income families, too. Now a game of political chicken is unfolding, and wealthy Americans could benefit.
All the tax cuts (passed under President George W. Bush in 2001 and 2003) will expire on Dec. 31 if Congress fails to act, an outcome neither party desires. The middle-class reductions gave couples a 10 percent rate on their first $14,000 in income, subsidies for college expenses, a higher child credit, and relief from the marriage penalty.
Former Federal Reserve Chairman Alan Greenspan, whose backing of George W. Bush’s 2001 tax cuts helped persuade Congress to pass them, said lawmakers should allow the reductions to expire at the end of this year.
"They should follow the law and let them lapse," Greenspan said in an interview on Bloomberg Television’s "Conversations with Judy Woodruff," citing a need for the tax revenue to reduce the federal budget deficit.
No additional stimulus for jobs, 40 votes and a filibuster against unemployment extensions, and they dare to ask to extend Bush's tax cuts for those over $250,000.
Conrad, Bayh, and Nelson are whores for the wealthy.
We need to vote this down, and do it in a way that places the blame for increasing taxes on those making under $250,00 squarely on the Republicans and whorish Dems.
9.5% unemployment and they do little. But rich people's taxes, they jump right away into action.
Fuck you Conrad, Bayh, and Nelson.
This one shows exactly which side you are on.
I have confidence in President Obama to stop Conrad and his scummish compatriots. No more Bushanomics.
Update I: From the comments, on TPM Conrad tries to walk it back a bit:
"I was answering what would be my reaction to the circumstance we face," Conrad explained. "My reaction would be don't cut spending, don't raise taxes and that would mean on anyone. But this is the time to prepare to pivot, to put together a plan that does bring deficits and debt down over the more extended period of time."
Conrad said he'd be happy sunsetting the Bush tax cuts on the wealth after 18-24 months. But faced with a choice between the Republican plan -- indefinite tax cuts on the rich -- and the Democratic plan -- ending tax cuts on the rich this year -- Conrad was crystal clear.
"[Republicans] will absolutely explode the debt," he said.
Not enough for me. Two more years is not acceptable. They always have a reason. Conrad is doing to this what he did to the public option with coops. Phony compromises.
Fuck you, Sen. Conrad.
Update II. Madame Speaker says no!
House Speaker Nancy Pelosi (D-Calif.) on Thursday rejected extending tax cuts for the wealthiest tax bracket that are set to expire at the end of the year.
Pelosi took off the table a short-term extension of those cuts floated by some lawmakers in her own party.
"No," the speaker said at her weekly press conference when asked if the cuts for the highest bracket should be extended. "Our position has been that we support middle-class tax cuts."
"I believe the high-end tax cuts did not create any jobs, increased the deficit and should be repealed," she said.
Speaker Pelosi is fighting for working people.