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Obama And GOP Reach Deal On Bush-Era Tax Extensions

December 9, 2010 by  

Obama and GOP reach deal on Bush-era tax extensionsPresident Barack Obama and Republican leaders have reached a deal on extending tax cuts for all Americans. The compromise, which is facing resistance from Democrats, still has to be approved by Congress.

According to media reports, the agreement between Obama and the GOP would extend the Bush-era tax cuts for two years and is expected to cost the Federal government between $600 billion and $800 billion. Obama originally sought an extension for only low- and middle-income families, but legislative proposals that excluded the wealthiest earners were rejected by Senate Republicans.

In an effort to get the tax breaks passed before they expire on Dec. 31, Obama said that concessions had to be made. As part of the deal, Republicans agreed to vote to extend Federal unemployment benefits and to lower the payroll tax from 6.2 to 4.2 percent.

"Obviously, we don't like the part we think we've had to give," Senator Jon Kyl (R-Ariz.) told NBC News. "On the other hand, it is true that this issue has to be resolved now. And we think it's being resolved — all else being equal — in a positive way. So I think, without speaking for all of my colleagues, I can say that there was general positive reaction to the agreement." 

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  • Doc Sarvis

    Our President again working to bring the far right and the left together. Not an ideal agreement by any means but a compromise to avoid inaction when some action is required. I still don’t get why the right is so bent on expanding the rift between the rich and the poor.

    • Warrior

      Don’t forget, this is the same dude that proposed lowering the adjusted gross income levels so more would make it into the next higher bracket. Tax breaks for the middle class my ass. One way or another they will continue to scheme to feed the beast.

    • Dogma-Free

      Yay!!! More great news for the ultra-rich!!

      Well…and more great news for people who love the deficit (read: China)…

      Haha…I love the people who try to put the ‘trickle down’ spin on all of it…hahaha…cuz, yeah, that’s worked *really well* during Baby Bush’s 8 years in office…

      *eyeroll*

      Oh well, one day we’ll all be able to look back, and remember what it was like when America used to be a super-power nation.

      • Warrior

        Hey,

        What do you think those two guys in the picture are looking at? Probably watching FOX, I’ll bet.

        • http://?? Joe H.

          Warrior,
          From that “just stepped in a pile” look on Nobamas face, I’d bet on it!!!

      • http://naver sook young

        The Bush tax cuts worked well for our family and we are not rich. Can you cite some sources to support what you are saying? Thank you.

        Sook Young
        Wife of the Samurai

        • Doc Sarvis

          How about the millions who have lost their jobs!

          • http://naver samurai

            What about the millions that have lost their jobs and have no hope of them returning under Obama bin Laden? We have less employment now than at any time under Bush. Get your facts straight before you post, lib, gay loving, baby killing, marxist, moron! FOR GOD AND COUNTRY!

          • Robert Smith

            Hey samurai,

            It was the BUSH years that took a budget surplus, peaed it away (maybe that’s the “trickle”) and created the conditions Obama is correcting.

            Rob

          • http://?? Joe H.

            samurai,
            Yeah, don’t you know Nobummer is correcting this by creating millions of new jobs??? That’s why the unemployment rate is 9.8% up from 9.6% two months ago!!! That’s why november saw 43000+ new unemployment filers!!! Hate to tell him, but things are getting worse!!!

          • http://naver samurai

            Yea, right rob. That surplus you were talking about never exiated on the books and was just a product of the libs imagination. You say that Obama bin Laden is correcting these situations we have in our country now? I think that it’s time for you to really try pulling your head out of your arse! Record debt, near 10% unemployment and maybe more if you count the ones whose unemployment benefits ran out, more troops in Afghanistan, 50,000 troops in Iraq, screwed up the oil spill clean up, etc. Rob you are a complete and utter moron if you they I believe that nonsense that you just posted. By the way, did you ever answer my wife’s questions? FOR GOD AND COUNTRY!

  • Mick

    Doc Sarvis says:
    December 9, 2010 at 8:09 am
    Our President again working to bring the far right and the left together. Not an ideal agreement by any means but a compromise to avoid inaction when some action is required. I still don’t get why the right is so bent on expanding the rift between the rich and the poor.

    ****************************************************

    A lot of that rift has been around for a long time, a lot of it created by jealousy, sense of entitlement and lack of common sense period considering if not for the rich giving us employment we would be ALL poor….

    • Doc Sarvis

      And if not for the working class acceptance of peanuts for their labor there would be no rich. A better balance should be reached.

      • Mick

        Doc Sarvis says:
        December 9, 2010 at 8:38 am
        And if not for the working class acceptance of peanuts for their labor there would be no rich. A better balance should be reached.
        *************************************************

        Doc,,,,, Although my confidence in our society is diminishing rapidly we still have some people who would work for the rich out of sense of responsibility for their own lives and would help keep their companies going so they could live…Your theory will plunged this country into the communist status and were will your so called poor be then.?
        The balance is achieved by responsibility, don’t spend what you can’t afford and you won’t be so poor,we did it working for minimum wages and worked our way up not the other way around……….

        • Doc Sarvis

          And you can get rich by treating the people who help you along like yesterday’s trash.

          • http://naver samurai

            All the rich people I know got that way by hard work. They don’t treat people like “trash”, as you said. Also, if people went by our founding principles of self reliance and personal responsibility they would be better off. The rich don’t owe us anything, but we owe it to ourselves to be fiscally responsible in our own households. If that means giving up cigarettes, alcohol, shopping sprees, etc, then so be it. FOR GOD AND COUNTRY!

          • http://?? Joe H.

            Doc,
            One of the most generous and best men I ever knew owned about half of the town of Adrian michigan! Bill Jenkins was a man among men. he and my father were good friends and I will never forget the way he treated my father and myself as well!! he would have given a man in need the shirt off his back and not missed it. If the man then brought it back cleaned and pressed he thought he was all the richer for it!!

        • Robert Smith

          Posted: “Your theory will plunged this country into the communist status and were will your so called poor be then.?”

          Well, we aren’t “communist” but our health care is comperable to Cuba.

          Why is that?

          Rob

          • http://naver samurai

            Obama bin Laden care is a socialist program. Socialism eventually turns somewhat into communism, doesn’t it? Too much kool aid on a daily basis! FOR GOD AND COUNTRY!

      • Aix Sponsa

        Doc Sarvis says:
        December 9, 2010 at 8:38 am
        And if not for the working class acceptance of peanuts for their labor there would be no rich. A better balance should be reached.
        **************

        So what I hearing you saying is that UNIONized labor is a good thing. Realize that if it were not for the unions of the 20th century, most such as coal miners and teamsters, etc., would still be working for slave sslaries for the rich. Unions and the industrial revolution created the middle class of America. Since we have forced all our manufacturing to foreign lands and become a fast-food-nation, the middle class must disappear, leaving the fuelal middle ages tradition of serfs and nobility as the result. 45 years ago I made the statement that the liberals will make the USA a nation of people working for McDonalds so they can eat at KFC. So what do we have now?

  • Raggs

    NOT SO FAST!

    Keep your eye on the other hand!
    The ole “slide of hand trick”… how many will be fooled by this one?

    • ValDM

      I’m wondering why anyone would be taken in by this little “melodrama”. Extending unemployment benefits ANOTHER time is just plain nuts. If there’s no money coming in, you can bet that they will be scrambling for those jobs they turned their noses up at 9 months ago. Incidentally, I got my new TurboTax in the mail yesterday. Think they know something the rest of us don’t?

      • Raggs

        Well I do think people will get out and find a job once they get winged off of the taxpayers and government entitlements…

      • http://?? Joe H.

        ValDM,
        There was a report today that the dems will not even bring this deal to the floor for a vote!! So I ask the socialist progs out there just what has your fearless leader accomplished??? Not a damn thing!!! Just remember who is saying NO! this time!!! The progs are stalling and the people will know upon the raising of the tax rates on the lower and middle class!! May God Bless America Again!!!

  • http://com i41

    If the working class don’t like the wages go do something privately and start their own business. Oh, that right becase the bastard dems, and come up with impedements to do with any business formation. All the b–l s–t agencies in which you have get approval from, before you ever produce a widget. The massive paper restrictions on banks and loan institutions to get finacal loans. Now the crap of healthcare and new taxes. So Doc if you think being a socialists and living under a totalition dictatorship is great, you should have any hooks in your rear, just leave and don’t let end gate hit you in your behind! I always like high wages and great pay, but over the years and reading history, between the unions and democrats, more businesses close door and leave from the manditory requirement. Dems drove jobs have always driven jobs off shore. The more convolted tax laws are that get written by leech lawyers and the ilk of Rangel. The less jobs there will be, in fact dems see unemployment staying in double digits for a decade or more, so thank the socialist a$$wipe democrats.

    • Mick

      i41…
      I COULDN’T AGREE WITH YOU MORE,,,,, OVER THE YEARS THE DEMOCRATS HAVE CREATED MOST OF THE PROBLEMS WE FACE TODAY BUT AS USUAL WILL BLAME EVERYBODY BUT THEMSELVES,A$$WIPES IS RIGHT………

      • eddie47d

        Of course you’d agree Mick for you want to send us back so there is no regulations(paperwork) in banking accountability. That’s another thing that got us into hot water, but those honest Republicans want to give those bankers a free ride again. Democrats aren’t perfect but those Republicans are worse. I guess it’s okay for these banks to take other peoples money in their elaborate schemes.

        • http://naver samurai

          Fannie and Freddie was given a free ride and look what happened to them and our housing situation of today. Wasn’t this because of the libs and Bill Clinton? FOR GOD AND COUNTRY!

          • eddie47d

            There were alot of fingers in that pie; and I’m sure there are alot of wealthy Republicans who made buckets of money on real estate deals.

          • http://naver samurai

            This is getting old, edduh! Always bashing the rich members of the GOP, when the rich libs had more to do with this matter. Then tell me why everyone that was investigated and charged with anything were all members of the DEM? I’ll be waiting for a fact filled answer with sources to support your answer. FOR GOD AND COUNTRY!

    • Doc Sarvis

      Last month the Democrats tried to take away the tax incentive for corporations to ship jobs overseas. Our tax code actually gives the fat-cats money to give jobs to other countries! A few Democrats and ALL the Republicans blocked that legislation. Unbelieveable.

      • Warrior

        See, that’s why we can’t leave Charlie in charge of the tax code!

  • Mick

    Doc Sarvis says:
    December 9, 2010 at 9:26 am
    And you can get rich by treating the people who help you along like yesterday’s trash.

    ((((((((((((((((((((((((((((((((((((((((

    Doc ,,,,YOU CALL FOR A BETTER BALANCE WHEN YOU PERSONALLY HAVE NONE…FROM YOUR PERSPECTIVE THE RICH ARE EVIL,, HOW SO TYPIC OF THE LIBERAL MIND………

    • Doc Sarvis

      When did I say the rich are evil? When did I say everyone should make the same amount? When did I say we do not need an upper class? Your spin of my posts is completely wrong.

      • independant thinker

        You did not say it outright but the tone of your statements say it loudly.

        • Doc Sarvis

          You must be reading my posts with a strong bias.

          • http://naver samurai

            No, we’re just going by how you wrote something and the meanings behind them. Don’t take a rocket scientist to figure out what your trying to say, moron! FOR GOD AND COUNTRY!

  • Aix Sponsa

    So what I hear Doc Sarvis saying is that UNIONized labor is a good thing. Realize that if it were not for the unions of the 20th century, most such as coal miners and teamsters, etc., would still be working for slave sslaries for the rich. Unions and the industrial revolution created the middle class of America. Since we have forced all our manufacturing to foreign lands and become a fast-food-nation, the middle class must disappear, leaving the fuelal middle ages tradition of serfs and nobility as the result. 45 years ago I made the statement that the liberals will make the USA a nation of people working for McDonalds so they can eat at KFC. So what do we have now?

    • Doc Sarvis

      Nice try. Not once on this thread did I say ANYTHING about unions.

  • chuckb

    the puppet masters have maneuvered barry into the safe position so he can come out looking good either way the tax vote goes. barry doesn’t have a clue whats going on. it looks to me like the repubs are being set up as usual, the dems will keep them arguing over a tax bill while slipping the dream act and possibly more damaging legislation before they lose the house. this extension of tax cuts will mean nothing and the economy will continue to skid, there’s no signs of why it shouldn’t.
    we have the largest welfare state in the world and the world keeps pouring in, all the tax cuts will mean nothing if you haven’t anything to cut, but, it does keep the sheep busy arguing. the democrats in washington will continue to give the country to the illegals in order to maintain their fiefdoms until the last brick falls and the people wake up and reverse things by force not promises. if you don’t believe me take a look at california, the country goes as california goes and we are already gone!!

  • Raggs

    Chuck made a good point and one that has been on my mind about California.

    So they are broke… well duh afterall they did that to themselves.
    But now that they beg for help from the government, that means that they will become a slave to the government and lose all freedom..

    Once California crosses that bridge it’s all over…

    • Warrior

      Sorry to say Raggs, that point was passed a long time ago. THey’re in a death spiral just like ILL and NY. There will be a guvment bail out at the end. The only question is, what form it will be in?

  • Al

    Funny how we judge what the rich should pay and receive. Question: what if you’re the rich? Will you pay your employees high wages and high dividends like if they’re your partners even though they didn’t contribute to your investment? Who bear the risk? You or your employees?
    What chance is there that your valued employee won’t sue you if opportunities arise? In conjunction to all the mandatory benefits and federal laws that protect your employees! I think you’ll end up going India or China too. Be realistic and honest before replying.

    • Raggs

      What you describe is “social justice” a form of marx.
      nowadays if you employ someone they have more rights than you.
      So why would you employ someone that you are liable for?
      If you were smart you would not!

      obama is a fool that wants to punish the real job creators.
      So he thinks he can milk a chicken and produce bacon from a fish.
      At the same time he thinks he needs to tell you what to eat..

      This cannot be fixed without the destruction of the so-called congress.

    • Raggs

      I was hurt badly at work back in 93′
      My right knee was broken due to a piece of 6 X 6 X 3/4″ angle over twenty feet in length that fell on me it was around 2500 pounds. I had asked for help prior with no responce so I was left up to my own.. I was off of work for around six months, I did not sue.
      Still even today I have problems with my knee and I expect I always will.

      I would say that in the times we have now people are looking for a way to sue regardless..

      • Claire

        Raggs–I took my husband to emergency a few years back at 6:00 p.m. one night with terrible pain in his abdomen, and they admitted him. They took an x-ray of his abdomen–did NOT catch the perforated colon. A gastroenterologist saw him the next day at 11:30 a.m.–he saw the perforated colon on the x-ray, but did not operate on him until 7:00 p.m. that night–my husband was full of peritonitis and almost died. It took 25 hours for them to do surgery. Now he has a permanent colostomy. We could have sued too but we didn’t.

      • http://?? Joe H.

        Raggs,
        I would say there are times when to sue is the right thing to do. I have friends that have a severely handicapped son dur to a doctors DECISIONS not mistakes. Their child will need care the rest of his life through no fault of theirs. This means millions of dollars in care that the parents should not have had to endure. They sued and at the trial it came out that this doctor was guilty of malpractice six other times! He had settled out of court and the litigants were not supposed to tell. My friends could not have known in any way. WHY SHOULDN’T THEY BE ABLE TO SUE???

  • ONTIME

    No they have not reached any agreement, so far it’s a wish list but the opposition from both sides is heavy and the Repulicans are being told by the constituency to be hard nosed and stick with tax and spending cuts and make up the plans to reduce the size of this government. It’a heavy order but all know it’s what has to be done, we need to be lean and mean or this nation is going to go under and it’s not that far away. When reality comes home to play, you had better hear the music.

    Should there be a communist takeover they are so fragmented that like ancient tribes they would kill each other for power and control of teritory and we would be just like the middle east. The real Republicans know this and the push to move the old line to do what’s necessary or pack up is on. We are in perilous times and the terms of open warfare have mutated tothe cyber age.

    Keep a sharp knife and dry powder and buy all the ammo you can afford.

    • http://?? Joe H.

      ONTIME,
      good advice and another piece would be to buy all the silver and gold you can afford. Push comes to shove, this may be the only accepted currency!!

  • Claire

    If this agreement goes through and is passed, it will be interesting to see how many people are hired by the wealthy that own businesses. Isn’t this what the Republicans want? Any comments?

    • Warrior

      Claire

      I look at it this way. If the taxes do not go up on Jan 1st we are right where we have been for the past 2 years. So, everything remains static for the next two years. This solution doesn’t mean companies can hire more because they would virtually be in the same shape in the next two years as they have been for the last two. With a tax increase though, there would certainly be more unemployed. Meaning the middle class would get a double whammy. Either laid off or working for less. Those fortunate to continue employment would then have higher taxes to pay thus less money for themselves. It would be a catastrophic downward spiral.

      At some point, the madness has to stop with guvment interfering with business otherwise we are most assuredly doomed.

      Whether thru taxation or regulation, the weight of this beast is breaking the back of America.

      • Claire

        Warrior–America has been in-between a rock and a hard place for years, yes, in a downward spiral. There is always a day of reckoning and this is where it is at now. Like you said, the weight of this beast is breaking the back of America. Good choice of words.

      • http://?? Joe H.

        Warrior,
        There are already signs of a upturn since the election and sure as hell Nobummer will try to say it is because of him!!

  • http://com i41

    Raggs, if you deal with shyster legal crook of a lawyer, and he takes your money does a s–t job. You have only have 1 yeart to sue him. Any damn bill that comes out of Congress is a a convoluted peice of crap, as are all legal contracts that are written up. Every contract from a lawyer has a loup hole somewhere in it. This lame duck dealing is more like a f–king for the taxpayers. It will not pince any memeber of Congress or the liart in Cheif. The idea of job creation with the crap in banking reform businesses don’t even know about. Remember democrat always have and always will love creating as many job killing regulations as they can. It is their marxist communist genitic predispotion to have everyone as a governemnt idoit employee with multi degrees.

  • http://espionageaction-actionadventure.blogspot.com stephen russell

    Next Jan watch these Tax cuts Extended with New House.

  • Stan Smith

    So the Gringo Democrap crying like a baby that the wealthy big business rich folks should not get tax breaks! How about taxing the crap on the big wealthy business that moved overseas just for cheap labor costing US jobs and taxing them for hiring Illegals, only give tax cuts to wealthy business that stayed in the US that hires only americans & legal workers and kept their nose clean by not breaking the Law! But it will not satisfied the Libtards! So libtards why don’t you tax the crap on your Hollywood leftist buddies & Athletes they make big $$$$$ so why you Libtards want to attack the business man??

  • Earl, QUEENS, NY

    The Democraps seem to be hostage takers!! They’d rather see the unemployed lose benefits and tax hikes on everyone rather than let people keep more of what they earn over $250,000. In reality, there are not enough millionaires or billionaires to pay for the democraps’ addiction to profligate spending. So they have to keep lowering the income level at which you’re considered wealthy. If the democraps really hate the so-called rich so much, why don’t they just raise their own taxes to, say 90% of what they earn over $250,000?? LOL!! These phony rich democraps won’t do that!! Of course they’ll pay the lower Bush era tax cut rates if they pay at all!! We know many democraps are tax cheats who get away with it!! And I’m tired of hearing the class envy game being promoted by democraps. Thou shall not covet, but if you do covet, I say covet the phony rich democraps, who refuse to give up their own wealth. At least Republicans (normally) don’t condemn others for wanting to be successful. And while it’s easy to envy those who have more than you, ask yourself – what good does it do you to see other people’s money confiscated?? It won’t make you any better off. These democraps don’t want to ‘spread wealth around’!! They want to spread poverty and misery around!! If they get their way, only the elite democraps will be wealthy or well off!! And don’t forget how some democraps got rich. Al Gore made millions by peddling the global warming scam. JD Jerk Rockefeller inherited most of his wealth instead of working for it in a real job!! As to the unemployed, they should understand that, were it not for the policies of the democraps in CONgress over the past 2-4 years, the unemployment rate would be far lower, and there’d be no need for all these benefit extensions. Don’t blame the GOP for the millions of jobs lost. Blame the democraps, who will not take responsibility!!

  • CJ CA

    Mussolini used to put his chin up like Obama does. What ever happened to Mussolini?

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