Biden: Let’s Make a Deal

[The Northerner]

Vice President Joe Biden has a message for Republicans: Let’s make a deal.

Biden, appearing on Bloomberg Television’s “Political Capital with Al Hunt,” said the administration is willing to consider raising from $250,000 the threshold at which higher taxes kick in under President Obama’s tax proposal.

The quid pro quo: Democrats get the tax cut they want – extending the Bush-era tax cuts for middle class families.

“I think it’s important we get the middle-class tax cut made permanent,” Biden said, adding: “We’re open to speak to the Republicans, if they really mean it, if they’re talking about deficit reduction, if they’re willing to move.”

The argument over where to draw the line on tax cuts has been a recurrent theme in the campaign.

Republicans say not extending the tax cuts for those making $250,000 would amount to a tax hike on small businesses.

Read more: http://blogs.wsj.com/washwire/2010/10/22/biden-lets-make-a-deal/?mod=google_news_blog

[derby378]

1. Waving the white flag AGAIN?!?

My God. What is this administration coming to?

[Terra Alta]

2. Enough of making deals with the Repukes.

They sure as hell didn't make any deals with the Democrats when Bush/Cheney were in office.. yet this administration is bending over backwards playing nice with the GOPukes.. what gives??

[leftstreet]

3. That's sternly worded

:eyes:

[Overseas]

4. No more deals. Estate tax doesn't kick in til over 3.5 mil but they still pretend

it is a horrible Death Tax that will affect far more people than the top 10%.

[rgbecker]

5. Here's an interesting take on this issue....Taxes may cause small businesses to hire.

From Factcheck.org Mailbag. http://factcheck.org/2010/10/factcheck-mailbag-week-of-sept-28-oct-4/


All of this ignores the myriad ways small business owners — particularly agricultural business owners — have to shift expenses between business and personal. Yes, wealthy small business owners will pay more in taxes on the profits from the business. They will pay more on the money that is NOT RE-INVESTED in the business. This tax won’t hurt the ability to invest in the business.

I can’t tell you how many times I have looked at my estimated taxes in mid-December and my business income and expenses and decided to make a major business investment before the end of the year rather than pay that same amount in additional income taxes. I cannot tell you how many other small business owners have told me about doing the same thing.

I really think the way this has been presented is misleading and disingenuous. I’m very disappointed in the press for quoting the spin verbatim instead of thinking about this for thirty seconds. Your fact-check is far better than most press reports about the pledge, but it completely missed the point that it is profits, not earnings, that are being taxed.

The other point being missed is that people taking more than $250K/year out of a business are still high-income taxpayers and the fact they earn that money through self-employment and business ownership doesn’t (shouldn’t) make them special and exempt from taxes. Most of that money is essentially taken out of the business! The whole spin is blatantly false and it just makes my skin crawl.

Kim Upper
Huntsville, Ala.


More at link.

[rgbecker]

6. Here's an interesting take on this issue....Taxes may cause small businesses to hire.

From Factcheck.org Mailbag. http://factcheck.org/2010/10/factcheck-mailbag-week-of-sept-28-oct-4/


All of this ignores the myriad ways small business owners — particularly agricultural business owners — have to shift expenses between business and personal. Yes, wealthy small business owners will pay more in taxes on the profits from the business. They will pay more on the money that is NOT RE-INVESTED in the business. This tax won’t hurt the ability to invest in the business.

I can’t tell you how many times I have looked at my estimated taxes in mid-December and my business income and expenses and decided to make a major business investment before the end of the year rather than pay that same amount in additional income taxes. I cannot tell you how many other small business owners have told me about doing the same thing.

I really think the way this has been presented is misleading and disingenuous. I’m very disappointed in the press for quoting the spin verbatim instead of thinking about this for thirty seconds. Your fact-check is far better than most press reports about the pledge, but it completely missed the point that it is profits, not earnings, that are being taxed.

The other point being missed is that people taking more than $250K/year out of a business are still high-income taxpayers and the fact they earn that money through self-employment and business ownership doesn’t (shouldn’t) make them special and exempt from taxes. Most of that money is essentially taken out of the business! The whole spin is blatantly false and it just makes my skin crawl.

Kim Upper
Huntsville, Ala.


More at link.

[demwing]

7. If Repugs say no, what will Dems do?

[spanone]

8. biden knows they won't give shit. he knows they will hold out for the rich.

i don't see it as a compromise

[ThomWV]

9. How in hell is an income tax a tax on Small business unless owners are illegally mixing expenses?

God dam it, this pisses me off. We are talking about income tax here, not a business tax. If someone is misusing the tax laws and charging their personal life to their small business then they should be prosecuted as tax frauds - but we are not talking about a tax that should have any impact at all on small businesses or large businesses or any other businesses unless their owner's are cheating on their taxes.

[donco6]

10. Why not? The've gone belly-up on every other issue.

What's one more?

[jillan]

11. I think Biden is playing a game here, setting the stage for the upcoming fight.

He probably knows the repugs won't budge & is making it so this admin can say - we are willing to work with the repugs, but they are blocking tax cuts to the middle class.

We'll have to wait and see what this is all about.