Steve Kornacki has a great idea to let the whole kit and rebuttal expire...

[WCGreen]

We are talking about tax cuts about to expire on December 31st.

First of all, the 2% FICA cut is what would hurt the most for the majority of working class people, but it is necessary to let this expire since it will affect SSI viability in the long run.

If all the tax rates are left to rise to Prue-Bush levels, then the President and the Democrats in Congress can offer sane rate reform and lay it all on the GOP.

It's also time to get rid of the Alternative Minimum Tax that is creeping way down into middle class income levels because it is NOT adjusted for inflation.

Make it simple, increase revenues and also stop making certain investment income more important by treated that income more favorably than wages via charges less tax on investment income. This is the main reason Wall Street went wild and crashed.



By the way, isn't Ann Colter one of the biggest takers because she really provides nothing and depends on government to make all of her money?

[GitRDun]

1. It is even more important to restore the

estate tax. I am with you, let it expire....

[WCGreen]

4. For sure...

All the Estate Tax cuts does is create an entitled class which should be anathema to Conservatives like Ann Coltore.

[tokenlib]

14. Death tax MY ASS! Save the ESTATE TAX!!!

[CaliforniaPeggy]

2. It's a tempting idea.......

It does rather scare me, though...

I mean, they're calling it the fiscal cliff or some such.

But it might work.

[CreekDog]

20. two separate issues actually

the Bush tax cuts will expire on their own if nothing is done because there's a sunset provision in them at 10 years.

the fiscal cliff is mandated spending cuts congress voted on last year i think (with the debt limit increase). those would kick in.

so they are two separate issues.

but Obama's plan is to do less cuts to programs, more to defense, all tax cuts continue except wealthy
Republican plan is less defense cuts, or none at all, more to programs, Bush tax cuts continue forever

so we need a debt extension again, the tax cuts risk slowing the economy and both parties are needed to pass the a solution to both, but R and D plans are 100% opposite in almost every respect.

if nothing is done, all the tax cuts expire, massive spending cuts to defense and domestic programs --less gov't stimulus to an already struggling economy that will risk recession.

so that is the mess we face. it is solvable, but someone is going to have to budge and that makes me nervous.

[Fresh_Start]

3. let it expire

I'm with you. It will cost me more money...but I don't have enough for a Cayman Island tax shelter anyway.

[WCGreen]

5. Great Quip...

[kentuck]

6. He's absolutely right.

We should have bitten the bullet two years ago. Obama said he would let them expire.

[WCGreen]

7. Has to happen....

Force their hand.

[kentuck]

8. Yep.

It has to happen. We cannot continue with this hanging over our heads every election.

[Dalai_1]

9. Lawrence did a show on this

He said if we "went over the cliff"then all pledges to Norquist would be null and
void...he said they could then go back and add the necessary taxes and
people would see a difference in their incomes for around two months.(less)
His take was that several would like to get out of that sacred oath
to Grover and this was a way they could ...

[tokenlib]

11. HA HA we posted at the same time...gotta give Lawrence his due...

Wasn't he working on buttons..getting suggestions..

[WCGreen]

12. I think they all would breath a sigh of relief if Norquist was made irrelevant.

[kentuck]

13. I would like to see the Democrats go on the offensive.

Not only should the taxcuts be allowed to expire but the Democrats should put upon the table for negotiation the reform of all the tax loopholes that are presently in existence. We need to get rid of those without any connection to other issues. That is where the Democrats need to go. give the Republicans something to whine about. That is where we should start the negotiating - the loopholes.

[Dalai_1]

15. Perfect!

[tokenlib]

10. Lawrence O Donnell has been pushing it too--I love the smile when he does..

I say let's go...

[kentuck]

16. I think this issue will help determine Obama's historical significance.

I would agree that it will take a little courage and backbone. The question is: Is the economy doing well enough to do this at this time? I do not think they will ever find a better time to do it.

[WCGreen]

17. This is the time to do it...

Before they start in with the Impeachment crap that we all know will be coming out of the GOP...

[kentuck]

18. You know it's coming.

BenGhazi...blah...blah...blah... You cannot keep playing defense with this bunch.

[Dalai_1]

19. Just got a tweet regarding this topic

Brian Beutler ?@brianbeutler
Surprise! The least economically damaging layer of the fiscal cliff is the expiring Bush tax cuts for top earners http://bit.ly/VVURUT

[Spike89]

21. The "fiscal cliff" is not the Bush tax cuts

Just to be clear, these are two different issues. The fiscal cliff is the debt ceiling legislation--if the ceiling isn't raised, the government defaults on some obligations, potentially loses bond ratings, and generally ends up spending lots of money cleaning up after itself. The debt ceiling will be raised, but the Repugs are looking to make a statement and are willing to harm the short term economy to do so.

The Bush tax cuts are only slightly related, in that if they expire, it is assumed that federal debt will drop, giving us a bit more room under the debt ceiling. Of course, the increased taxes will not come in in time to affect the debt ceiling issue we're facing right now. Whether we let the Bush cuts expire or not, we must raise the debt ceiling this year.

[WCGreen]

22. Well that is the point...

Let them expire. It's the best way to rejigger the tax codes regardless of what else is on the table.

Probably should have made that more clear.

[Dalai_1]

23. Ed just tweeted

Ed Schultz ?@edshow
Given Tuesday's decisive victory for the middle class, should Democrats stand strong on the fiscal cliff? We may use your reply on #edshow!

Maybe he will use this topic for his show tonight!

[WCGreen]

24. They should absolutely do this, strike while the iron is, well, limp....

It's time to take it to them and take it to them hard...

[Dalai_1]

25. I replied to his tweet with a link to this thread

[Dalai_1]

26. Ezra Klein:CBO Letting upper-income tax cuts expire would barely hurt economy

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/11/08/cbo-letting-upper-income-tax-cuts-expire-would-barely-hurt-economy/


http://tinyurl.com/bdsn8m4