Priority One for Republicans: Extend the Bush Tax Cuts
For newly empowered congressional Republicans, priority one must be an extension of the Bush tax cuts. There should be enough votes not only from a new Republican majority, but also from some of the decimated and dispirited (and even newly elected) Democrats. If President Obama is smart, he won't veto the bill.
If the tax cuts are allowed to expire, everyone who gets a paycheck and has taxes withheld is going to see less money in the "net" column starting January 1.
Bloomberg.com has published some calculations. It reports that, according to the Tax Institute at H&R Block, "for a married couple earning $80,000 a year, increased taxes would drain $221.48 in withholding from a semi-monthly paycheck. Married individuals earning $240,000 a year" (just under the $250,000 standard President Obama defines as "rich") "would lose $557.78 to withholding in a single semi-monthly paycheck." Double these figures for a month and multiply by 12 and you quickly see the additional drain on the economy at a time of anemic 2 percent growth.
Another example from Bloomberg: teachers, teacher aides and custodial workers who make from $20,000 to $40,000 per year would lose an estimated $50 per paycheck, which is significant at a time when every dollar counts.
President Obama has been telling us how much is enough for us to make. Instead, we should be telling him how much of our money we will allow government to take and spend. That is the theme emerging from the midterm election.
To further personalize the cost of allowing the tax cuts to expire, visit a handy government cost calculator called www.mygovcost.org. Type in your level of education, age and current income and the calculator will reveal what future taxes are likely to cost (these are estimates as everyone's circumstances differ). You will also see how much your money could earn if you invested in the private sector instead of having it go to the federal government. The enormous interest figure should rebut arguments by Democrats who claim reforming Social Security by allowing money to be invested in the stock market would bankrupt the elderly.
There are a number of other credible sources Republicans could use to stop and reverse runaway spending. The Heritage Foundation's Brian Riedl has identified $343 billion in specific spending cuts the next Congress might enact in the fiscal 2012 budget. Riedl acknowledges that cutting spending won't be easy. That's because every dollar spent by the government attracts self-interested supporters. But he maintains the identified cuts should be achievable. Read his spending cut targets at heritage.org.
The public is in the mood for repairing America's crumbling financial house. Democrats will have a more difficult time demagoguing spending cuts when they have been primarily (though not entirely) responsible for the ocean of red ink.
The Debt Commission will issue its report on Dec. 1. Many conservatives suspect it will include a call for tax increases. Republicans should say "no" to any tax hikes and focus entirely on government overspending and misspending. Many of us are ready for strong medicine. "We can't afford it" still rings in the ears of those old enough to remember what parents or grandparents said when we asked for an expensive toy as a child, or a car at 16.
That Puritan ethic remains in the DNA of many Americans. It is now up to Republicans to get it out and remind us of what fiscal and personal responsibility can do to restore financial solvency. It may take a while and there will be some discomfort and even pain involved. But in the end, we will all be better off than we are now and much better off than we will be if we fail to reduce our unsustainable debt.
(Direct all MAIL for Cal Thomas to: Tribune Media Services, 2225 Kenmore Ave., Suite 114, Buffalo, N.Y. 14207. Readers may also e-mail Cal Thomas at tmseditors@tribune.com.
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Comments
The Bush tax cuts are easy
Submitted by KC Mulville on Tue, 11/02/2010 - 12:23am.
I'm on no mood for any new taxes until they cut spending to the bone. We cut spending before we raise taxes.
Mind you, after that, we will likely need to raise taxes. We need to fix the entitlement mess, and I suspect some taxes may be necessary to keep the ship afloat while we transition to a financially reasonable, long term solution. My guess is that we'll have to consider some kind of risk & investment strategy, but we'll need to sweep the decks clear of demagoguery about it.
I'll be happy to consider it. Not until the spending cuts.
I respectfully
Submitted by Van Halen on Tue, 11/02/2010 - 8:03am.
I respectfully disagree.
There is no reason to raise another tax of any kind. Not one single penny.
Cut the ferocious amount of government waste and programs. There'll be plenty of money left over.
Correct me if I'm wrong, but Obama and the Democrats are sitting on a few hundred bil of unused stimulus funds, are they not? Give it back to us. Now.
Yes! Review every tax, department and program born since 1913.
Submitted by Red Jeep on Tue, 11/02/2010 - 8:06am.
1913 was the year Federal income taxes were allowed to be started, senators became elected not selected, and the Federal government started to mushroom.
If we are still having hidden taxes, for example to electrify rural America, it is time they were stopped. If we have Departments of this and that, like the Departments of Education and Energy (created by Jimmy Carter) that are ineffective, get rid of them OR stop funding them.
This idea that the government needs more and more money every year has to end or it will swallow up all money.
I agree completely.
Submitted by johnsonl on Tue, 11/02/2010 - 8:28am.
A flat tax would pay for itself in the first year, after eliminating the IRS. The tax lawyers will find other jobs. They always do.
Your idea of spending cuts
Submitted by ninerdog on Tue, 11/02/2010 - 8:07am.
Your idea of spending cuts would be in what vain? 5% 10%. At 2008 levels of spending? In my opinion it is high time we do the right thing and go 10% less the previous year’s tax receipts as an outlay in spending. Anything that the government gets above that is put towards paying off the dept. Once the debt is paid off. We receive the money back in further tax cuts.
I respectfully disagree as well.
Submitted by johnsonl on Tue, 11/02/2010 - 8:26am.
We need to repeal Obamacare, cut stimulus funding and recover the funds spent, and cut spending to the bone. We need to cut taxes, not increase them. Let the states go with out pork for 5 years. They'll probably see that they can live without it. Build manufacturing facilities instead. Make your state a "right to work" state.
Actually, I agree with you
Submitted by KC Mulville on Tue, 11/02/2010 - 8:33am.
Do all of those things first.
But we were going to have to confront the entitlement issue anyway, even before Obama showed up. Obama did so much damage that we got distracted. But we were in for a rough time anyway.
Entitlements are going to be a bear.
So are pensions....
Submitted by motherbelt on Tue, 11/02/2010 - 9:00am.
But if Democrats have their way, no one will be any better off in retirement than anyone else.
Unions have their eye on everyone's retirement funds to keep their own solvent!
H/T Rush Limbaugh
Once we have government-controlled health care and government-controlled retirement, we will have arrived at the Socialist Utopia that this president envisions for the US.
Let's make sure they win,
Submitted by mattm on Tue, 11/02/2010 - 12:26am.
Let's make sure they win, first.
Great point! Today we have to
Submitted by Van Halen on Tue, 11/02/2010 - 4:33am.
Great point! Today we have to WIN.
I'd like to put defunding the CPB up to the front since it should be a quick and easy vote. And a great win for the Right and the people.
This is a little off-subject.
Submitted by killa37 on Tue, 11/02/2010 - 12:34am.
This is a little off-subject. although I'm all for keeping ALL of the 'tax cuts'.............'if they win'!!! But - I saw George Bush with his father and Nolan Ryan yesterday at the World Series. GW was going to throw out the first pitch, and Nolie was going to catch it. (I'm sure Ryan would LOVE to throw some serious 'chin music' at Boy Blunder!!!)
Anyway, GW joked around a little bit, and then threw a pretty damn good pitch to Ryan - belt high and 'painting' the inside strike zone of the plate. And he was dressed pretty normally. I was thinking about Boy Blunder and his 'first pitch' at 'Cominsky Park'..........with his stupid baggy jeans and his effeminate pitching motion and his puffball that wasn't even close!!! Or............when Charlie Crisp (as in -done like burnt toast) tried to throw out a pitch at some game recently.
Baggy Pants
Submitted by miss911ninja on Tue, 11/02/2010 - 12:56am.
How could you say that about the president's pants? "Stupid baggy jeans." Don't you know they're called MOM jeans?
; - )
Watch your tongue!
Submitted by Red46 on Tue, 11/02/2010 - 1:09am.
Love, Mom
I dunno............MY Mom
Submitted by killa37 on Tue, 11/02/2010 - 1:21am.
I dunno............MY Mom wouldn't let me wear them!!! Boy Blunder is a friggin' tilley.............it's as simple as that!!!
Nevermind the no-Mom-jeans
Submitted by motherbelt on Tue, 11/02/2010 - 6:33am.
Nevermind the no-Mom-jeans and the great pitch....did you hear the CROWD?????
That is a man who is not merely respected, but LOVED!
They are not going to get the
Submitted by ricklail on Tue, 11/02/2010 - 6:36am.
They are not going to get the chance to extend the tax cuts according to an ECU professor I heard last night. He stated that the lame ducks would vote to end them just as a act of definance. They would then have to bring it back up after January. It would pass and Obama would sign it so they could be know as the Obama tax cuts.
Bush Tax Cuts
Submitted by RightRealDeal on Tue, 11/02/2010 - 8:30am.
Why are we calling these the Bush Tax Cuts? These have been tax code for 10 years now....so seems to me the tax discussion here should be framed as The Obama Tax Increases.
the Democrats had already
Submitted by motherbelt on Tue, 11/02/2010 - 8:59am.
the Democrats had already begun calling the looming end of the cuts the "Republican tax increase."
They're deplorable.
I am a long time conservative
Submitted by buddyc on Tue, 11/02/2010 - 9:21am.
I am a long time conservative but I DO NOT agree. The first order of priority is to cut cut cut and then if that is not enough to bring fiscal sanity to this country then some tax increases MUST be adopted.
Lots of priorities
Submitted by jon_torlin on Tue, 11/02/2010 - 9:26am.
There are a lot of priorities, but the biggest one, which should be named as "the MAIN priority among many," is of course repeal every bit of ObeymeCare.
The Health Care debacle should be done first because it's a violation of the Constitution. Sure, it could be argued that Tax Cuts are important too, but the 10th Amendment has been trampled on and that has to do with the rights we've enjoyed for over 220+ years called the Bill of Rights, and we already know there are many Democrats that don't care about the Constituition.
If that isn't halted in its place and rapidly put in reverse, then all will be lost. That's far more important than any tax cut/increase. And it must NEVER happen again.
Then those democrats who voted for this dreck must be tried for treason, even if they don't get re-elected after today.
Yeah, I know, wishful thinking on that last. Too much pasta for spines in a lot of the Republicans.
-Jon
Estate Tax . . .
Submitted by Kylerk on Tue, 11/02/2010 - 9:33am.
Don't forget about the Estate Tax, which does not exist this year but effective January 1, 2011 goes to 55% for estates of $1million or higher. Considering the real estate value of a typical middle class suburban house and 401Ks, etc. many in Middle America fall into this "millionaire" category today. The people who will be severely punished by this tax will be the responsible ones who saved for their futures and for something to leave their children. I've read a couple of reports of people who are sickly beginning the process of euthanizing themselves by December 31 in order to prevent the government from confiscating 55% of what they worked so hard for. It's hard to believe that something like this could happen in America. Well . . . only in "Obama's America". This must be addressed by Congress and it has to be a top priority.
NO.....the real test is the DEBT CEILING.
Submitted by han_solo on Tue, 11/02/2010 - 1:04pm.
No.
The real test for republicans will be to see if they extend the DEBT CEILING.
It will show that either they are REALLY for smaller government or they are just bullshitting us again and not really going to cut spending.
Then if they actually do refuse to raise it, then they can work on actually cutting spending.
Or are they going to cut taxes and pretend to cut governemnt like they did last time.
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