NYC Mayor Calls for Ending Bush-Era Tax Cuts

[titaniumsalute]

Source: Bloomberg News

New York Mayor Michael Bloomberg called for eliminating the 2001 and 2003 tax cuts for the wealthy and farm and energy subsidies, and ending what he called “tax loopholes” on carried interest enjoyed by hedge fund partners.

“All income groups have to be part of the solution,” the mayor said in an economic-growth speech today in Washington. “Allow the Bush tax cuts to expire at the end of 2012, not just for high-income workers as the president has proposed, but for all tax brackets.”


Read more: http://www.bloomberg.com/news/2011-11-08/bloomberg-says-end-bush-era-tax-cuts-corporate-loopholes-to-boost-economy.html

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Rather suprised he came for this because of his rich friends. I do disagree though with raising taxes on the middle class.

[jwirr]

1. This is good. However, if the food shortages continue and I think they will

I am not so sure about the farm programs. I think they should be more targeted toward the real problems and encourage smaller more local farming. If farmers want the same old same old then cut them. Most of it goes to the richest farmers anyhow.

[julian09]

12. Farming has gone global, shortages are due to exports that

create demand beyond our borders thus raising prices domestically because of demand that can never be fulfilled worldwide.

[Juneboarder]

2. At the end of 2012??

The raping and pillaging of our country should be sufficiently completed by that point. How about making that effective immediately, or back dating to when Obama let them continue on?

[zalinda]

3. You know what, I've come to the conclusion

that these people don't have a clue about how real people live.

zalinda

[valerief]

5. They do. They're not stupid.They JUST DON'T CARE. nt

[valerief]

4. Maybe once the 99% are taxed more, the Bush tax cuts will be restored along with the subsidies.

I don't trust him. He doesn't give a rat's ass about the 99%. Maybe he's afraid we'll storm the Bastille.

[nineteen50]

6. His walk doesn't match his talk.

[ProSense]

7. He also called for

raising the Social Security age.

Social Security’s eligibility age should be raised gradually over the next six decades as part of several cost- cutting moves, he said.

So here's what Bloomberg is proposing: End tax cuts for the rich as long as it's coupled with ending tax cuts for low- and middle-class Americans and screwing seniors.

[former9thward]

8. I agree with him.

End the tax cuts and stop corporate subsidies/incentives at every level.

[russspeakeasy]

9. I'm sure the mayor has figured out a way around it already.

[Historic NY]

10. Better send it to the super committee.

[Bennyboy]

11. Call off the firebombing of Gracie mansion!

Just kidding.

[freshwest]

13. Wow. At least the 1% can afford it.

[karynnj]

14. I agree with eliminating all the tax cuts

I know that this will be hard on many, but that amount alone would close something like 60% of the deficit. Doing that would allow the needed infrastructure projects to progress and to allow the government to work. This is the level of taxes paid in the Clinton years. How many of you remember how much extra money you had in your pocket after the tax cuts passed? Was it enough to improve your life in 2002?

Eliminating all the cuts is actually what Howard Dean ran on.

In 2012, there will be lots of pressure to make all the tax cuts permanent. There is NO way to pass a bill making only the lower end cuts permanent - it couldn't pass when we had the House and 59 Senators! But, eliminating all of them requires doing NOTHING and filibustering any attempt of the Republicans to keep all of them. I don't think the Democrats have the guts to do this, but I thin k it would be what is needed - otherwise expect every progressive thing ever passed to be nibbled away by the Republican budget hawks who will cut any social good program, but not raise a marginal tax on people making more than $1 million a year. I think even forcing them to go through personal versions of Dickens' Christmas Carol could not change the hearts of these modern day Scrooges.

[lindysalsagal]

15. Well, well, well,,,,,

He can never take THAT back!

Guess he got one right, if he really backs this...

[bbgrunt]

16. hahaha. Another pol tries to get ahead of the freight train.

[No Elephants]

17. Bloomberg claims eliminating redlining caused the economic collapse .

He knows better.