GOP seeks to cut Social Security for the poor and middle class
Do Nothing Congress Home Base – Republicans are at it again as today they demanded that any tax hikes on the wealthy must be coupled with a cut in spending on the poor by trimming cost of living increases for Social Security recipients.
Democrats, of course rejected this ludicrous proposal for the Republicans to further gut those most in need. The negotiations on the fiscal cliff continues to no avail. Lawmakers convened in a rare Sunday session that amounted to basically nothing more than a relief society session of nothingness.
Mitch McCconnell in a desperate temper tantrum telephoned the Vice President Joe Biden in hopes that he would come in and facilitate a compromise.
“I’m willing to get this done, but I need a dance partner,” McConnell. “The consequences of this are too high.”
Oddly enough the give and take between parties has been going on for almost a year. In amazement both parties are insistent that they are working alone to save the world…when in reality only one side seems to consider the poor and helpless as individuals worth saving. Needless to say the Democrats consider this move by the Republicans as a step in the wrong direction.
“When Leader Reid received this recent offer he was taken aback and disappointed,” said a Senate Democratic aide granted anonymity to discuss the private talks. “We feel we are further apart than we were 24 hours ago.”
Republicans are already seeking to redefine what is considered wealthy in this country as an individual making over $500,000. They also claim that inheritance taxes must be taken away from the table and that the poor and middle class must sacrifice more to get this deal done.
President Obama offered adjusting the cost of living for social security earlier this month to Republicans as a negotiating chip but unfortunately but not surprisingly talks between the Republicans and the president on this issue fell apart soon after.
Both Democrats and Republicans have been at work *cough cough bullshit* all day trying to come up with a compromise on this issue but no avail. Only time will tell if the Democrats come back with a counteroffer.
The president had initially proposed raising tax rates on the wealthiest 2% of Americans but then later compromised with Republicans to move that bar up to $400,000. Needless to say this compromise wasn’t enough to satisfy the Republican counterparts. Alas the president needed to negotiate once more.
Democrats have been willing to entertain the higher $500,000 income tax threshold Republicans want, but have resisted coupling that with a 35% rate on inheritance taxes for estates valued at more than $5 million. Obama wants the estate tax to rise to 45% on estates above $3.5 million.
With hours left to come to a resolution on the fiscal cliff Obama may just instruct his Democrats to just force the hand of the Republicans and see how this shake out in the House and the Senate along with the American People. Although it seems as if the American people have already voiced their opinions on this matter it may take a fit of outrage for something to get done in this Do Nothing Congress.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, mitt romney, republican, Republican Tax, tax increase, tax pledge, tax reform
Tax hikes on the rich “negligible” for growth on the economy
Washington- A recent report was re released after Republicans tried to claim that tax hikes on the wealthy would be detrimental to growth in the economy. The report states that revoking the Bush era tax cuts on the wealthiest Americans will have a “negligible” impact on the economy. The report also states that the the Bush Era tax cuts did very little to help spur the growth of the economy. The report also stated that the Bush Era tax cuts helped fuel the income inequality among income classes.
“Analysis of such data conducted for this report suggests the reduction in the top tax rates has had little association with saving, investment, or productivity growth,” the study says. “It is reasonable to assume that a tax rate change limited to a small group of taxpayers at the top of the income distribution would have a negligible effect on economic growth.”
The study takes into account tax rates and economic growth that dates back to the world war 2 era. Needless to say Democrats pounced on the opportunity to prove to Republicans that tax cut for the wealthy don’t necessarily equate to growth and that the top two percent of earners should go back to Clinton Era tax rates when growth was substantial. Republicans, as they always seem to, complain and swear that raising taxes on the wealthy will only bring gloom and doom for the US economy.
“What this report demonstrates is at the core of the debate we’re having right now,” said Maryland Rep. Chris Van Hollen, the top Democrat on the House Budget Committee, adding that it “put a stake in the heart of the Republican argument that small increases in marginal tax rates for wealthy individuals somehow hurt economic growth.” He also noted that during the Clinton years with tax hikes the US economy was doing a lot better off than when Bush introduced his tax cuts.
“What this CRS report does is take away the last little fig leaf that [Republicans] had to justify big tax cuts for very wealthy individuals,” Van Hollen said.
“Republicans have simply failed to face up to the reality,” said Rep. Sander Levin (D-Mich.), the top Democrat on the House Ways and Means Committee. “I hope that this CRS report will add further impetus to the speaker to sit down with Republicans, because when I’ve talked to a few of them, I don’t think they’ve had this discussion.”
Republican lawmakers claim that the report was written by a left wing study group and that its findings are biased and therefore fallacious.
This is a continuing trend with Republicans denying the facts when they stare them point blankly in the face. Maybe this report will be the wake up call needed to raise taxes on the top 2 percent.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, income tax, republican, Republican Tax, Repulbican Tax, tax code, tax pledge, tax reform, tax the rich
Grover Norquist against the world
We have seen enough statistics in our day to realize that most people agree on NOTHING. It is very hard to get consensus on anything. It seems as if the American people would fight over a piece of shit nowadays.
Well a Quinnipiac University poll released Thursday has just proven that hell has frozen over and the American people can agree on one thing. HATING GROVER NORQUIST AND HIS STUPID TAX PLEDGE. Yes, that is right 85% percent of voters including 77% of Republicans think that the sacred goat of the Republican Party “not raising taxes on the wealthy” was a BAD BAD IDEA under any condition. What was going on in the Republic Caucus is beyond me but I have a feeling that most of them drank the “gold flake kool aid”
While the Norquist tax pledge wasn’t specifically mentioned. This insignificant figure wedged his way into our life’s with a stupid meaningless pledge that he expects all of his “bromises” to uphold. I have a feeling this Grover person deals with Napoleon Syndrome making himself to be more important than he actually is. I mean he isn’t the president or even an elected official. He is just some scraggly businessman with the balls of the very old in his hands that heads Americans for Tax Reform. . Why may you ask? I do not know. Maybe he has very deep pockets or a very deep throat.
Of course this is all just induction based upon the results of a simple poll question. Still one would argue that maybe this insistence on sheltering the wealthy does have something to do with good ole Grover since the Republicans drop his name every chance they get. Seriously is this guy a celebrity on AMC or something?
This poll question does hint on something much larger than it appears on the surface
Raising taxes on the rich is quite popular among those that aren’t rich. Surprise there ehhh? As a matter of fact 60% of those surveyed support it the other 40% are fans of Justin Beiber and Paris Hilton and don’t want a tax increase to hurt their acting careers.
Why pollsters neglect on having a polling question is beyond me. Maybe they think this Grover character has had his minute of fame. or maybe with the re election of Barack Obama people are waking up to the fact that the world doesn’t revolve around the wealthy. It is ok for the haves to suffer just as much as the have nots. I mean $250,000 a year could get you quite a pretty lifestyle. I think it is understandable for the wealthy discount riders to being paying their fair share. Lets approach this “fiscal cliff” in a balanced manner because money can only buy you so many votes and politicians. It looks like if the Republicans want to avoid taxing the wealthy they might want to look at updating their playbook from the age of the dinosaurs.
Categories: Federal Tax, Income Tax, Tax Law Tags: federal income tax, federal tax, fiscal cliff, income tax, republican, Repulbican Tax, tax pledge