Congress close to deal to pay for tax cuts

**Devil505** · 14th May 2010 02:31 PM

Congress close to deal to pay for tax cuts

AP

By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer â€“ 45 mins ago

WASHINGTON â€“ Congress is finally getting around to extending more than 50 popular tax breaks that expired at the end of last year, including money savers for homeowners, businesses and shoppers in states with no income tax. Lawmakers want to raise taxes on investment fund managers to help cover the cost.

Legislation combining the tax breaks with more aid for people who have been unemployed for long stretches is expected to come up for a vote in the House next week. The bill would extend unemployment benefits for up to 99 weeks in many states and subsidize health insurance premiums for laid-off workers through the end of the year.

Details are still being worked out, but lawmakers also plan to expand a federal bond program that subsidizes local infrastructure projects, and to protect doctors from a scheduled 21 percent cut in Medicare payments.

The tax breaks would be retroactive to Jan. 1 but would again expire at the end of December. They include a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and develop new products, and a sales tax deduction that mainly helps people in states without income taxes.

Delays in extending the tax breaks have left thousands of businesses unable to plan for their tax liabilities. Delays in passing a long-term extension of emergency unemployment benefits has forced thousands of laid off workers to live month to month with no certainty of income. Unemployment benefits for many will start to run out June 2, unless Congress acts.

http://news.yahoo.com/s/ap/20100514/.../us_tax_breaks

Good!

**metheron** · 14th May 2010 06:27 PM

[quote name='Devil505' date='14 May 2010 - 04:31 PM' timestamp='1273869082' post='151324']

Congress close to deal to pay for tax cuts

AP

By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer â€“ 45 mins ago

WASHINGTON â€“ Congress is finally getting around to extending more than 50 popular tax breaks that expired at the end of last year, including money savers for homeowners, businesses and shoppers in states with no income tax. Lawmakers want to raise taxes on investment fund managers to help cover the cost.

Legislation combining the tax breaks with more aid for people who have been unemployed for long stretches is expected to come up for a vote in the House next week. The bill would extend unemployment benefits for up to 99 weeks in many states and subsidize health insurance premiums for laid-off workers through the end of the year.

Details are still being worked out, but lawmakers also plan to expand a federal bond program that subsidizes local infrastructure projects, and to protect doctors from a scheduled 21 percent cut in Medicare payments.

The tax breaks would be retroactive to Jan. 1 but would again expire at the end of December. They include a property tax deduction for people who don't itemize, lucrative credits that help businesses finance research and develop new products, and a sales tax deduction that mainly helps people in states without income taxes.

Delays in extending the tax breaks have left thousands of businesses unable to plan for their tax liabilities. Delays in passing a long-term extension of emergency unemployment benefits has forced thousands of laid off workers to live month to month with no certainty of income. Unemployment benefits for many will start to run out June 2, unless Congress acts.

http://news.yahoo.com/s/ap/20100514/.../us_tax_breaks

Good!

[/quote]

Whats good? Some of the tax breaks are nice, but why ultomately pass along higher prices to consumers to pay for it instead of just reducing spending? Now reduced spending to pay for it....that would be good.

**Devil505** · 14th May 2010 06:52 PM

[quote name='metheron' date='14 May 2010 - 08:27 PM' timestamp='1273883279' post='151429']

Whats good? Some of the tax breaks are nice, but why ultomately pass along higher prices to consumers to pay for it instead of just reducing spending? Now reduced spending to pay for it....that would be good.

[/quote]

Thus is what's good:

[quote name='Devil505' date='14 May 2010 - 04:31 PM' timestamp='1273869082' post='151324']

Lawmakers want to raise taxes on investment fund managers to help cover the cost.

[/quote]

Sounds like a plus for us in the middle class to me.

**michaelr** · 14th May 2010 06:54 PM

[quote name='Devil505' date='14 May 2010 - 05:52 PM' timestamp='1273884732' post='151432']

Thus is what's good:

Sounds like a plus for us in the middle class to me.

[/quote]

Tax the middle class, that is who will pay, and it sounds good to you...la la land!

**metheron** · 14th May 2010 07:08 PM

[quote name='Devil505' date='14 May 2010 - 08:52 PM' timestamp='1273884732' post='151432']

Thus is what's good:

Sounds like a plus for us in the middle class to me.

[/quote]

Why? You don't think the middle class are investors that are going to get stuck paying higher fees?

Let me ask, do a majority of the Democrats really believe that business just suck it up when they get increased taxes and actually don't pass those costs on?

**Devil505** · 14th May 2010 07:17 PM

[quote name='michaelr' date='14 May 2010 - 08:54 PM' timestamp='1273884841' post='151433']

Tax the middle class, that is who will pay, and it sounds good to you...la la land!

[/quote]

[quote name='metheron' date='14 May 2010 - 09:08 PM' timestamp='1273885725' post='151440']

Why? You don't think the middle class are investors that are going to get stuck paying higher fees?

[/quote]

I'll stick with reality:

Middle Class Taxes at Historic Lows

http://washingtonindependent.com/823...-historic-lows

Federal Income Taxes on Middle-Income Families at Historically Low Levels

http://www.cbpp.org/cms/index.cfm?fa=view&id=3151

New study finds income taxes on middle class at historically low point....

http://hrblogs.typepad.com/the_shad_...low-point.html

Despite historically low tax burden, Rove, Fox & Friends push myth that America is "overtaxed"

http://mediamatters.org/research/201004150075

**metheron** · 14th May 2010 07:20 PM

[quote name='Devil505' date='14 May 2010 - 09:17 PM' timestamp='1273886245' post='151441']

I'll stick with reality:

Middle Class Taxes at Historic Lows

http://washingtonindependent.com/823...-historic-lows

Federal Income Taxes on Middle-Income Families at Historically Low Levels

http://www.cbpp.org/cms/index.cfm?fa=view&id=3151

New study finds income taxes on middle class at historically low point....

http://hrblogs.typepad.com/the_shad_...low-point.html

Despite historically low tax burden, Rove, Fox & Friends push myth that America is "overtaxed"

http://mediamatters.org/research/201004150075

I know...I should believe YOU & not my "Lying Eyes!"...Sorry, I don't.

[/quote]

Did you misunderstand my question.

I understand that when you raise taxes on business you can shield a tax increase becuase the businesses will raise prices, thus effectively raising the cost of living on the middle class.

Let me ask you this, as much as everything has crashed over the past couple of years, what is cheaper now than it was say......18 months ago?

**michaelr** · 14th May 2010 07:36 PM

[quote name='Devil505' date='14 May 2010 - 06:17 PM' timestamp='1273886245' post='151441']

I'll stick with reality:

Middle Class Taxes at Historic Lows

http://washingtonindependent.com/823...-historic-lows

Federal Income Taxes on Middle-Income Families at Historically Low Levels

http://www.cbpp.org/cms/index.cfm?fa=view&id=3151

New study finds income taxes on middle class at historically low point....

http://hrblogs.typepad.com/the_shad_...low-point.html

Despite historically low tax burden, Rove, Fox & Friends push myth that America is "overtaxed"

http://mediamatters.org/research/201004150075

[/quote]

You will stick with silly notions.

**Devil505** · 14th May 2010 07:37 PM

[quote name='metheron' date='14 May 2010 - 09:20 PM' timestamp='1273886438' post='151442']

Did you misunderstand my question.

I understand that when you raise taxes on business you can shield a tax increase becuase the businesses will raise prices, thus effectively raising the cost of living on the middle class.

[/quote]

Funny......a few years ago my taxes were higher, I was paying almost $5.00/gallon to fill my car & heat my home & the price of everything was sky high because of diesel fuel prices.

I don't want theories, bedtime stories & shell games anymore. This year, for the first time in many years....middle class people had tax credits for energy saving improvements done to their house & other things that gave US...The middle class...a break for a change.

If you want to see what the voter will really be looking at come November...Re-read the headlines I posted above.

The economy is improving....Middle class taxes are low.....the ME wars finally have an end in sight...& things are getting BETTER, Not worse.

I fail to see how re-electing the very same Republicans that got us into this mess..... will help us out of it??

That is your answer to our problems, right?.....Tell me specifically what they would do better...what actual policies would you/they recommend?

**michaelr** · 14th May 2010 07:45 PM

[quote name='Devil505' date='14 May 2010 - 06:37 PM' timestamp='1273887449' post='151446']

Funny......a few years ago my taxes were higher, I was paying almost $5.00/gallon to fill my car & heat my home & the price of everything was sky high because of diesel fuel prices.

I don't want theories, bedtime stories & shell games anymore. This year, for the first time in many years....middle class people had tax credits for energy saving improvements done to their house & other things that gave US...The middle class...a break for a change.

If you want to see what the voter will really be looking at come November...Re-read the headlines I posted above.

The economy is improving....Middle class taxes are low.....the ME wars finally have an end in sight...& things are getting BETTER, Not worse.

[/quote]

I do wonder what excuses that you will come up with when gas is 5 bux again.....oh no worries, you have the gulf incident.