GOP, Obama embrace Bush-era tax cuts compromise

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  • Truth csar Colorado Springs, CO
    Nov. 5, 2010 9:35 p.m.

    Interesting took just one paragraph for the both taxes and numbers of tax suffers to get worse.

    "the White House wants ... higher alternative minimum tax, or AMT. The AMT would hit 26 million upper- and middle-income families with tax bills in April averaging $2,600 higher, according to congressional estimates.

    "the White House wants ... higher alternative minimum tax. This would produce an average $3,700 higher tax bill come April for some 30 million middle-income families.

    The trend is obvious...this democrat government wants higher taxes and more people to suffer...and suffer and suffer ...

  • Fred44 Grantsville, Utah
    Nov. 5, 2010 9:16 p.m.

    Cedarite, thank you for weighing in. I was beginning to think I was crazy, and all the other small business owners but me were making over a quarter of a million dollars a year.

  • Cedarite Cedar City, UT
    Nov. 5, 2010 3:39 p.m.

    Thinkin' Man, the vast majority of small business owners don't earn anywhere near $250,000. I am one, and I get tired of being used as part of the cudgel being used by the "tax the worthless poor, saint the holy rich" crowd.

  • Brother Chuck Schroeder A Tropical Paradise USA, FL
    Nov. 5, 2010 1:06 p.m.

    GOP WORDS MEAN LOTS on the Stock Market and value of our dollar plus jobs. Former Federal Reserve Chairman Paul Volcker says the U.S. central bank's plan to buy hundreds of billions of dollars in government bonds probably won't do much to boost the economic recovery. The Fed's move has caused worries in South Korea and other emerging markets in Asia. Those governments fear that lower interest rates in the U.S. will further push investors to seek higher returns overseas and that this tide of money will drive up their currencies and destabilize their markets. The thought that you can create a prosperous economy by inflating is an illusion, in my judgment," he told reporters after his speech. "And we should never forget that. I thought we'd learned that lesson and I hope we continue to learn that lesson." In theory, the Fed's action is expected to lower interest rates because bond prices and interest rates - also known as yields - move in opposite directions. The yield is the fixed amount of annual interest paid to the owner of the bond expressed as a percentage of the bond price. It'll be higher.

  • Thinkin\' Man Rexburg, ID
    Nov. 5, 2010 12:57 p.m.

    Who makes more than $250,000? Small business owners, most of whom file taxes as an individual. They hire people when business is good. Raising their taxes would invariably increase unemployment and stifle business growth.

    But Mr. Obama doesn't seem to know who those "wealthy" people are.

  • RedShirt USS Enterprise, UT
    Nov. 5, 2010 12:05 p.m.

    To "Furry1993 | 10:24 a.m." then how do you feel about the nearly 50% that pay no taxes? They are not even paying. What about those that receive more back than they have deducted?

    The rich pay thier fair share. The same people that own about 40% of the wealth in the US also pay about 40% of the total income tax revenues. It sounds like they are paying their fair share.

    Please give us a definition of their "fair share". I have yet to see a concrete definition for what a person's "fair share" of taxes should be. Since you are so smart, maybe you can tell us.

  • Demisana South Jordan, UT
    Nov. 5, 2010 11:52 a.m.

    Raise tax rates, you lower tax revenue. And vice versa. It would be idiotic to raise taxes right now - we'll never get the economy into recovery mode by taking money out of private hands to get wasted by the government.

    You want to fix the deficit? Cut spending. Including entitlement spending. Current projections are that federal spending will eat up more than 100% of gross domestic product by the middle of the century. We are headed for a bankruptcy that will make the Depression look like a picnic, if we don't make the hard choices now.

  • Anti Government Alpine, UT
    Nov. 5, 2010 10:58 a.m.

    This is odd.

    Just a few weeks ago obama said that extending these cuts was a "bad decision".

    If he was "right" then and it honestly was a bad idea, why is he now endorsing a bad idea?

    If it was a bad idea then it must mean he honestly belives it is a good idea to RAISE TAXES while unemployment is high and the economy is bad.

    We all know he would still be saying the same thing today if Democrats had the majority in the House.

    The reason? Because he believes the government is entitled to YOUR money to spend as he sees fit.

    Now he just can't get away with ignoring the will of the American people anymore like he has with every piece of legislation he has passed so far.

    The real problem is that neither party has the guts to do what needs to be done and that is MASSIVE ENTITLEMENT CUTS.

    Our current government is unsustainable as shown by the deficit.

    Democrats simply don't care if we are bankrupt as long as the govt is in charge.

    Republicans try to solve it by ONLY cutting taxes.

    Spending has to be cut!

  • Kickit023 Eagle Mountain, UT
    Nov. 5, 2010 10:54 a.m.

    @Furry, because they are rich means they have to pay more? The wealthiest 1% of the nation earns 19% of the income and pays 37% of the taxes. The top 10% pays 68% of the taxes the government gets. How is that fair? Why should they punished? Only fair thing would be a flat tax, every pays the same percentage across the board. Just so you know, I fall in the lower middle class bracket.

  • MenaceToSociety Draper, UT
    Nov. 5, 2010 10:42 a.m.

    If you extend the tax cuts for the wealthy, you continue to add trillions to the deficit. If you want to cut the deficit, you let the tax cuts for the wealthy expire.

    We must live within our means, not like we did during the Bush years.

  • 42istheanswer SLC, UT
    Nov. 5, 2010 10:29 a.m.

    So this will help us reduce the defecit & balance the budget how? It was never funded.

  • Anonymous Infinity American Fork, UT
    Nov. 5, 2010 10:29 a.m.

    Compromise to El Presidente, the immaculated one? Come on. Did the democrats entertain any compromise dialogue with the republicans before the election? Heck no! The time for compromise is over. It is time to make the current tax rates permanent, and down the line work on future cuts. All this bogus rhetoric about tax cuts cracks me up. These current tax rates have been in place for 10 years. What is a tax cut about continuing these rates? The mainstream media just keeps perpetuating this baloney. Next is repeal of the democrat "jam it down our throats, pass it quickly (18 months?), and still don't know what's in it" health care plan (debacle). Everyone has seen or will see their health care premiums go up dramatically. I have already seen my secondary plan go up 76%. This is serious, and is totally due to this health care nonsense. All of this Marxists, socialistic legislation was rejected on November 2. We didn't get this done to compromise with El Presidente or any of his co-conspirators in elective office. They played hardball with us. Now it's time to return the favor and change all this social engineering.

  • Furry1993 Somewhere in Utah, UT
    Nov. 5, 2010 10:24 a.m.

    I would rather pay an additional $50 or so a month (what I would pay if Bush's welfare-for-the-wealthy expires) than have 2% of the people escape their responsibility to pay their fair share.