Some in Congress wondering if it's time to roll back tax cuts

[Rose Siding]

snip>
After four years in which Bush engineered tax cuts worth hundreds of billions of dollars - at a savings of several hundred dollars a year to most Americans - the tax-cut juggernaut may have reached a crossroads. Bush and congressional Republicans want to keep it rolling principally by making permanent a long list of first-term tax reductions. But Republican leaders in Congress say they're unsure whether that can happen, especially if they fail to reach a budget agreement for a second straight year.

"Without a budget," Senate Finance Committee Chairman Charles Grassley said last week, "the chances of passing any sort of tax legislation that extends tax reductions of recent years would be difficult."

That issue could reach a head this week, when House and Senate Republicans try to reach a budget accord.
....
Republicans hope to keep the tax-cutting streak alive. This week, the House leadership aims to pass a permanent repeal of the estate tax. The "death tax," as Republicans call it, is scheduled for elimination in 2010 but for just a single year.

For the most part, though, the GOP's tax agenda now consists of maintaining and extending existing tax cuts, not fashioning new ones. Senate Republicans, for example, hope to extend by two years, to 2010, legislation that reduced taxation on long-term capital gains and certain corporate dividends. But it's not entirely clear all the tax cuts of the last four years can be sustained.

http://www.sacbee.com/content/politics/story/12708838p-13561284c.html

[Straight Shooter]

1. Amazing how long it takes "some in Congress" to think halfway sensibly.

"a savings of several hundred dollars a year to most Americans"

Yeah, right. And a savings of several tens of thousands of dollars a year to bush's most supportive base.

[DearAbby]

6. And a savings of several tens of thousands of dollars a year ........

Being poured into their gas tanks, filling up in one week. OOOOOOOooo those Tax cuts really helped spark the economy! :sarcasm:

[callous taoboy]

2. Yup, hangovers suck. n/t

[applegrove]

3. But then the rich will flee America....hey... wait a second..... Don't

let the door hit you on the way out.

Enjoy Monrovia! :rofl:

[Lexingtonian]

4. remember "Read my lips- no new taxes"....?

Boy, are we getting into rerun territory in Bush terms in office.

[scarletlib]

5. The answer is yes please do.