Tax Deal Will Normalize Bush Era

The beginning of the end for the President?
Congress has passed sweeping Legislation to extend the so-called Bush Tax Cuts to all, while also extending Unemployment Benefits for 13 months. On the surface, it seems like the sort of Bipartisan piffle which many claim that the American public desire. The Republicans got what they wanted: the Tax Cuts preserved for even the wealthy. The Democrats got what they wanted: an extension of Unemployment benefits. Isn't that, presumably, the very definition of Compromise? Perhaps; but it also leaves ...

Congress Passes Obama-Bush Tax Cuts for the Wealthy
After a brief show of Disapproval, the House went along with the Senate to extend George W. Bush’s gift to the yachting community for another two years. President Obama negotiated the Compromise, which will add $858 billion to the Deficit, thanks in part to generous give aways to rich Americans—and not just those who are living. The Estate Tax took a beating in this deal, leaving the first $10 million of grandpa Warbucks’ wealth untouched and taxing the rest at a lower rate th...

House passes Obama's huge tax-cut bill
(12-17) 04:00 PST Washington - -- Enraging the liberal wing of his party, President Obama won the biggest Bipartisan victory of his presidency Thursday as the House passed his $858 billion, two-year Compromise with Republicans that temporarily extends all the Bush-era Tax Cuts and Unemployment Insurance. Furious Democrats - who in one of their last acts in the House majority found themselves extending the policies of former President George W. Bush - delayed passage until late in the evening, ...

Steven Pearlstein - Republicans and tax cuts? Now that's rich.
One of the great enduring mysteries of American politics is why Republicans attach so much importance to cutting taxes for the rich. This Story Congress passes extension of Bush-era Tax Cuts Senate Democrats give up on earmark-laden spending bill Brown Says Tax Cuts Blow `Outrageous' Hole in Deficit Republicans and tax cuts? Now that's rich. Graphic: How the tax deal affects you Welch Seeks Separate House Votes on Tax Bill Elements House Democrats prolong their last stand Republicans are not ...

Bush Tax Cuts Extended
Bowing to economic realities and the will of the American People, a Lame Duck Democratic Congress on Thursday extended Income Tax relief for all American Taxpayers for at least the next two years - keeping as much as $800 billion out of the hands of the Federal Government. By a vote of 277-148, the U.S. House of Representatives approved a tax Compromise reached two weeks ago by Congressional Republicans and U.S. President Barack Obama. Under the deal, Income Tax relief (and Dividend and ca...

Joseph A. Palermo: Tax Deal Will Normalize the Bush Era
Taken in isolation the "Bipartisan" Tax Cut deal seems like a reasonable measure in the midst of a serious economic Recession. But put in its wider political and economic context it is an unmitigated disaster. It's a disaster because it is based on "supply-side" premises that Obama appears to have fully embraced. And it's a disaster because the wrecking crew that's coming to Washington in January will point to the billions added to the Deficit as yet another excuse to demand even deeper cuts i...

AP: Bill Preventing Big Tax Hikes Passes
From a suddenly tone changing Associated Press: Bill preventing big tax hikes heads to Obama By Stephen Ohlemacher, Associated Press December 17, 2010 WASHINGTON - A massive Bipartisan tax package preventing a big New Year’s Day tax hike for millions of Americans is on its way to President Barack Obama for his signature. Notice the sudden change in tone from the AP. They are no longer calling this ‘Mr. Obama’s Tax Cut deal.’ Maybe that was too big of lie even for t...

House Joins Senate to Extend Tax Cuts
After stalling in the afternoon, the U.S. House voted just after midnight Friday to extend Tax Cuts initially backed by George W. Bush in 2001 and 2003 for all Americans. The bill, which also extends jobless benefits, now moves to President Barack Obama’s desk. While the Tax Cuts extension passed the Senate Wednesday with 81 votes, its fate in the House seemed uncertain Thursday afternoon. Some congressional Democrats, unhappy with the fact that highest-earning Americans were getting the ...

House Approves Tax Deal, Virginia Delegation Splits
Last night, the U.S. House of Representatives overwhelmingly approved the Bipartisan tax deal negotiated by the White House and Republican leaders in Congress. The vote was 277-148, with Democrats splitting 139-112 and Republicans 138-36 in favor. Here's the split in the Virginia delegation: According to Jim Moran, "This is the wrong thing to do, easy thing to do. Everybody loves Tax Cuts. Let's just be Santa Claus." In contrast, Gerry Connolly argued, "If we don't pass the extension of the tax...

Bill Preventing Tax Hikes Heads to Obama
(WASHINGTON) — A massive Bipartisan tax package preventing a big New Year's Day tax hike for millions of Americans is on its way to President Barack Obama for his signature. The measure would extend Tax Cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage. In a remarkable show of Bipartisanship, the House gave final approval to the measure...

Wonkbook: What went right, and what went wrong, in Congress last night
Congress was up late last night. First, something that could've gone wrong didn't. The tax deal passed, and despite a day of peculiar haggling over the way the vote would go down, most House Democrats joined with most House Republicans to protect the deal from amendment and pass it through the chamber. It doesn't have to go back to the Senate, a new round of negotiations isn't needed. It's done. But then, something that wasn't supposed to go wrong did. Harry Reid announced he didn't have enough...

House Passes Tax Cut Plan, Obama To Sign Bill Today
The House's vote on the plan to extend Bush era Tax Cuts Just after midnight, the House passed the plan for $801 billion in tax cuts—and $57 billion in Unemployment Insurance—in a 277-148 vote. Here's how the vote broke down: 139 Democrats and 138 Republicans voted yes; 112 Democrats and 36 Republicans voted no; 9 didn't vote. NYC Congressional Democrats Carolyn Maloney, Michael McMahon, Joseph Crowley and Gregory Meeks voted yes, while Anthony Weiner, Jerold Nadler, Nydia Velasque...

While Obama focused on tax cuts, anti-Afghan war sentiment grows to 60% in bloodiest year yet
It's perhaps a measure of the somber times in America at the end of the 21st century's first decade that with congressional passage, both political sides today are largely celebrating simply keeping the Unemployment Benefits and Tax Cuts that they already had. Wow, lucky us. We didn't get hammered. President Obama , of course, is counting on the new stimulus measures finally spurring The Economy to do what he and Joe promised the first stimulus spending bill would for sure do nearl...

Unemployment extension, tax cuts pass U.S. House
The U.S. House of Representatives passed President Barack Obama’s Compromise bill to extend the Bush-era Tax Cuts in full for two years and federal Unemployment Benefits for one year late Thursday night after first rejecting an amendment to change the Estate Tax provisions of the agreement. In an unusual split for Iowa’s delegation, Democratic U.S. Reps. Leonard Boswell and Dave Loebsack joined Republican Tom Latham to support the bill, with Democrat Bruce Braley and Republican Steve...

Obama to sign tax cut extension deal
President Obama will sign the much-debated Tax Cuts extension and offer a public statement from the White House on Friday afternoon, according to two administration officials. The package includes a two-year extension of the Bush-era Tax Cuts set to expire December 31. It also would extend Unemployment Benefits for 13 months, cut the Payroll Tax by 2 percentage points for a year, restore the Estate Tax at a lower level and continue a series of other Tax Breaks....

Abbreviated Pundit Round-up
Friday opinion. By the way, while the East Coast slept Congress at midnight Thursday approved an $801 billion package of Tax Cuts and $57 billion for extended Unemployment Insurance. The vote sealed the first major deal between President Obama and Congressional Republicans as Democrats put aside their objections and bowed to the realignment of power brought about by their crushing election losses. Steven Pearlstein: That said, a lot of the explanations given by Republicans themselves don't q...

House passes Obama's huge tax-cut bill
(12-17) 04:00 PST Washington - -- Enraging the liberal wing of his party, President Obama won the biggest Bipartisan victory of his presidency Thursday as the House passed his $858 billion, two-year Compromise with Republicans that temporarily extends all the Bush-era Tax Cuts and Unemployment Insurance. Furious Democrats - who in one of their last acts in the House majority found themselves extending the policies of former President George W. Bush - delayed passage until late in the evening, ...

Tax cut deal passes, heads to President Obama's desk
On the upside, the President's Tax Cut deal provides 13 months of Unemployment Insurance benefits, extends middle-class tax cuts, delivers targeted tax incentives for increased business spending including in the energy sector, and adds on top of that $120 billion in temporary tax cuts that are sure to have a stimulative effect. On the downside, Republicans refused to allow the Tax Cut deal to go forward without continuing the irresponsible Bush tax cuts for the wealthy, including an egregious s...

House passes Obama's huge tax-cut bill
(12-17) 04:00 PST Washington - -- Enraging the liberal wing of his party, President Obama won the biggest Bipartisan victory of his presidency Thursday as the House passed his $858 billion, two-year Compromise with Republicans that temporarily extends all the Bush-era Tax Cuts and Unemployment Insurance. Furious Democrats - who in one of their last acts in the House majority found themselves extending the policies of former President George W. Bush - delayed passage until late in the evening, ...

Dem critic raps Obama over tax cut deal
WASHINGTON—A prominent Democratic opponent of the Tax Cut package passed by Congress says Republicans got the better of President Barack Obama in the negotiations to reach agreement on the $858 billion deal. Democratic congressman Anthony Weiner of New York says Republicans turned out to be "better poker players" than the president. He told CBS' Early Show on Friday that the GOP got the two things it most wanted, a lower Estate Tax and extension of tax ...

Dem critic raps Obama over tax cut deal
A prominent Democratic opponent of the Tax Cut package passed by Congress says Republicans got the better of President Barack Obama in the negotiations to reach agreement on the $858 billion deal. Democratic congressman Anthony Weiner of New York says Republicans turned out to be "better poker players" than the president. He told CBS' Early Show on Friday that the GOP got the two things it most wanted, a lower Estate Tax and extension of tax cuts for the wealthy. Weiner voted against the package...

House Passes Controversial Tax Legislation
What is this? The Controversial package extends long term Unemployment Benefits to jobless Americans and cuts Social Security taxes for a year. It renews some Bush-era Tax Cuts that were about to expire. AP notes the new expiration date for these Tax Cuts is 2012: right at the end of an election year. It passed the House 278-177, but NPR's Andrea Seabrook tells Morning Edition many Democrats hated it because it didn't require wealthier Americans to pay more in taxes, while Republicans mourned th...

Here And Now
The Tax Cut bill passed late last night in a Bipartisan vote of 277-148 after the Liberal Democrats failed in a final attempt to modify (Read more...) ...

Raise the Retirement Age
The United States faces a looming Budget crises and a lagging economy. Tax Cuts would be an effective way to strengthen The Economy. However, lowing taxes is only part of the equation. The other part is a Balanced Budget. There are many areas where this can be achieved. One such example is raising the Retirement Age. Currently, a person has to be at least 65 years and 4 months to receive full Social Security benefits, while it should be roughly 7.5 years higher. In addition, the Early Retirement...

Bob Burnett: Lost in the White House
Lewis Carroll wrote: "If you don't know where you are going, any road will get you there." Carroll was musing about Wonderland but his words apply to the White House, where the Obama Administration has lost its sense of direction. The challenge for Progressives is to recalibrate the President's moral compass. It's been a terrible year for Barack Obama and the nadir was his Tax Cut "deal" with Republicans. Among Democrats there are three schools of thought about what happened: some feel the Pre...