Pelosi sees no justification for high-end tax cuts

[Bluebear]

(Reuters) - U.S. House of Representatives Speaker Nancy Pelosi said on Thursday there is "no justification" for extending tax cuts for the wealthiest Americans, saying the nation cannot afford the price tag.

Democrats largely back President Barack Obama's plan to extend lower taxes for middle and lower income groups only, but a small minority favor renewing tax cuts for all Americans, including the wealthiest three percent.

Republicans are insisting that high-income people be included in any tax-cut extensions. The lower tax rates date to the Republican administration of President George W. Bush.

Some compromises have been floated, including a one-year or two-year extension for the top income groups, but Pelosi has stood firm against them.

http://www.reuters.com/article/idUSTRE68F45720100916

[HopeHoops]

1. Me either. The top 3% gets more in tax cuts in a year than I could even figure OUT how to spend.

And trust me, I can think of a LOT of shit to spend money on.

[county worker]

2. We have two Pelosi threads about the tax cuts.

One says she sees no justification for extending the tax cuts for the rich and the other says she hasn't ruled out extending them.

What gives?

[Bluebear]

3. One Politico, one Reuters. Please, let it be Reuters :)

[blondeatlast]

4. The other sources Politico. I'll make no further comment. nt

[BlueDemKev]

7. Here's what gives...

...I think that she may not have enough votes lined up to defeat extending the tax cuts for everyone (including the wealthy). Of the 255 House Democrats, 31 have already come out against it. I can tell you who's name isn't on that letter but will definitely vote to extend the rich's tax breaks is Health Shuler(NC). This means that we can lose, what, 5-7 more votes (how many reps are in the House right now--431? 433?). Now, even if the House passed extending tax cuts for the wealthy, Obama could veto it. The problem with that is then the Republicans will beat us over the heads saying that we (Democrats) allowed everyone's tax cuts to expire just because we "didn't get to soak the rich" (their presumptive words).

[county worker]

9. My opinion is that if the don't have the votes for extending the middle class tax cuts only

let them all expire. Next day present a bill for a middle class tax cut. Let the repukes block it!

We would have to say that is what we are going to do before the elections.

We say, "if the repubs insist on extending the tax cuts for the rich we will let the all expire. The next term we will bring up a bill for a middle class tax cut." Better still bring up a middle class tax cut right now and let the others expire.

[whopis01]

10. Gotta keep the powder dry. n/t

[louis-t]

5. According to repugs, R. Limbaugh needs his tax break.

So does Paris Hilton.

[chimpymustgo]

6. Stick to your guns, Nancy!

[BlueDemKev]

8. This DLC'er....

....Agrees. Don't back down on this, Nancy. And Obama, if Congress passes an extension of Bush's tax cuts for the wealthy, VETO it. :nuke: We already know November is going to suck, don't alienate the party base by giving in on this.