Bush Makes Case for Extending Tax Cuts ( Repugs plan 70$ cut)

[rodeodance]

http://news.yahoo.com/s/ap/20060503/ap_on_go_co/congress_taxes;_ylt=ArV1B9u_r9ZgpHrHNs6.Ymas0NUE;_ylu=X3oDMTA3b2NibDltBHNlYwM3MTY-
Bush Makes Case for Extending Tax Cuts

By MARTIN CRUTSINGER, AP Economics Writer 8 minutes ago

WASHINGTON - Striving for a badly needed congressional score,
President Bush urged Congress Wednesday to pass a multibillion-dollar bill extending tax cuts for businesses and families, especially at a time of soaring gas prices.


"A tax increase would be disastrous for business, disastrous for families and disastrous for this economy," Bush said.

Republicans on Capitol Hill already had reached agreement in principle on a $70 billion tax relief package that would extend tax cuts on dividends and capital gains and keep 15 million middle income taxpayers from getting hit with a tax designed for the wealthy, GOP aides said.

Bush, who has made tax cuts his signature domestic issue, said extending the tax cuts would provide certainty in the tax code and foster business investment.

[Norquist Nemesis]

1. Grover's whispering to him again

Mr. One-note Norquist needs to go on trial for the murder of our government along with the rest of them.

:nuke:

[Yo_Mama_Been_Loggin]

4. Mr. Norquist deserves the end he wishes for government

That is to be drowned in the bathtub.

That may sound cruel but he's basically a plutocrat anarchist. Tony Soprano's got nothin on him.

[Patchuli]

2. The economy's already a disaster

thanks to * and his tax-cuts for millionaires, etc. The only thing that will help us is new leadership WITH a clue.

[corporate_mike]

11. GDP grew at an annual rate of 4.8 percent in the first quarter

[Patchuli]

12. Won't change the fact of the record deficit though

or the fact that our kids and grandkids are in debt because of incompetent fools of leaders.

[jbnow]

3. How sweet

The people with the top 5% of income have so much trouble paying for their gas. The only part that helps the middle class in this cut is "The deal on the alternative minimum tax would provide an exemption from paying the tax for married couples with incomes of up to $62,550."

[Yo_Mama_Been_Loggin]

5. No shit

Have you ever seen anyone so clueless?

[jamesinca]

7. Notice they have yet to approve it

The tax cut on dividends has already passed, they are arguing the stuff that helps most Americans. Personally I don't think it was a matter of debate for them, they ran the tax cuts for the investor class through, now they are trying to decide if the majority of Americans are going to get anything.

[jbnow]

8. The alternative minimum tax

was affecting many middle class investors. 62K is a lot more than I have made but not a lot for a family.

But I'll be surprised if they do much more for the middle class. This is all about the rich having more. The rich get the tax breaks which they try to make up for by taking from the neediest by slashing medical care, programs that help kids and the hungry or homeless, cutting financial aid. Robin Hood in reverse. Asking what would Jesus do (since they are so full of their "religious values") and then doing the opposite.

You're right. The majority of Americans won't get anything (unless they get election year nervousness).

[salin]

6. Dear WH Press Corps... ask: if these are renewed

what is the budget deficit forcast for 2010?

Bush's big trick used to be to beg for the making permanent of his tax cuts, while claiming to have a plan (and numbers) to cut (his record huge) deficits in half by 2010 - how? The numbers for cutting the deficit relied upon numbers that had the tax cuts sunsetted... as is there was no cutting of the deficit numbers with the tax cuts in place.

[stepnw1f]

9. Let New Orleans Drown, But Give the Wealthy Sociopaths More Money

Just what Jesus would do.

[Xithras]

10. The AMT thing isn't really a tax cut.

The AMT was designed as a higher tax rate for the wealthy (eliminating most deductions), but it's rates really penalized successful middle class workers heavily. To counter this, the AMT was coupled with a few provisions that basically exempted the middle class from having to pay it. This is nothing new, the AMT rates have never been applied to the middle class.

Until this year, anyway. The mitigating provisions for the middle class expired at the end of 2005 because congressional bickering kept it from being renewed. A LOT of middle class people in this country were hit with a sharp tax increase this year as a result. The AMT provisions being discussed basically revert the AMT to its pre-2006 status.

Personally, I think it's all a ploy by the Republicans to get votes. They could have renewed the AMT provisions if they'd really wanted to, but now they have a tax increase that they can "blame" on Democrats, and a "tax cut" that they will be able to claim and take credit for when it passes. The fact that the actual "change" is non-existent will be lost on most Republicans. There was an exemption, the Republicans took it away, and now they're giving it back to show how "nice" they are to the middle class.

[radfringe]

13. now you know why he wants to veto the supplemental pork bill

so it can be converted to tax cuts

it's his cut and run policy -- CUT the taxes (for the wealthy) and RUN up the deficits