Republicans Plot Giving More Tax Cuts to the Rich Without Paying for It

[Joanne98]

Several tax bills have been sitting on the back burner for months while Congress worked on health care, Supreme Court nominees, and jobs bills – which Republicans are holding up. Democrats want to extend business and individual tax breaks to small businesses and the middle-class while Republicans want to focus on the richest 1% – because they think following the same practice that got us into this economic crisis will somehow produce a different result this time.

Steny Hoyer wants to push a tax credit for investments in clean energy manufacturing. Senator Sanders wants to repeal $35 billion in oil and gas tax breaks. Senator Levin wants to extend the Bush tax cuts for the middle class, while leaving the tax cuts for the rich to expire. Several Senators want to extend tax breaks and credits and provide more loan opportunities to small businesses in order to incentivize job creation.

The small business bill was already introduced and pulled from the floor so the Senate could focus on other issues – including the confirmation hearings for Solicitor General Elena Kagan. When it comes back, Senator Jon Kyl is promising an attempt to amend the bill with a “fix for the estate tax.”

However, Reid has used a legislative maneuver known as “filling the tree” that makes it hard, if not impossible, for Kyl to add his provision.

The tax on estates is repealed, but barring congressional action it returns next year to pre-2001 levels by socking estates worth more than $1 million with a tax that tops out at 55 percent. Republicans and more than a few Democrats oppose this level and prefer rates set in 2009, when estates worth over $3.5 million were taxed at a top rate of 45 percent.

Basically, Senator Kyl wants to extend tax breaks to the richest 1% of the class while simultaneously filibustering the “tax extenders” bill that Reid has been trying to pass for the last 2 months – a bill that is completely paid for and would extend unemployment to the millions of unemployed. Kyl wants to make sure the rich can escape their taxes, but he is personally responsible for what is now nearly 1.6 million Americans (add 200,000 per week of delay by the GOP) being ineligible for any extension to their unemployment benefits.



http://bluewavenews.com/2010/07/12/republicans-plot-giving-more-tax-cuts-to-the-rich-without-paying-for-it/

[doc03]

1. A person I know that I would guess is in his late 70's

was telling me the other day we need to continue the Bush tax cuts so small business can create jobs. I asked him how we going to pay for it? Cut SS and Medicare. His response can't touch Medicare and SS but these people on unemployment should go out and get a job. Guess where he got this crap from? Faux Noise.

[Joanne98]

2. Of course. My aunt owns a small business and she got nothing from the Bush tax cuts.

The right is so full of shit!

[louis-t]

3. Repugs want 'their' country back.

They haven't finished looting it yet.