United Liberty
BREAKING: Senate shoots down tax extension
Sat, 12/04/2010 - 11:54am | posted by Jason Pye
Senate Democrats’ attempt to move tax cuts for families making under $250,000 was shot down today by a vote of 53 to 36 (60 votes were needed for passage).
Democrats failed to break a Republican filibuster Saturday of two measures that would have ended Bush-era tax cuts for the wealthiest Americans, forcing both parties back to the negotiating table if they want to avert a tax hike next year for most Americans.
The doomed vote mean Democrats would ultimately need to strike a deal that runs contrary to their campaign promises over the past 10 years. Rather than eliminating the upper-end tax cuts, Democrats will likely cede to Republican demands to renew all of the Bush tax cuts for several years – a move that many in the party view as a major defeat.
A bill limiting the tax cuts to the first $250,000 of household income fell short of the 60-vote threshold needed to limit debate, 53 to 36. A second measure raising the income threshold to $1 million also failed, 53 to 37.
You can see the vote for the amendment increasing the income threshold to $1 million here. The differences between the two votes are Dick Durbin (D-IL), Tom Harkin (D-A) and Jay Rockefeller (D-WV) voted against the increase. Joe Manchin (D-WV), Ben Nelson (D-NE) and Jim Webb (D-VA) voted for it.
The argument by supporters of extending all tax cuts is that the economy is still struggling because of economic uncertainity. And they have the data on their side as yesterday’s jobs report came nowhere near expectations, and the unemployment rate inched up to 9.8%.
So while Democrats are making populist appeals, job creators, many of whom file as sole proprietors or S-Corps, are not doing much because they know that the money they could use to invest or hire new workers could be going away since tax hike is waiting for them on January 1, 2011.
The reps don’t care about anyone but themselves
1. The reps campaigned on their ability to cut spending and balance the budget, so they should be required to make good on that pledge.
But, the Bush tax cut for the big U.S. corporations sitting on record profits, approximately $2.3 trillion in reserves, and refusing to re-invest domestically. will add an additional $700 billion to the deficit over a decade.
As for the Democrats, sound investments = deficit hike.
As for the reps, failed tax giveaway = job creation. Cut your spending for our failed spending!
There is no evidence that these tax cuts created even a single job.
“Back when Bush was pushing his tax cut packages through Congress in 2001 and 2003, supporters said the cuts (which weren’t balanced with spending reductions) would initiate an era in which the American economy would grow so robustly the nation would be running a surplus of more than $5 trillion at the scheduled expiration date. U.S. now runs a deficit of about $1.3 trillion.
”
In fact, the available evidence is the exact opposite:
Former President Bill Clinton left a record surplus and created 20 million jobs, despite the warning of potential economic disaster over tax increase for the wealthiest.
2. On the one hand they want to provide $700 billion in tax cuts for the wealthiest, but not pay for them. On the other hand they demand that unemployment benefits for the middle class be paid for. It’s kind of like someone on a diet ordering a Diet Coke and a Big Mac simultaneously.
Sen. Claire McCaskill (D-Mo.) said, “I’m trying to figure out how anyone can keep a straight face and say they’re for deficit reduction while they insist on a permanent tax cut for the wealthiest Americans, completely unpaid for,”
3. The rich have HAD their tax cuts the whole time, where are those jobs they supposedly are going to create with their extra wealth they have been sitting on?
A business hires the right number of employees to meet demand. Having extra cash does not cause a business to hire, but a business that has a demand for what it does will find the money to hire. Businesses want customers, not tax cuts.
4. The reps & jobs : Are they Pro-business ?
(a). Even when the economy was on the cusp of entire collapse just like Lehman Brothers ahead of the roll-out of stimulus package, it was held hostage by Audacity of Nope, and the time was running out.
Power first then said : Nope ! How do we pay for it ?, Just let him go under exactly like Lehman Brothers.
(b). It is also important to remember a small business bill that was blocked for weeks by a republican filibuster in the Senate.
I want call them out , I think i will call them heroes. We need the President Bush tax cuts continued across the board.There are many small businesses that would have suffered a tax increase they can’t handle had obama and the liberals had their way and been able to push through a TAX INCREASE on small businesses making $1M and up. You don’t get it.Small businesses drive this country!!! Listen to the voters!!! Oh, and by the way this is just one of many congressional votes the liberals will lose so get used to it.Let me make a prediction for you, Hillary will challange and defeat obama for the democratic nomination next election.Talk to you soon and don’t forget to watch Sarah palin’s Alaska Sundays at 9PM.
I’m eagerly awaiting the word from “fiscal conservatives” that extending tax cuts will lower the deficit, with historical referents as justification. I’m also waiting for Obama to declare his Capitulation as a sound economic decision.