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.”

October 14, 2008

Winners and losers in the bailout

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

If you’re looking for a quick, dirty and dense breakdown on the Emergency Economic Stabilization Act of 2008 — the “bailout” — check out this article from CFO.com. Keep in mind the details are pretty dense and probably require some understanding of the underlying finance and tax principles.

From the link:

The Emergency Economic Stabilization Act of 2008, popularly known as the bailout legislation, contains tax provisions that will benefit some taxpayers and penalize others. Among the widely-reported authorities the new law grants, the $700-billion government bailout legislation allows the Treasury Department to buy troubled mortgage assets from banks and other financial institutions, and invest directly in sputtering banks to bolster their liquidity position. But the new law changes some of the tax rules, too.

Here’s a rundown of those provisions and the affected tax law.

July 31, 2008

Obama attacks McCain on taxes

Filed under: Politics — Tags: , , , , — David Kirkpatrick @ 2:32 pm

Obama seized the moment after McCain waffled on a tax question this past weekend and has gone on the economic issue attack. He’s hammering McCain on the midde-class, a group that has been seen to seemingly vote against its economic interests in the past.

With his already very weak campaigning on economic issues and poor performance last weekend, McCain could be damaged by this attack and not have much of a response. I’m not sure the shake up at the top of McCain’s team to bring in Bush 43 strategists is going to help him.

From the AccountantsWorld.com (second) link:

Barack Obama tapped into the economic worries of middle-class voters on Wednesday, saying rival John McCain would stay on the “reckless” economic course taken by President George W. Bush.

With polls showing a tight race, the economy is at the forefront of U.S. voter concerns as gas prices, inflation and home foreclosure rates soar. As the campaigns head into the stretch before the August and September nominating conventions, Obama has tried to portray his Republican rival as four more years of unpopular Bush policies.

“We can choose to go another four years with the same reckless fiscal policies that have busted our budget, wreaked havoc in our economy, and mortgaged our children’s future on a mountain of debt; or we can restore fiscal responsibility in Washington,” Obama said in remarks prepared for an audience in Springfield, Missouri, the first stop on a bus tour devoted to discussing economic security.

He slammed McCain, saying that his rival wants to cut taxes for the wealthy, while his own policies would repeal Bush’s tax cuts for the rich, give $1,000 tax cuts to 95 percent of workers and provide relief to struggling homeowners.

Obama’s comments come a day after McCain battled to allay concerns among his conservative voter base that he is open to raising taxes to shore up America’s federal retirement program.