Sorry folks, I disagree. It's a sellout. The Democrats had a powerful position and allowed themselves to be divided and bought off. What we are looking at appears to be a compromise, but it's smoke and mirrors.
I ask you, how can we allow ourselves to be painted into a corner and then, just because someone tosses us a sack lunch while they go off to dinner, we call it a compromise?
Curious Carl
Subject: the deal they're striking
December 6, 2010, 4:54 pm
Deal Would Reportedly Drop a Tax Credit
By DAVID M. HERSZENHORN AND JACKIE CALMES
As the White House and Congressional Republicans near a deal on sweeping
tax
legislation, including an extension of the Bush-era tax rates for all
income
levels, President Obama has agreed to give up the "Making Work Pay" tax
credit that was the central tax break for middle and low-income Americans
in
last year's economic stimulus bill.
Mr. Obama had been pressing for a one-year extension of the Making Work
Pay
credit, which provided a tax break of up to $400 for individuals and $800
for couples. But Republicans opposed the idea.
An administration official said that in the emerging deal, the "Making
Work
Pay" credit would be replaced with a one-year reduction in payroll taxes
for
workers.
In addition to a two-year extension of the income tax rates enacted under
President George W. Bush, the deal includes a one-year extension of
jobless
aid for the long-term unemployed. Officials said negotiators were also
close
to an agreement to restore the federal estate tax, which lapsed at the
start
of this year, with an exemption of up to $5 million per individual, and a
maximum rate of 35 percent.
Mr. Obama, on a visit to Winston-Salem, N.C. on Monday, said the two sides
were working toward an agreement that would prevent a tax increase at the
start of the year when the Bush-era rates are due to expire.
"Right now, Democrats and Republicans in Congress are working through some
differences to try to get this done," Mr. Obama said. "And there are some
serious debates that are still taking place. Republicans want to make
permanent the tax cuts for the wealthiest Americans. I have argued that we
can't afford it right now. But what I've also said is we've got to find
consensus here, because a middle-class tax hike would be very tough not
only
on working families. It would also be a drag on our economy at this
moment."
Mr. Obama added, "There's no reason that ordinary Americans should see
their
taxes go up next year. We should also extend unemployment insurance for
workers who've lost their jobs through no fault of their own. That is a
priority. And I should mention that's not only the right thing to do, it's
the smart thing to do because if millions of Americans who aren't getting
unemployment benefits stop spending money, that slows down businesses.
That
slows down hiring. It slows down our recovery."
a.. Copyright 2010 The New York Times Company
b.. Privacy Policy
c.. NYTimes.com 620 Eighth Avenue New York, NY 10018
December 6, 2010, 4:54 pm
Deal Would Reportedly Drop a Tax Credit
By DAVID M. HERSZENHORN AND JACKIE CALMES
As the White House and Congressional Republicans near a deal on sweeping
tax
legislation, including an extension of the Bush-era tax rates for all
income
levels, President Obama has agreed to give up the "Making Work Pay" tax
credit that was the central tax break for middle and low-income Americans
in
last year's economic stimulus bill.
Mr. Obama had been pressing for a one-year extension of the Making Work
Pay
credit, which provided a tax break of up to $400 for individuals and $800
for couples. But Republicans opposed the idea.
An administration official said that in the emerging deal, the "Making
Work
Pay" credit would be replaced with a one-year reduction in payroll taxes
for
workers.
In addition to a two-year extension of the income tax rates enacted under
President George W. Bush, the deal includes a one-year extension of
jobless
aid for the long-term unemployed. Officials said negotiators were also
close
to an agreement to restore the federal estate tax, which lapsed at the
start
of this year, with an exemption of up to $5 million per individual, and a
maximum rate of 35 percent.
Mr. Obama, on a visit to Winston-Salem, N.C. on Monday, said the two sides
were working toward an agreement that would prevent a tax increase at the
start of the year when the Bush-era rates are due to expire.
"Right now, Democrats and Republicans in Congress are working through some
differences to try to get this done," Mr. Obama said. "And there are some
serious debates that are still taking place. Republicans want to make
permanent the tax cuts for the wealthiest Americans. I have argued that we
can't afford it right now. But what I've also said is we've got to find
consensus here, because a middle-class tax hike would be very tough not
only
on working families. It would also be a drag on our economy at this
moment."
Mr. Obama added, "There's no reason that ordinary Americans should see
their
taxes go up next year. We should also extend unemployment insurance for
workers who've lost their jobs through no fault of their own. That is a
priority. And I should mention that's not only the right thing to do, it's
the smart thing to do because if millions of Americans who aren't getting
unemployment benefits stop spending money, that slows down businesses.
That
slows down hiring. It slows down our recovery."
a.. Copyright 2010 The New York Times Company
b.. Privacy Policy
c.. NYTimes.com 620 Eighth Avenue New York, NY 10018
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