HOYER: MIDDLE-CLASS TAX CUTS MIGHT NEED TO GO

[midnight]

Source: Truth Dig

George W. Bush bought himself a little goodwill by instating some strategic middle-class tax cuts while he was president, but those are about to expire, and according to House Majority Leader Steny Hoyer, President Obama’s idea of extending those cuts may run up against some resistance—even from his own party.

AP via Google News:

In the near term, House Majority Leader Steny Hoyer raised the possibility that Congress will only temporarily extend middle-class tax cuts set to expire at the end of the year. He pointedly suggested that making them permanent would be too costly.

Tax cuts enacted under former President George W. Bush are scheduled to expire at the end of the year, affecting taxpayers at every income level. President Barack Obama proposes to permanently extend them for individuals making less than $200,000 a year and families making less than $250,000 — at a cost of about $2.5 trillion over the next decade.

“As the House and Senate debate what to do with the expiring Bush tax cuts in the coming weeks, we need to have a serious discussion about their implications for our fiscal outlook, including whether we can afford to permanently extend them before we have a real plan for long-term deficit reduction,” Hoyer, a Maryland Democrat, told a forum on deficit reduction.

Read more

Read more: http://www.truthdig.com/eartotheground/item/hoyer_middle-class_tax_cuts_might_need_to_go_20100622/

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I wonder how much money could be saved if the middle class was able to keep money and continue to spend it, and instead, end the tax cuts of the wealthy and put that money back into the economy via bailouts for mainstreet.

[bluestateguy]

1. He won't find 100 votes for that

It's hard enough to get Congress to simply let the Bush taxcuts for the rich expire--which I think they will.

[WCGreen]

2. They have too...

Or else we are really doomed...

[Andy823]

6. I agree.

There is no way in hell they can keep the tax cuts for the rich and still manage to get voters to accept that, not to mention the fact the country can not survive without ending those tax cuts! Bush was insane to give 2 such cuts during his time in office while engaged in two wars!

[midnight]

4. They better let those expire.

[Thrill]

3. Democrats are really stupid sometimes

They really don't have a clue how to play things politically

[sandnsea]

5. These are tax cuts for $200,000 income

If they reduce that to $100,000 individual and $175,000 per household, then the middle class would still get their tax cuts.

[JoeyT]

7. +1

The vast majority of the people that consider themselves middle class wouldn't make 250k a year if they worked five or six full time jobs.

[fascisthunter]

8. but not for those in your class, right?

[LiberalEsto]

9. Actually, Hoyer needs to go

If they are serious about reducing deficits, start taxing corporations the way they were taxed during the Eisenhower presidency. And while they're at it (ha!) increasing taxes on the rich is a nice idea too.

[Dr.Phool]

10. You got it!

[customerserviceguy]

11. The pittance that I got from Bush

can go by the wayside, but Hoyer also talked about means testing Social Security and raising the retirement age. I would imagine that's a greater threat to most people.

[diane in sf]

12. Triple the tax on those making over $200k

[Betty]

13. well, absolutely, these wars aren't cheap, you know.

glad to see their priorities are in order.

[KoKo]

14. Steney always struck me as the Rat Seeking the Cheese and he'd

Kill you ...to get at that cheese.

I may be very wrong about him. One shouldn't always judge a person by their "ACTIONS." Sometimes there's nuance involved. But unless one INFORMS the AVERAGE PERSON of the NUANCE...all bets are off as to how they are perceived for POSTERITY!

With Hoyer...it's hard to know. He's the Right Hand Man to Pelosi...so much depends on how we view his COMMANDER-in_Chief...as to what Hoyers does........

I'm neutral...but think something BAD COMES OUR WAY!

[Riftaxe]

15. Not going to happen

http://www.barackobama.com/pdf/taxes/Tax_Plan_Facts_FINAL.pdf">Barack Obama Tax Promises[br />

FACT #1: The Obama Plan Provides Generous Tax Cuts for Almost All American Families – and will
not raise any tax rate on families making less than $250,000 per year, period! The Obama plan maintains
the existing marginal tax rates for every family making less than $250,000 – and single people making less than
$200,000—while offering thousands of dollars in new tax cuts for saving, education, mortgage costs, and
childcare, as well as up to $1000 per family to make work pay. Under the Obama plan, the typical family will
pay tax rates that are 20% lower than they faced under President Reagan. Any and all charges that Obama
would raise rates on capital gains, dividends, income, savings and so on for the approximately 98% of American
families making less than $250,000 are simply not true.

[Duer 157099]

16. Middle Class: Hoyer May Need To Go n/t

[Ed Barrow]

17. kick