Hoyer expects House to let tax cuts expire on incomes over $250K

[cal04]

http://thehill.com/homenews/house/79587-hoyer-expects-house-to-let-tax-cuts-on-wealthy-expire

The House is unlikely to extend President George W. Bush’s cuts for taxpayers earning more than $250,000, Majority Leader Steny Hoyer (D-Md.) said Wednesday.

Hoyer said tax cuts for those making under $250,000 were likely to be extended.

“I think we will continue the middle-class but the brackets above $250,000 will not be continued,” Hoyer said.


(snip)
“The fact of the matter is we believe we have to pay our bills,” he said. “We don’t believe we can pay our bills on the backs of middle-income people who are struggling right now. So those of us who have more will have to pay a little more.”

Hoyer’s comments track pledges made by President Barack Obama, whose budget, released this week, would allow the tax cuts on those making more than $250,000 to expire.

[spanone]

1. i expect it too. steny needs to make sure they do.

expects...

unlikely...

i think...

don't believe...

boy, what tough talk from steny

[AlinPA]

2. Hoyer is a lot of our problem (Our House "whip). He needs to crack it. nt

[FiveGoodMen]

3. So you want tax cuts for the rich extended?

[AlinPA]

4. No, I want him to act like a whip in the house to get votes.

[FiveGoodMen]

5. Yes, but what votes is he supposed to get?

"The House is unlikely to extend President George W. Bush’s cuts"

That sounds like good news to me. Why do they need to be whipped?

[Statistical]

7. Extending tax cuts for middle class.

Believe it or not there were substantial tax cuts for middle class also.

10% bracket (vs 15%), elimination of marriage penalty for lower brackets, enhanced child tax credit.

I mean they are millions of dollars per person like tax breaks for the rich however they are a "real chunk" of money for average everyday working Americans. Without extension taxes will rise on middle class Americans.

[prolesunited]

8. I think they will do that in a separte bill

It's probably too risky, complicated to maintain the association with the original bill.

[Statistical]

9. Well it will have to be a seperate bills. Bills can't carry forward pass end of session.

Still the point is ....

all the tax cuts will expire unless acted upon.

So the likelihood that the rich tax cuts will expire is very good. Unless the Republicans can get together 60+ votes for cloture in the Senate, then nothing needs to happen. They will simply expire as written in original bill from 2001.

However the tax cuts for middle class will expire also at the same time and to prevent that will require action from the Congress and the wording of the statement seemed to indicate "they would try" or they aren't certain it would pass which is troubling.

[Vidar]

6. I hope he's right.