September 15, 2010
Republicans and Democrats have kicked up so much rhetorical dust as they tussle over the economy, it's often hard to discern exactly they're fighting over. Such is the case with the soon-to-expire tax cuts enacted during President George W. Bush's first term. Some of the news coverage has implied that President Obama's plan would force some small businesses to pay half of their income in federal and state taxes. Meanwhile, the Democrats have made it sound as if ending the tax cuts for the wealthiest Americans is vital to closing the $1.3 trillion federal budget deficit.
December 17, 2010 |
President Obama on Friday signed the bill that extends the George W. Bush-era tax cuts, while Congress moved to wind up its lame-duck deliberations in a session marked by the changing nature of politics and power. Speaking at the signing ceremony, Obama again defended his compromise, worked out with Republicans. Minority Leader Mitch McConnell (R-Ky.) was prominent at the ceremony, as was Vice President Joe Biden, who bargained with the Republican leader "This is real money that is going to make a real difference in peoples' lives," Obama said.
July 11, 2012
The tax cuts signed into law by President George W. Bushare set to expire at the end of December, and the resulting increase in tax bills could be large enough to stall the already struggling economy. On Monday, President Obama called on Congress to renew the reductions for one year, but just for low- and middle-income Americans, not for individuals with taxable incomes above $200,000 or couples with incomes above $250,000. Given that there's virtually no chance of Congress acting on taxes before the November elections, Obama's announcement was a political gesture aimed at focusing the debate on the rates paid by the wealthy.
February 23, 2012 |
Kansas is considering raising taxes on its poor and cutting them for everybody else. State Republicans have been campaigning to overhaul the tax code in Kansas to spur growth. The idea is that, by eliminating income taxes for residents and small businesses, lowering the sales tax and ditching a host of tax credits, Kansans will have more money and thus stimulate the economy. But for the state's poorest, the devil is in the details. A Kansas House tax committee passed a bill in which anyone making less than $25,000 a year - roughly half a million of the state's 2.9 million residents - will pay an average of $72 more in taxes, while those making more than $250,000 - about 21,000 people - will see a $1,500 cut, according to Kansas Department of Revenue estimates cited by the Kansas City Star.
June 5, 2012 |
Less than 24 hours after a very public show of Obama-Clinton unity , former President Clinton appeared to break from the White House strategy for dealing with the soon-to-expire Bush-era tax cuts. Speaking on CNBC on Tuesday, Clinton suggested that the tax cuts should be extended temporarily as the country struggles under the weak economy, which he described as a “recession.” “They will probably have to put everything off until early next year. That's probably the best thing to do right now,” Clinton said.
November 22, 2011 |
President Obama was in a holiday mood on Tuesday, urging members of Congress not to "be a Grinch" by refusing to continue tax cuts that mean $1,000 a year for the average family. The payroll tax cuts are set to expire at the end of the year, but Democrats plan to bring the president's proposal for another vote next week. "In the spirit of Thanksgiving, we are going to give them another chance," Obama told a crowd in Manchester, N.H. Lawmakers are heading home this week for the Thanksgiving break but Obama hit the campaign trail Tuesday, portraying the GOP refusal to extend the payroll tax cuts as the same as actively voting to raise taxes.