Capito voted against middle class tax cuts

Capito voted to raise taxes on 95% of Americans (0.00 / 0)

Capito voted to raise taxes on 95% of Americans because she thinks it more important for the less than 2% of the very wealthiest of her district to have an even bigger tax break.

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by: Clem Guttata @ Thu Dec 02, 2010 at 23:07:09 PM UTC

remember, it's extra tax cuts on higher income at stake (4.00 / 1)

I know that marginal tax rates can be a bit confusing, but what Republicans and conservative Democrats are getting all exercised about is what the tax rate is for household income over $250,000.

With the bill that just passed the House, everyone will enjoy the same current low rates (by historical standards) on their first $250,000 of income per year. Now, for most of us, we'll never get close to earning that much in a year, so there is no "first" to worry about. So for us, it's our total income we're talking about.

But, for the wealthiest in this country, less than 2% of households, they have earnings in excess of $250,000 per year. It's that part of their earnings, the amount over $250,000, that is being debated. For example, if a household earns $300,000, it's the tax rate on the $50,000 over $250K that is under debate. Even with new higher rates, their taxes won't go up much.

If a household earns several million, the difference is large, and the additional tax bill is larger. But, really, there's no way to argue otherwise... that several million dollar earning household can afford it. And, the new taxes rates are still lower than during Ronald Reagan's presidency.

In fact, there's a swath of gazillionaires--led by the two wealthiest households in this country, Warren Buffet and Bill Gates'--saying they are paying too little in taxes.

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by: Clem Guttata @ Thu Dec 02, 2010 at 23:22:14 PM UTC

Exactly. Everyone got a tax cut. (0.00 / 0)

Capito doesn't want everyone to get a tax cut unless rich people get an extra tax cut on top of it.

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by: foxfoot @ Fri Dec 03, 2010 at 03:54:23 AM UTC

[ Parent ]

Apparently Senate will take this up Saturday (0.00 / 0)

This is actually really exciting.  I hope we can expect Manchin and Rockefeller to vote in favor of this bill.  

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by: foxfoot @ Fri Dec 03, 2010 at 03:55:37 AM UTC

do tax cuts for the wealthy help the economy? (0.00 / 0)

Rep. Capito is going to say that extra tax cuts for the really rich are needed to help the economy.

Do tax cuts for the wealthy help the economy? No. On the contrary, "the Reagan and Bush tax cuts for the wealthy have hurt us in many ways."

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by: Clem Guttata @ Fri Dec 03, 2010 at 09:07:45 AM UTC

Obama plan vs. Republican plan (0.00 / 0)

Here's a great graphic (via Kevin Drum). Click through for the details.

That's what we're fighting over: a broad tax cut with something for everybody, or a broad tax cut plus an extra bonus for the upper middle class and an extra super duper bonus for the millionaire class. That's what the Republican Party has unanimously staked its future to.

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by: Clem Guttata @ Fri Dec 03, 2010 at 10:11:53 AM UTC

And Reid is going to punt this to the 2012 election fight. (0.00 / 0)

Both Democratic plans on taxes ill be held to the 60 vote threshold and will fail. There will be a continuance of the current rates, adding to the deficit. This sets up the 2012 narrative.  

NFTT: Support My Team or I Will Dance

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by: CA Berkeley WV @ Sat Dec 04, 2010 at 06:39:09 AM UTC

[ Parent ]

extending unemployment benefits creates jobs (0.00 / 0)

Seen on dailykos today:

According to a report by the Council of Economic Advisers, 600,000 jobs would be lost and GDP would be 0.6 percent lower by December 2011 if Republicans have their way and extended unemployment compensation benefits are not renewed.

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by: Clem Guttata @ Fri Dec 03, 2010 at 22:31:06 PM UTC

So Shelley is for the Bush Tax Hikes? (4.00 / 1)

Since these cuts were in a "deficit neutral" reconciliation package, the tax hikes at the end to make the budget "balance" are a feature, not a bug. For example the zero federal estate tax goes to 55% next year under Bush's tax hike plan. Those taxes collected next year were to offset this year of getting nothing out of George Steinbrenner's gains from public financing and revenue sharing in baseball.  Bush built in the "uncertainty".

Tax cuts. Two Wars. Medicare Part D. None of these in the budget. There is the deficit, folks.

NFTT: Support My Team or I Will Dance

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by: CA Berkeley WV @ Sat Dec 04, 2010 at 06:35:12 AM UTC