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CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
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Government & Elections
CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
<font face="arial, helvetica, sans-serif" size="1">With elections coming up, there’s no shortage of dialogue here. Whether you're a red state Republican or a blue state Democrat, everyone is welcome — just remember to be civil.</font>
The deal would raise some $715 billion over 10 years --
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Cat:d51398b3-89f9-463d-bf1b-4b885f02c9eeForum:af978875-5bc6-4b07-a6fb-b18062132f95
Cat:d51398b3-89f9-463d-bf1b-4b885f02c9eeForum:af978875-5bc6-4b07-a6fb-b18062132f95Discussion:95101089-f379-4423-bac6-f14b43add7ae
Forums » Politics & Society » Government & Elections » CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
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CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
posted at January 2, 2013 6:09 PM EST
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Posts: 12532
First: February 29, 2008 Last: May 17, 2013 |
The deal would raise some $715 billion over 10 years -- much less than the $1.6 trillion for which President Barack Obama had been hoping as part of what he called a larger, balanced debt-and-deficit plan. It's not what anyone was hoping for, and even lawmakers seemed repulsed by their actions. "This is disgusting, and everybody involved should be embarrassed," said Rep. Steve LaTourette (R-Ohio), marching glumly from a GOP conference meeting in the House Monday evening. "It's not even small ball -- it's a pingpong ball," he said of the latest deal the Senate was working on. "I would say we're all disappointed we're at this point on New Year's Eve," said Sen. Debbie Stabenow (D-Mich.) before the vote, adding it would have been better if this past summer the House had passed a bill that Democrats favored to let the Bush tax cuts expire above the $250,000 threshold. She supported the deal, anyway. |
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Re: CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
posted at January 2, 2013 6:14 PM EST
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Posts: 12532
First: February 29, 2008 Last: May 17, 2013 |
While you might have been worried about SS and medicare and people relying on the new Obamacare provisions that would protect their interests....the big-guys actually had more of a voice than any average citizen.
Throughout the months of November and December, a steady stream of corporate CEOs flowed in and out of the White House to discuss the impending fiscal cliff. Many of them, such as Lloyd Blankfein of Goldman Sachs, would then publicly come out and talk about how modest increases of tax rates on the wealthy were reasonable in order to deal with the deficit problem. What wasn’t mentioned is what these leaders wanted, which is what’s known as “tax extenders”, or roughly $205B of tax breaks for corporations. With such a banal name, and boring and difficult to read line items in the bill, few political operatives have bothered to pay attention to this part of the bill. But it is critical to understanding what is going on. The negotiations over the fiscal cliff involve more than the Democrats, Republicans, the middle class and the wealthy. The corporate sector is here in force as well. One of the core shifts in the Reagan era was the convergence of wealthy individuals who wanted to pay less in taxes – many from the growing South – with corporations that wanted tax breaks. Previously, these groups fought over the pie, because the idea of endless deficits did not make sense. Once Reagan figured out how to finance yawning deficits, the GOP was able to wield the corporate sector and the new sun state wealthy into one force, epitomized today by Grover Norquist. What Obama is (sort of) trying to do is split this coalition, and the extenders are the carrot he’s dangling in front of the corporate sector to do it. Most tax credits drop straight to the bottom line – it’s why companies like Enron considered its tax compliance section a “profit center”. A few hundred billion dollars of tax expenditures is a major carrot to offer. Surely, a modest hike in income taxes for people who make more than $400k in income and stupid enough not to take that money in capital gain would be worth trading off for the few hundred billion dollars in corporate pork. This is what the fiscal cliff is about – who gets the money. And by leaving out the corporate sector, nearly anyone who talks about this debate is leaving out a key negotiating partner. So without further ado, here are eight corporate subsidies in the fiscal cliff bill that you haven’t heard of but sorry folks you'll have to go to this link to find out more..... |
Forums » Politics & Society » Government & Elections » CONGRESS IS DISAPPOINTED WITH THEMSELVES !!
