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In All Fairness.
Author: Raine    Date: 07/09/2012 15:46:53

From TPM:
President Obama will begin pushing for a one-year extension of the Bush tax cuts for Americans making less than $250,000, reports the New York Times. The announcement from the Rose Garden Monday will signal the president’s emphasis on tax fairness as a major issue just four months from the election. Pushing the issue is also meant to make House Republicans look unreasonable as they move this month to vote on a full, permanent extension of all of the Bush tax cuts.
This you will recall is exactly what the President wanted to have happen back in 2010. The tax cuts were unfortunately extended, but if you remember, it did pave the way or the repeal of Don't ask Don't Tell. From The Hill, December 1, 2010:
But a letter signed by all 42 members of the Senate GOP conference threatened to block action on other legislative items until a deal on the expiring Bush era tax cuts is reached. Such time-consuming negotiations could eat up the remaining time to take care of "Don't ask, don't tell" during the lame-duck, which is expected to end by mid-December.

Supporters of repeal received a boost Tuesday when Defense Secretary Robert Gates called on the Senate to repeal the policy after the Pentagon released a study showing that allowing gays to openly serve would cause no long-term disruptions in the military.
Indeed, the lame duck session of 2010 paved the way for people to serve openly in the military. The down side was that the Bush Era tax cuts were extended. During that time, President Obama held a teleconference where he said:
Now, I know there are some who would have preferred a protracted political fight, even if it had meant higher taxes for all Americans, even if it had meant an end to unemployment insurance for those who are desperately looking for work.

And I understand the desire for a fight. I'm sympathetic to that. I'm as opposed to the high-end tax cuts today as I've been for years. In the long run, we simply can't afford them. And when they expire in two years, I will fight to end them, just as I suspect the Republican Party may fight to end the middle-class tax cuts that I've championed and that they've opposed.
From the NYT article:
The president’s proposal could also put him at odds with Democratic leaders like Representative Nancy Pelosi of California and Senator Charles E. Schumer of New York, who have advocated extending the cuts for everyone who earns up to $1 million. And it will most likely do little to break the deadlock in Washington over how to deal with fiscal deficits, an impasse that has only hardened as Republicans sense a chance to make gains in Congress this fall.

But by calling for an extension for just a year, Mr. Obama hopes to make Republicans look obstructionist and unreasonable. Trying to bounce back from another weak jobs report on Friday, he also hopes to deepen the contrast with his challenger, Mitt Romney. On Friday, the president said Mr. Romney would “give $5 trillion of new tax cuts on top of the Bush tax cuts, most of them going to the wealthiest Americans.”
Dems are willing to secede the amount to one million and the President is asking for the amount to be those earning over $250,000 a year, just as he has been asking all along. I suspect, this time around we will find the number somewhere in between.
Administration officials said they did not believe that the difference between the White House and these Democratic leaders was a big obstacle. They said that whether to use $250,000 or $1 million as a cutoff was more a matter of strategy than a “religious debate,” in the words of one official, who added that many other Democrats favored $250,000.
Robert Gibbs has gone on the record saying:
the president would not support giving rich people another tax break. “Let’s make some progress on our spending by doing away with tax cuts for people who quite frankly don’t need them – tax cuts that haven’t worked,” Gibbs said during an appearance on CNN’s State of the Union. Obama is “100% committed” to that position, he insisted.


I will say it here: I don't believe we will see these tax cuts extended again. With less that four months until election day, this is the fight the administration is choosing. The GOP is choosing to fight back, with Senate Minority Leader Mitch McConnell (R., Ky.) saying on CNN:
“What we ought to be doing is extend the current tax rates for another year, {..} to do otherwise would make the economy worse.”
They are like a broken clock. If these tax cuts have been so wonderful, then tell me, why is the economy still struggling? These tax cuts have been in place for 11 years. During that period, 8 of those years were during the Bush Administraion, WaPo wrote in 2009:
President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data, and economists across the ideological spectrum increasingly view his two terms as a time of little progress on the nation's thorniest fiscal challenges.

The number of jobs in the nation increased by about 2 percent during Bush's tenure, the most tepid growth over any eight-year span since data collection began seven decades ago. Gross domestic product, a broad measure of economic output, grew at the slowest pace for a period of that length since the Truman administration. And Americans' incomes grew more slowly than in any presidency since the 1960s, other than that of Bush's father.
Keep in mind, Bush entered office with no wars, a booming economy and a budget surplus of over $320 billion.


Since taking office, we have seen job growth, in spite of every obstacle the Republican party has thrown. These are the stats: 4.4 MILLION Private sector jobs added over the last 28 months; 504,000 Manufacturing jobs added since January 2010; 1+ MILLION Jobs saved due to the President’s auto rescue program. Click the link, the stats doesn't lie. Even with the poor June jobs report, those 80,000 jobs added were still more than the number of jobs added during the 8 years under President Bush. This despite a job package being gutted by House GOP members among many other things blocked. A simple google search can be very revealing. This is a fact: President Obama entered the oval office with two wars ongoing, an economy in meltdown a loss of 524 thousand jobs jobs the month before he took office and was saddled with a budget debt of $4.89 Trillion. Somehow, thru all of this he has managed to create jobs.

The GOP is running out of excuses to extend these tax cuts. Take a look at this chart from ThinkProgress:
http://thinkprogress.org/wp-content/uploads/2012/07/taxesrichjobs.png
People want jobs. People want to work. People want the economy moving steadily forward.

You won't get that with Governor rMoney as president - you get even more tax cuts for the wealthy, 5 Trillion dollars worth. President Obama has been consistent and steadfast. He promised to return to this issue in 2010. Last time around we saw DADT repealed, we have had the ACA upheld in court -- he is keeping his promises in spite of the obstacles thrown his way. Don't believe me? Look here. The GOP fought EVERY one of those items.

We will see tax fairness this year. I believe the GOP has run out of excuses. Obama gave them the tax cut extension 2 years ago, in return for DADT being repealed-- and the economy reacted exactly as many suspected. While some may criticize President Obama for not doing things fast enough, perhaps the long game is worth it in the end.

and
Raine
 

46 comments (Latest Comment: 07/09/2012 23:46:00 by Will in Chicago)
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