Obama and Tax Cuts

President Obama has proposed extending tax cuts for individuals making less than $200,000. But the top two income tax rates would revert to higher levels. Anthony Mason reports.

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News & Politics

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• cbsepisode
• Tax
• Cuts
• Bush
• Obama
• Congress
• Economy
• Recession
• Washington
• Economist
• Spending
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• taxpayer

[Bronzecop]

Leave us alone, I dont wanna pay for what we did under the Bush years. *Jumps Out of Window*

[nigeltheoutlaw]

Give tax cuts to the poor and tax the rich to make up for it. I think people should only give what they can afford, instead of the rich getting preference since they can buy lobbyists.

[FrsBigeasy]

@teddybruscie

Thats why I want to make the Middle Class Tax Cuts permanent, extend the Tax Cuts for High Earners to January 2012 and pass the Small Business bill thats currently stuck in the Senate. The Small Business bill is paid for according to the CBO.

Then I think the Administration and Congress can look at cutting back spending in the Government on things we no longer need which the Administration is currently doing and we can sorta stop the Deficit bleeding.

[teddybruscie]

@FrsBigeasy Fair Point. But if our government keeps getting in the way that wont happen any time soon.

[FrsBigeasy]

@teddybruscie

The Deficit will never get under control until the Economy starts rebounding. 67,000 jobs in August with a 9.6% Unemployment Rate and 1.6% Growth Rate in the last quarter doesn't qualify as rebounding.

Raising taxes on anyone in a bad Economy is not good for anyone because it just takes more money out of the Economy that will just get spent and added to the National Debt.

When the Economy turns around then we can look at raising taxes and spending cuts for Deficit Reduction.

[teddybruscie]

@FrsBigeasy Thats kind of what I just said. The difference is I want the top 1-2% to pay more in taxes, even though I know it does little good to the Economy or Deficit. It takes a lot more which is why we need new Representatives, to stop all of the bad spending. Only then will our Deficit and maybe even the Economy will get back on track. Government isnt the answer obviously, but if they can stop doing some things our Economy can run much better than it does now.

[FrsBigeasy]

@teddybruscie

Any Deficit Hawk would tell you that the Economy comes before anything else because without a growing Economy you can't have anything else. Deficit Reduction is not possible without a strong Economy, doesn't matter how much you cut or raise taxes. Increasing taxes in a bad Economy and then just spending the money as soon as you get it does nothing for the Deficit and it could hurt the Economy making the Deficit worse to get Deficit under control, cut spending and then raise taxes

[teddybruscie]

@FrsBigeasy Even if the Money is spent, (of which we all know it will.) That would be less money we would have to borough. We will get no where if our National Debt isnt under control, But the top 1%, where like I said wont do significant good. It will at least reduce what we will borough.

The real solution as we all know is using our system to work for us and voting out bad government officials. Also reducing the amount of government jobs that do nothing Im sure will help a lot.

[FrsBigeasy]

@teddybruscie

Your Deficit argument would be good if you called for directing the increased Tax Revenue to Deficit Reduction. Because without that the money would be spent and placed on the National Debt Card.

[teddybruscie]

@FrsBigeasy Yea pretty much. I want the tax hike for the rich, because they have been getting away with too much and our government has just been taking it and not doing anything. And most of that is because they buy our government for their profit. There are so many examples of that on all sides. So I think a tax hike, where it probably wont do anything significant other than stabilize the deficit some what, I think will be like pay back for some people.