David Kirkpatrick

September 13, 2010

In advance of favorable midterm elections …

Filed under: Business, Politics — Tags: , , , , , — David Kirkpatrick @ 5:21 pm

… the “party of ‘no'” says, “maybe.”

Good news on the tax front. This at least hints the GOP isn’t willing to blow up tax cuts for a very huge majority of taxpayers just to side with the top two percent (or thereabouts) of households.

From the link:

The top Republican in the House of Representatives offered a hint of compromise on the divisive issue of taxes on Sunday, saying he would support extending tax cuts for the middle class even if cuts for the wealthy are allowed to expire.

Representative John Boehner said President Barack Obama’s proposal to renew lower tax rates for families making less than $250,000 but let the lower rates for wealthier Americans expire was “bad policy” — but he will support it if he must.

“If the only option I have is to vote for some of those tax reductions, I’ll vote for it,” Boehner said on CBS’s “Face the Nation” program.

“If the only option I have is to vote for those at 250 and below, of course I’m going to do that,” he said. “But I’m going to do everything I can to fight to make sure that we extend the current tax rates for all Americans.”

September 8, 2010

The latest on the White House proposed tax cuts and infrastructure spending

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 1:20 pm

Can Obama pull off these fiscal moves this year? Opinions are a mixed bag, but the quick answer is probably not.

From the link:

Tax experts and economists offered mixed reviews about the feasibility of the Obama administration’s attempt to pass additional tax cuts now with the legislative year winding down, even as the president declined Sept. 3 to specify what proposals his administration will advance.

On Aug. 30, the president announced that he will propose a series of targeted tax cuts and infrastructure investments in the coming days and weeks, some of which will be new.

“I will be addressing a broader package of ideas next week,” the president told reporters at the White House Sept. 3. “We are confident that we are moving in the right direction, but we want to keep this recovery moving stronger and accelerate the job growth that’s needed so desperately all across the country.”

August 7, 2010

Bush tax cuts find foe in Greenspan

Filed under: Business, Politics — Tags: , , , , , , — David Kirkpatrick @ 10:26 am

Alan Greenspan’s post-Fed chair economic line has been quite different from how he wielded power for almost twenty years. His latest seeming apostasy is to call for repealing the Bush 43 tax cuts. I’ll have to admit I agree with the sphinx here. I’m certainly fiscally conservative, but I’m not fiscally stupid, and I’m certainly not one of those fiscal hardliners (hardheaders?) who would prefer to see the United States go completely bankrupt than to implement a serious monetary policy that matches the facts on the ground.

From the link:

It was not enough, it seems, for Alan Greenspan, the former Federal Reserve chairman and a self-described lifelong Republican libertarian, to call for stringent government regulation of giant banks, as he did a few months ago.

Now Mr. Greenspan is wading into the most fierce economic policy debate in Washington — what to do with the tax cuts adopted, in large part because of his implicit backing, under President George W. Bush — with a position not only contrary to Republican orthodoxy, but decidedly to the left of President Obama.

Rather than keeping tax rates steady for all but the wealthiest Americans, as the White House wants, Mr. Greenspan is calling for the complete repeal of the 2001 and 2003 tax cuts, brushing aside the arguments of Republicans and even a few Democrats that doing so could threaten the already shaky economic recovery.

“I’m in favor of tax cuts, but not with borrowed money,” Mr. Greenspan, 84, said Friday in a telephone interview. “Our choices right now are not between good and better; they’re between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about.”

August 5, 2010

House may still vote on middle class tax cut extension …

… before the election adjournment in October.

From the link:

The House could consider an extension of the 2001 and 2003 tax cuts for middle-income households prior to the chamber’s Oct. 8 target adjournment, House Majority Leader Steny Hoyer (D-Md.) said Aug. 3.

Hoyer said he would like the legislation to move before lawmakers adjourn to campaign for the midterm elections. But it is possible that the House will not reach an agreement on how to proceed, he told reporters during a conference call hosted by the Center for American Progress.

“I think many in our caucus and many on the Senate side would like to see us address it and to give confidence to working Americans that their taxes are not going to be increased, and I fall under that category,” Hoyer said.

Additionally, “we have to deal with the Senate,” he said, adding that it is not a requirement that the Senate move the extension first. Some House leaders have previously said that they would wait until the Senate acts.

July 13, 2010

Congressional showdown to keep tax breaks …

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 12:44 pm

… for the top one percent or so of all taxpayers. Because the Bush 43 era tax policy did such wonders with the economy.

From the link:

While Democrats and Republicans alike want to keep the 2001 and 2003 tax reductions for families earning up to $250,000, President Barack Obama and congressional Democrats want to end the break for those who earn more. Republicans, contending a recovery from recession is no time to raise taxes, insist on continuing the Bush-era cuts for high-income people as well.

October 6, 2009

Reversing the unemployment trend

Ideas from the White House.

From the link:

President Barack Obama is considering a mix of spending programs and tax cuts to respond to widening job losses that would amount to an additional economic stimulus without carrying that label.

The discussion of the initiatives, including a boost in transportation spending and an extension of an expiring tax credit for first-time homebuyers, comes as the White House is balancing rising concern about unemployment and a budget deficit the Congressional Budget Office estimates will total $1.6 trillion for 2009, and $1.4 trillion in 2010.

Administration officials have told allies in Congress that a broader transportation bill, and extensions of a homebuyer tax credit and unemployment benefits are all on the table, a Senate aide said.

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