Democrats holding economy hostage to force an increase in taxes for wealthy

  • Posted by a hidden member.
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    Jul 18, 2012 12:15 AM GMT
    http://news.investors.com/article/618358/201207161909/democrats-hold-economy-hostage.htm

    Democrats say they'll let all the Bush-era tax cuts expire if they can't raise taxes on the rich. Apparently, economic catastrophe is a reasonable price to pay for class warfare politics.

    On Monday, Sen. Patty Murray, who heads the Democratic Senatorial Campaign Committee, said that "unless Republicans end their commitment to protecting the rich above all else, our country is going to have to face the consequences of Republican intransigence."

    What she really means is Democratic intransigence.

    After all, Republicans have taken the perfectly reasonable position that the last thing you want to do when the economy is barely breathing is raise taxes.

    Obama himself once made that argument, at a time when the economy was doing better than it is today. And a few level-headed Senate Democrats agree.

    Yet now, faced with a tough re-election and desperate to score political points, Obama says he'll veto any bill that extends all the Bush tax cuts, and Democrats, as evidenced by Murray's comments, are falling in line.

    Should Obama make good on this threat, the risks to the economy would be enormous. Tax rates on everyone would climb back to Clinton-era levels, which translates into a tax hike of roughly $150 billion next year alone.

    And that, in turn, will cut economic growth by as much as 3% next year, according to the Congressional Budget Office, and quite possibly plunge the country back into another recession.
  • Posted by a hidden member.
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    Jul 18, 2012 12:20 AM GMT
    riddler78 saidhttp://news.investors.com/article/618358/201207161909/democrats-hold-economy-hostage.htm

    Democrats say they'll let all the Bush-era tax cuts expire if they can't raise taxes on the rich. Apparently, economic catastrophe is a reasonable price to pay for class warfare politics.

    On Monday, Sen. Patty Murray, who heads the Democratic Senatorial Campaign Committee, said that "unless Republicans end their commitment to protecting the rich above all else, our country is going to have to face the consequences of Republican intransigence."

    What she really means is Democratic intransigence.

    After all, Republicans have taken the perfectly reasonable position that the last thing you want to do when the economy is barely breathing is raise taxes.

    Obama himself once made that argument, at a time when the economy was doing better than it is today. And a few level-headed Senate Democrats agree.

    Yet now, faced with a tough re-election and desperate to score political points, Obama says he'll veto any bill that extends all the Bush tax cuts, and Democrats, as evidenced by Murray's comments, are falling in line.

    Should Obama make good on this threat, the risks to the economy would be enormous. Tax rates on everyone would climb back to Clinton-era levels, which translates into a tax hike of roughly $150 billion next year alone.

    And that, in turn, will cut economic growth by as much as 3% next year, according to the Congressional Budget Office, and quite possibly plunge the country back into another recession.
    utter garbage. Ridiot to the rescue!icon_rolleyes.gificon_rolleyes.gificon_rolleyes.gif
  • Webster666

    Posts: 9217

    Jul 18, 2012 1:47 AM GMT
    TEN YEARS OF THE BUSH TAX CUTS FOR THE WEALTHY = 8.2% UNEMPLOYMENT.

    In the words of Dr. Phil, "HOW'S THAT WORKIN' FOR YUH ?"

    Well, even if some fools (the OP, for instance) won't admit it, we ALL know that it ISN'T working.
  • conservativej...

    Posts: 2465

    Jul 18, 2012 2:11 AM GMT
    On occasion, I can be very non-conservative. Let all of the Bush-era tax cuts expire. Sometimes the medicine just tastes foul. icon_cool.gif
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    Jul 18, 2012 2:41 AM GMT
    conservativejock saidOn occasion, I can be very non-conservative. Let all of the Bush-era tax cuts expire. Sometimes the medicine just tastes foul. icon_cool.gif


    icon_eek.gificon_eek.gificon_eek.gificon_eek.gificon_eek.gificon_eek.gificon_eek.gificon_eek.gif
  • jock_1

    Posts: 1491

    Jul 18, 2012 3:01 AM GMT
    I agree, let the tax cuts expire then the middle class will see just what the president thinks of them. Rich people and business will still continue to make money...its called passing the costs to consumers. Its not about the rich, the middle class or the poor. Its about Obama forcing more and more citizens to become dependant on the government and forcing more and more people into poverty and the social welfare systems that are choking our country. Socialism is being born right before our eyes in America....its called Obama.