(Former NM Sen.) Domenici: Ending Bush tax cuts would help reduce the deficit

[sabra]

Source: The Hill



Retired Sen. Pete Domenici (R-N.M.) on Monday told The Hill that ending tax cuts enacted under President George W. Bush would help reduce the deficit, but he stopped short of advocating their expiration.

"Does it (extending Bush tax cuts) make it harder to get us where we have to go? Yes," he said.

Domenici is a senior fellow at the Bipartisan Policy Center, a non-profit organization looking for ways to reduce the deficit and debt. Absent immediate action, the group predicts publicly held debt will spiral out of control.

Domenici said the key to reducing the red ink is raising public awareness about dire consequences the country faces if nothing is done soon.


Read more: http://thehill.com/blogs/on-the-money/domestic-taxes/91637-domenici-ending-bush-tax-cuts-would-help-reduce-the-deficit

[blue neen]

1. Happy to give this the fifth rec.

...a Republican who is actually showing some common sense.

[izquierdista]

5. But too little

..and far, far too late. Whatever hit him in the head to cause this epiphany should have happened about 30 years ago.

[No Elephants]

11. He's a POS. He's the one who wanted Iglesias to file a frivolous prosecution

against a Democratic candidate. Said it would be okay if it was dropped after November. I think his "protege" was running against the Democrat. Iglesias refused and Gonzo fired him.

[Enthusiast]

47. The point is even this POS

can see that these massive tax cuts accelerated this accumulation of debt.

[No Elephants]

51. Not really. As of when I posted, prople were praising this guy, with no

reference at all to what a POS he had been.

As a result, the points of MY posts 11, 12 and 14 on this thread were: (a) he is a POS; and (b) I don't trust him or his motives, even if he appears to be saying something we would like people to be saying.

In other words, I more than got the more point of Reply #1, but wanted to go beyond the obvious.

[Supersedeas]

55. waits until he is retired to sound refreshing in his criticism of Bushler

[LakeSamish706]

2. Ending these needless wars would do allot more to reducing the deficit.

So do both and we should be in great shape.

[DJ13]

3. I bet that they would rather continue war

But slash programs for the poor, elderly, and disabled to reduce deficits.

Even a Republican that sounds sane like Domenici is probably throwing out a bone on tax cuts he well knows are due to expire anyway just to scare people over deficits enough that they might accept starving people to kill entitlements off.

[No Elephants]

12. Meh. See Reply 11. I'd bet he's fine with having Democrats raise taxes, but

would not have voted for an increase himself or recommended that any Republican do so.

"Tax and spend Democrats," though? No problem.

[Divine Discontent]

16. shh... too much progressivism. LOL

I say end the wars (250 billion saved, easily), end the bush tax cuts, and raise the state income tax rates on all people making over 1 million dollars by 1%.

the wealthy have had it far too good for far too long, and the working poor are suffering HORRIBLE LIVES in far too many instances that are documented, and millions more families suffer without anyone even knowing it.


TAX THE RICH.

[Amonester]

41. Yes!

And just who the hell Really needs seven (or more...) houses anyway! :thumbsup:

[Dappleganger]

19. +1000

[geckosfeet]

29. Not to mention an across the board freeze/reduction in military spending.

The money we spend on military endeavors is insane.

[defendandprotect]

32. +1000% --

[Enthusiast]

49. Yes. What possible

justification is there for outspending the entire combined world on this U.S. military?

[AlbertCat]

40. Ending these needless wars would do allot more to reducing the deficit.

Add corporations and church businesses paying some taxes.... and churches who engage in political advocations... and we could probably all get "personal" tax cuts.

[midnight]

43. Yes-let's do both.

[Enthusiast]

48. Yes, both. nt

[sadbear]

4. Only a retired republican would admit that

The ones who want to be reelected would fear limpball's wrath.

[cyclezealot]

8. Even Worse

Grover Norquist's Pac money challenging anyone with the guts to cross the King.

[unblock]

13. kinda proof that republican know they're lying their asses off.

they retire and then speak the truth.


i can't recall the last time a democrat retired and then said he should have stuck it to the working class more.

[No Elephants]

14. Only a retired Republican would recommend that--and only to Democrats.

If Republicans were in control now, Pete would be singing the praises of more tax cuts for the wealthy.

[Democat]

27. Right!

He would love to see Democrats raise taxes because it would guarantee a landslide Republican victory in upcoming elections.

[Enthusiast]

50. +1 nt

[tblue37]

6. And yet:

". . . but he stopped short of advocating their expiration."

[pinboy3niner]

7. Personally, I don't think much of him . . .

but his remarks are accurate, and helpful. Not just because it's a source of NEW revenue, it's revenue the government never should have lost to begin with. Don't even get me started on on the fallacy and absolute inequity of cutting taxes on the wealthy--especially when our nation was facing increasing obligations.

IMO, giving EXTRA--and absolutely UNNECESSARY--benefits to the wealthy, while the country struggles to fight foreign wars, and sending poor and middle-class kids to fight those wars and make that sacrifice, is absolutely OBSCENE. :grr:

[Jackpine Radical]

9. You just don't get it.

The poor exist to enrich the wealthy, and wars are one of the primary vehicles for accomplishing the transfer.

[defendandprotect]

33. True -- sadly all true -- !!

[Canuckistanian]

30. +1

Exactly right. It was LOST REVENUE at a time when it was most needed.

[Divine Discontent]

10. I say this about every single DAMNED day and think, "why is this not being done??!!!"

the people support it if it's asked honestly and accurately for what those "tax cuts" are...

[DesertFlower]

21. i agree. i thought they were

due to expire in 2010.

[nealmhughes]

15. You think so, Pete, how novel: paying for what we spend!

It must be so nice not having to worry about elections where the people lap up tax cuts for their betters, i.e., ones they will never see.

[bobburgster]

17. Hello poor struggling teabaggers.......

maybe you would be better off, and our country, if the rich had to pay their fair share.

[Lucky Luciano]

18. I would make a very large wager that he would not say

Such a thing if he were still in the senate.

[No Elephants]

52. I'm shocked you didn't get any suckers, er, I mean takers.

[Kingofalldems]

20. Freepers just dropped their Cheetos

And then stepped all over them, leaving the cleanup for mom.

[No Elephants]

53. Maybe. Or maybe they think he's playing 3 dimensional chess--trying to get

Democrats to raise taxes right before mid-terms.

Please see Reply #14.

I did a fast google on Domenici, but could not quickly find how he voted on both bush tax cuts. I did find he proposed a decrease in Social Security taxes in 1991, though.

Contrary to all the squealing about how decreasing taxes increases federal income, federal income went down after the 2001 tax cut. So, it would be fun to see how Petey voted on the second tax cut, which I think, was 2003.

[LSK]

59. nah, this guy is just another liberal radical out to destroy Amerika

:crazy:

[DuaneBidoux]

22. Has anyone ever seen an estimation if we just went half way back to rate for rich under Kennedy?

[thelordofhell]

23. So he's admitting the tax cuts caused the deficit

Oh wait, he's a republican, never mind.

[Democat]

24. Good luck with that idea!

If you want to see Democrats lose 100+ seats in the house and Obama become a one term president, that would be a great idea. Of course, this guy would like to see both of those outcomes, so he'd be happy to see those changes under a Democratic administration.

[bulloney]

25. Cutting taxes for the rich doesn't work--they already have the disposable income to buy cars, etc.

Giving them the lion's share of the tax cuts only enables them to squirrel more away in their estates, meaning their heirs are more detached from knowing what it takes to actually work for a living.

Today, we have the highest concentration of wealth since the Great Depression. We're fast becoming a society of haves and have-nots. The only reason we didn't fall into a severe recession sooner is because credit was available too liberally to too many people , making it too easy to live beyond your means. Then, came the time to pay the piper...and that's where we're at today

[Kweli4Real]

26. Isn't it amazing how Not having to run for an office ...

effects one's ability to see and express truth?

[grahamhgreen]

Dupe.

[grahamhgreen]

28. Everyone in the entire country knows this.

[defendandprotect]

31. It takes a Repug to tell us that -- !!! Wow!

[OhioChick]

34. No shit. n/t

[chollybocker]

35. And next week, the RW meme will be...

"Obama's not reducing the deficit FAST ENOUGH! He's putting us all in DANGER! It's an OUTRAGE!"

Suddenly, the 'Obama Deficit' will get more coverage than Lady Gaga.

[leftrightwingnut]

36. he stopped short of advocating their expiration

You betcha. Giving up the tax cuts for the wealthy is the last thing that they want. Better to cut everything else non-war-related to the bone before they touch that. They know where they get their funding.

[begin_within]

37. Why do politicians always "stop short" of everything?

[obxhead]

38. Turning back the Reagan tax cuts would do a lot too. nt

[earcandle]

39. Re-open the "failed" banks as government rehab projects and make savings interest 14% on the dollar,

and loan interest 5% on the dollar.  And employ this work from
the pools of unemployed.

Then offer the capital earned and the credit as incentive for
people to start their own businesses. 

[yodoobo]

42. loan interest 5% savings interest 14% - the rich would LOVE that

Actually everyone would

I would immediately borrow a million, put it in a savings account.

Then I'll live on the 9% delta. 9% at 1 million is 90k a year.

strike that.

Borrow 10 million and live on the $900k a year.

And even though I'm a poor folk now, I could get that 10 million dollar loan because my business plan of earning 14% on it would be sound and bankable. Any bank would falling over themselves to loan to people with a guaranteed 9% profit margin business.


ah...such dreams.

[earcandle]

61. Savings rate was 14.75% in 1975 after severe rcession. (last paragraph)

Funny that, though.  I got what you said.  Hmmmmm...
scratching head. 

U.S. Savings Rate at Highest Level Since the 1950s

Jun 5, 2009

In the past 20-plus years, the personal saving rate in the
U.S. (the portion which is not consumed in the DPI) has fallen
sharply from about 9% in 1985 to 1.75% in 2004, affecting the
life of individuals and that of the economy. But, given
Americans current pessimism about the country’s economic
outlook that’s about to change. According to The NYT, for the
first time since WW II, Americans are spending fewer dollars
than they spent a year earlier.

    That reluctance — or inability — to spend has led to the
sharpest rise in the savings rate in this country since the
government began calculating the statistic in the 1950s.

    “People’s attitudes toward credit and home ownership are
undergoing a fundamental shift,” said David A. Rosenberg, the
chief economist and strategist of Gluskin Sheff, a money
management firm based in Toronto.

    Mr. Rosenberg said he expected that the savings rate,
which rose to a 14-year high of 5.7 percent of disposable
income in April, would continue to grow until it surpassed the
record high of 14.6 percent, set in May 1975, when the country
had just emerged from a severe recession. [NYT]


I remember it.  But google it some more.  Might do us all
good. 
http://wallstreetpit.com/4824-us-savings-rate-at-highest-level-since-the-1950s

[yodoobo]

62. ok. I think we're talking about different things

savings rate vs interest rate (on savings)

[earcandle]

63. Hey, thanks. I was speaking of interest rates on savings, and this isn't that. I will keep looking

[earcandle]

64. Here is a savings interest chart that shows the rates going up and coming back down.

[earcandle]

65. here is the link

http://www.ritholtz.com/blog/2009/05/us-interest-rates-since-1950s/

[alp227]

44. I suppose Teabaggers will be attacking Domenici as a RINO pretty soon. n/t

[Imagevision]

45. It was a smart move for the M$M to stop reporting on so many families being killed because

the dad felt it was better then being put out on the streets. Obama, you told me almost two years ago you were going to tax everyone making over $250,000? - what gives dude? too much pressure? what!!!?

[marmar]

46. Uh oh. How long before pictures of Pete engaged in illicit activities turn up.

You don't cross the Mob.

[No Elephants]

54. Telling Democrats to increase taxes a few months before midterms may not be "crossing the mob."

[Change Happens]

56. No shit?

[DebbieCDC]

57. No shit Sherlock

took a whole lot of brain power to figure that out didn't it Pete?

[LSK]

58. No shit sherlock n/t

[bullwinkle428]

60. "Let's secretly place truth serum in this retired Republican senator's coffee!"

:rofl: