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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Saturday, December 11, 2010

Obama / GOP Tax Deal - The Good, Bad and Ugly

Bill Smith, Editor: I am just one voice and will give my opinion on the "tax deal" later. Yesterday, it was identified that "Both Conservatives and Democrats Are Divided Over Supporting the Tax Deal" and identified some of the people and organizations weighing on the "Obama /GOP Tax Deal." Also posted the article "'Tax Cut' Rhetoric Doesn't Cut It" by Dr. Thomas Sowell.

Everett Wilkinson and his team at the South Florida Tea Party have put together some good information and the following simple synopsis of the Obama / GOP Tax Deal called
"The Good, Bad and Ugly":
Good - Individual Tax Rates Remain the Same
Good - AMT Remain the Same
Good - Capital Gains Rates the Same
Fair - Estate Taxes Go Up For Some ($5 Million Exemption)
Bad - Only Good For Two Years
Bad - Unemployment Benefits Extended
Ugly - $200 Billion in Stimulus Spending
Ugly- Dozens of Earmarks for Special Interests

Obama / GOP Tax Deal:

01 & 03 Bush Tax Cuts $364 billion
AMT Patch $137 billion
Payroll Tax Holiday $112 billion
Estate Tax Change $68 billion
Unemployment Extension $56 billion
Tax Extenders $55 billion
2009 Tax Relief $43 billion
Expensing Provision $22 billion

While we need the tax relief to prevent a recession and giving Washington more of our money, in my mind the deal being cobbled together every day is questionable with its numerous earmark spending programs added by the liberals as their cost for agreeing with  "the deal." First, this is not a tax cut, but is in fact a massive tax increase. Second - Heck! the liberals are not buying into anything; they just want to spend more of OUR money even if it runs us into more debt. That is why, I used the picture yesterday of the "Obama Debt Star."

What do you think we should do? The South Florida TEA party has a simple poll to provide feedback on your opinion. I suggest doing so at their site. It gives you the following options to the question:
Do you support the "Bush Tax Cut Deal" between Obama & GOP?
  • No - We don't want any deals - keep the tax rates the same without any "deal" and accept job losses & possible major recession.
  • No - We can make a better deal between now and January.
  • No - We can make a better deal with the new Congress in 2011.
  • Yes - We can't afford to have a tax increase January, we can cut out the PORK in 2011.
  • Let's wait for a Bill before we pass judgment
Whether you take their poll or not, I would still like your opinion.
I promised to share my opinion. To keep from biasing you in your opinion any more than I may have done, I will post my choice as a comment to this article.

Tags: tax deal, Barack Obama, Republicans, Democrats, South Florida Tea Party, poll To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 5:09 PM - Post Link


Blogger Bill Smith said...

My Opinion:
No - We can make a better deal with the new Congress in 2011.

Anonymous John Allison III said...

I agree Bill. We can make a better deal with the new Congress. More importantly to me though is the fact that we NOT compromise our core principles by extending unemployment beyond its already nearly two years of benefits.

We're setting the foundation to turn unemployment insurance into a permanent entitlement. This also works contrary to conservative values by discouraging people to be industrious and find work. In effect, extending unemployment benefits extends the length of time one is unemployed in too many instances.

Blogger Publius said...

No - We can make a better deal with the new Congress in 2011

I don;t know why we are even dealing with a zombie congress right no. We should just be trying to stop every move it makes.

Anonymous Vernon Humphries said...

The same, of course is true for the Death Tax -- what have the Washington bureaucrats done for me that I should love them more (and give them more) than I love and give my children?

Anonymous Christine Keller said...

Are you serious? Obama/GOP tax deal, the "good"? How can there be anything good about it? It's not a deal at all, and it is exactly why people were so angry at Republicans in 2008. Remember that? It's not because the Republicans were too conservative that they lost elections in 2006 & 2008. It's because they keep trying to compromise with the left, when it is not appropriate to do so. This so-called "deal" will only continue SOME tax cuts temporarily, and the cost is so high in massive pork spending that it will undo any supposed benefits from a temporary extension of tax cuts. Republicans were elected because people are angry about all the ridiculous spending/taxes/generally out-of-control government, not so they could immediately get to work passing more "stimulus" bills! This may be the Republicans' last chance to ever have power again, and it looks like they're already blowing it!! This is a no-brainer. Simply let the Bush tax cuts expire since even Obama admits that would be bad, and then start over in January with the new Republican House and more Republican control in the Senate when you have a chance to actually get it done without having to sell us out like this. Why is this even being debated?

Anonymous Mark said...

Here's what I think should happen.

Let the "Bush tax cuts" expire, even though after 8 years they aren't tax cuts...they are law.

When the new Congress convenes, they bring up the tax cuts, extend them and make them permanent.

No Ear Marks or any other political insinuations.

Make the cuts permanent and let the unconstitutional Entitlement Programs die their death of no funds.

Anonymous Christine Keller said...

The message from Jim DeMint [referenced in Both Conservatives and Democrats Are Divided Over Supporting the Tax Deal] is the best explanation I have found about why the new "tax deal" is very bad. It is turning into yet another "stimulus" bill, which is a disaster and reminds me of why the tea party movement was born in the first place--it's about NO to spending, NO to more taxes, and getting back to the Constitution. This is not why Republicans won the recent elections--so they could immediately start compromising and passing more "stimulus"!

Call Mark Pryor, (202) 224-2353, and Blanche Lincoln, (202) 224-4843 and tell them "NO DEAL!" Why not remind Mitch McConnell as well about what voter anger is about? Here's his number: (202) 224-2541


Anonymous Johnson said...

THEY WERE CUT long ago, 2001 & 2003.
THE current RATES should be continued.
NO death tax increases for anyone.
NO earmarks, now or during the moratorium on them.
OBAMA NEVER makes a deal that IS NOT to HIS advantage.
The "House" got snookered by Obama.
The sky WILL NOT FALL if nothing is done before the 112th Congress
takes office.
The voting public, the Tea Party has spoken. Better listen!

Anonymous Anonymous said...

Eric Erickson on RedState says:

I think the GOP needs to kill the tax compromise.

This is not a hill to die on. It is certainly a gamble. Those who support the deal argue that it is too great a gamble to assume we could get a better deal next year when the number of Republicans in Congress increase and the GOP takes over the House.

They say that the deal is reasonable and we can hope for no better on the estate tax increase. But that argument defies all sorts of rhetoric.

Supporters of the tax deal say that increasing the estate tax from zero to 35% is actually a tax cut because otherwise the estate tax will go up to 55%. But at the same time they are arguing that keeping income tax rates frozen is somehow a tax cut because otherwise those rates will go up next year.

There is a general inconsistency there.

In effect, what we are arguing about is keeping the income tax rate the same in 2011 that it is right now.

Let’s be clear, Congress can retroactively fix this if the deal fails.

it is not a hill to die on. There is lots of uncertainty. But I am willing to take the gamble that any deal we get next year will be far better than any deal we get this year, when such a deal depends on making it palatable to Nancy Pelosi.


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