W.E.B. Du Bois
12-07-2010, 07:20 AM
I flipped on CNN and the first thing I saw was a Democrat blasting Obama about he is weak, allowing the GOP to get massive concessions on tax cuts for the rich, in exchange for tax cuts for the middle class and a 13-month unemployment extension, and other tax cuts for the middle and working classes. I usually think of Democrats who do that as silly fools. However, I thought I would actually try and entertain the notion of if they could be right? Is Obama weak? (from a liberal point of view)
http://www.kansascity.com/2010/12/06/2502922/obama-and-republicans-agree-on.html
President Barack Obama announced a tentative deal with congressional Republicans on Monday to extend the Bush-era tax cuts at all income levels for two years.
...
The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing the nation’s long-term fiscal imbalances.
It would reduce the 6.2 percent Social Security payroll tax on all wage earners by 2 percentage points for one year, putting more money in the paychecks of workers. For a family earning $50,000 a year, it would amount to a savings of $1,000.
The deal also includes continuation of a college-tuition tax credit for some families, an expansion of the earned-income tax credit and a provision to allow businesses to write off the cost of certain equipment purchases. The top rate of 15 percent on capital gains and dividends would remain in place for two years, and the alternative minimum tax would be adjusted so that as many as 21 million households would not be affected by it.
In addition, the agreement provides for a 13-month extension of jobless aid for the long-term unemployed. Benefits have started to run out for some people, and as many as 7 million people would potentially lose assistance within the next year, officials said.
Congressional Republicans in recent days have blocked efforts by Democrats to extend the jobless aid and said they would insist on offsetting the $56 billion cost with spending cuts elsewhere. White House officials said they feared a long standoff that would see benefits end for millions of Americans over the holiday season and in the months ahead.
Obama made substantial concessions to Republicans. In addition to dropping his opposition to any extension of the current income tax rates on income above $250,000 for couples and $200,000 for individuals, he agreed to a deal on the federal estate tax that infuriated many members of his party. The deal would ultimately set an exemption of $5 million per person and a maximum rate of 35 percent — a higher exemption and far lower rate than many Democrats wanted.
“The House Democrats have not signed off on any deal,” Rep. Chris Van Hollen of Maryland, who has been representing House Democrats in formal negotiations on the tax issue, said Monday night. “We will thoroughly review and discuss the proposed package in the caucus.”
Some senior Democrats said an agreement by Obama to accede to Republican demands on the estate tax could lead to a revolt among lawmakers.
http://www.kansascity.com/2010/12/06/2502922/obama-and-republicans-agree-on.html
President Barack Obama announced a tentative deal with congressional Republicans on Monday to extend the Bush-era tax cuts at all income levels for two years.
...
The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing the nation’s long-term fiscal imbalances.
It would reduce the 6.2 percent Social Security payroll tax on all wage earners by 2 percentage points for one year, putting more money in the paychecks of workers. For a family earning $50,000 a year, it would amount to a savings of $1,000.
The deal also includes continuation of a college-tuition tax credit for some families, an expansion of the earned-income tax credit and a provision to allow businesses to write off the cost of certain equipment purchases. The top rate of 15 percent on capital gains and dividends would remain in place for two years, and the alternative minimum tax would be adjusted so that as many as 21 million households would not be affected by it.
In addition, the agreement provides for a 13-month extension of jobless aid for the long-term unemployed. Benefits have started to run out for some people, and as many as 7 million people would potentially lose assistance within the next year, officials said.
Congressional Republicans in recent days have blocked efforts by Democrats to extend the jobless aid and said they would insist on offsetting the $56 billion cost with spending cuts elsewhere. White House officials said they feared a long standoff that would see benefits end for millions of Americans over the holiday season and in the months ahead.
Obama made substantial concessions to Republicans. In addition to dropping his opposition to any extension of the current income tax rates on income above $250,000 for couples and $200,000 for individuals, he agreed to a deal on the federal estate tax that infuriated many members of his party. The deal would ultimately set an exemption of $5 million per person and a maximum rate of 35 percent — a higher exemption and far lower rate than many Democrats wanted.
“The House Democrats have not signed off on any deal,” Rep. Chris Van Hollen of Maryland, who has been representing House Democrats in formal negotiations on the tax issue, said Monday night. “We will thoroughly review and discuss the proposed package in the caucus.”
Some senior Democrats said an agreement by Obama to accede to Republican demands on the estate tax could lead to a revolt among lawmakers.