The GOP in the House of Representatives has a chance to do 98% of Americans a lot of good by passing the Senate bill that locks in almost all Americans' current tax rates. It doesn't include anything to keep the rate for top earners from going up 4.4%, but there isn't any law against passing a seperate bill that addresses that tax bracket. The GOP can either keep holding the middle class hostage via their refusal to protect the middle class from a tax increase or they can stand with the middle class.
If President Obama forces the tax rate from 35% to 39.4% for the top bracket two things can happen; 1) The GOP will be correct, business owners will not be able to hire new workers, and the economy will tank giving the GOP big gain in the 2014 Congressional elections and control of the White House in 2016
or
2) The economy will continue to improve, add jobs, and show zero drain from a 39.4% top tax rate as it did during Clinton's term.
How can these rates be so bad when they are the same rates that were in effect during the CLinton years? The Clinton years produced 20 million jobs, a balanced budget (a surplus actually), and the rich got richer every day. The theory of cutting taxes on the rich to stimulate the ecomnomy has been a dismal failure. No one is asking them to pay back the money they got during the experiment, just pay wha they were paying before it stared. Gil needs to get over the election and stop whining, Obama won , stop being a sore loser and move on.
Mr. Spencer's column today, totally related to this Spencerblog post, is worthy of the read. And I for one wholeheartedly agree with the conclusion the column: The Republicans in the House of Representative would do well by allowing us to go off the fiscal cliff and reinstate the Clinton tax rates on everyone. An increase of 4.4% on the "top earners" is only a drop in the bucket. When combined with what the President wants in new Stimulus spending, and with no meaningful cuts in the federal budget, it will only delay our nation embarking on the fall from the cliff. Double-dip? It is indeed already here. Ask almost any business person not dealing in the pre-Christmas holiday spending and you will find them unwilling to spend, unwilling to make mid- or long-term commitments. Add in the impact of Obamacare and you already have what at best is pre-double dip if not the full blown thing.
that appears to be more appropriately attributable to those that voted the Democrat/Commie in AGAIN!
ReplyDeleteI ageee.
ReplyDeleteThe GOP in the House of Representatives has a chance to do 98% of Americans a lot of good by passing the Senate bill that locks in almost all Americans' current tax rates. It doesn't include anything to keep the rate for top earners from going up 4.4%, but there isn't any law against passing a seperate bill that addresses that tax bracket. The GOP can either keep holding the middle class hostage via their refusal to protect the middle class from a tax increase or they can stand with the middle class.
ReplyDeleteIf President Obama forces the tax rate from 35% to 39.4% for the top bracket two things can happen;
1) The GOP will be correct, business owners will not be able to hire new workers, and the economy will tank giving the GOP big gain in the 2014 Congressional elections and control of the White House in 2016
or
2) The economy will continue to improve, add jobs, and show zero drain from a 39.4% top tax rate as it did during Clinton's term.
The GOP stinks of fear on this.
How can these rates be so bad when they are the same rates that were in effect during the CLinton years? The Clinton years produced 20 million jobs, a balanced budget (a surplus actually), and the rich got richer every day. The theory of cutting taxes on the rich to stimulate the ecomnomy has been a dismal failure. No one is asking them to pay back the money they got during the experiment, just pay wha they were paying before it stared. Gil needs to get over the election and stop whining, Obama won , stop being a sore loser and move on.
ReplyDeletePaging double dip, paging double dip.
ReplyDeleteNothing more crucial in economic recovery than giving more money to the federal government.
@ Steve:
ReplyDeleteDoubt we'll see a double dip.
http://www.treasuryandrisk.com/2012/08/07/no-double-dip-recession?t=economy
You're right, we may already be in one.
Deletehttp://www.zerohedge.com/news/2012-11-27/chart-day-continued-collapse-capital-goods-new-orders-confirms-us-recession
Mr. Spencer's column today, totally related to this Spencerblog post, is worthy of the read. And I for one wholeheartedly agree with the conclusion the column: The Republicans in the House of Representative would do well by allowing us to go off the fiscal cliff and reinstate the Clinton tax rates on everyone. An increase of 4.4% on the "top earners" is only a drop in the bucket. When combined with what the President wants in new Stimulus spending, and with no meaningful cuts in the federal budget, it will only delay our nation embarking on the fall from the cliff. Double-dip? It is indeed already here. Ask almost any business person not dealing in the pre-Christmas holiday spending and you will find them unwilling to spend, unwilling to make mid- or long-term commitments. Add in the impact of Obamacare and you already have what at best is pre-double dip if not the full blown thing.
ReplyDelete