Why would middle class tax cuts expire anyway?

[Skink]

Aren't they Obama's cuts and not Bush era tax cuts.

[MineralMan]

1. No, they were Bush's, and the law that created them

has an expiration date.

[Hannah Bell]

2. "middle-class" tax cuts were part of the bush package. obama's cuts are an addition.

In June 2001, Congress passed a large package of tax cuts that President George W. Bush pitched on the presidential campaign trail. Not only did the legislation reduce income taxes for nearly all Americans, it sent $300 or $600 rebate checks to every taxpayer. The legislation also phased out the estate tax, reduced the "marriage penalty" for couples filing jointly, increased the threshold for the Alternative Minimum Tax (AMT), and raised the child tax credit that parents could claim on their annual returns.

Despite the $1.35 trillion price tag, which some Democrats complained was too expensive, Bush and Congress would go on to pass five more tax-cut packages over the next seven years, with the biggest breaks coming in 2003. In that bill, Congress trimmed taxes on capital gains and dividends; accelerated most of the 2001 cuts that were scheduled to be phased in; temporarily erased the "marriage penalty" for couples filing jointly; again increased the child tax credit; and made another AMT fix. That price tag in 2003: $330 billion.

Subsequent years saw more fixes to the AMT and extensions for the marriage penalty break, capital gains and dividend cuts, and other targeted measures, which were all originally short-term fixes. All together, the Bush tax cuts cost just north of $2 trillion.

http://www.politicsdaily.com/2010/07/29/battle-looming-over-bush-tax-cuts-what-it-means-to-you/

[BlueDemKev]

3. No

The minimum tax bracket was reduced from 15% to 10% by Bush in 2001. Obama also cut taxes on the "bottom 95%" of all income-earners as part of the stimulus act in 2009. Those tax cuts are also scheduled to expire on Dec. 31.

[BlueCaliDem]

4. I believe the difference between the two is Obama's came via the Stimulus on top of the Bush

tax cuts signed into law almost a decade ago.

Middle class taxcuts allowed via the Stimulus won't expire, I believe, but those under Bush will, raising the taxes on the middle class a little.

I say let all Bush tax cuts expire and let the Democrats grow a spine and challenge the GOTP when they shriek "Deficits!!" but have no problem adding to it via tax cuts for those poor millionaires and billionaires.

[catgirl]

5. That would mean letting unemployment benefits expire

The only way to get the pukes to vote to extend unemploy. benefits, is to extend tax cuts
to the wealthy.

[BlueCaliDem]

6. You're absolutely right. Now the corporate media have the obligation

to report that the RepubliCONS own the deficit. Not the Democrats.

I know this was the only way the President was able to push the extension of unemployment benefits and tax cuts for the lower and middle class working Americans. The only solace I have here is, the extension for tax cuts for the top 2% is set to expire in two years. In the meantime, at least, people will still get their unemployment checks for another 13 months, the lowest wage earners would not see a drastic hike in their deductions, and the child tax credit and EIC will remain.

I don't like it that the RepubliCONs blatantly held 98% of Americans hostage for their buddies in the top 2%, and I like it even less that five friggin Dems voted with the RepubliCONS.

I hope and pray Corporate Media will report the way it is, not make it as if President Obama was "weak" and "some say President Obama capitulated without a fight" bullshit. But I'm guessing, like they're prone to do, won't hold RepubliCONs accountable, but will shift the blame to the Democrats and President Obama, hoping the rage from the left will congregate around them, not place their anger where it belongs: McConnell and his fellow CONS.