Tucson Progressive

Pamela Powers Hannley, a progressive voice for Arizona

Extension of tax cuts: To be or not to be? (video)

Should the budget-busting Bush Era tax cuts be extended or not? This question has dominated the news in the last few weeks.

President Obama has said for months that the tax cuts should be extended for all income under $250,000, which include rich people’s income under $250,000. Republicans have been fighting hard to extend all Bush Era tax cuts– including tax cuts for the riches 1 percent of Americans.

Progressive pundits like Ed Schultz have been telling the President not to cave on this issue; Schultz has been lobbying for letting all of the cuts sunset– in the name of fiscal responsibility. This would force Republicans to fight for tax cuts for the rich in 2011 while at the same time they fight for cuts in government spending and government jobs– thus exposing their hypocracy on the issue of fiscal responsibility.

Unfortunately, Obama appears to be waffling around on this issue. Instead of sticking to his stated policy– only extending tax cuts for income under $250,000– he has offered several alternatives (ie, temporary extension of all cuts, changing the limit to $500,000 or $1 million, etc.) Get real. If these tax cuts are temporarily extended for 2 years, what is the likelihood of sunseting these tax cuts in 2012? Zippo.

I have a new idea. Rich and upper middle class people only pay Social Security Tax on income under $106,000. Yes, if you are a billionaire, only a tiny amount of your income is subjected to Social Security Tax. So, if rich people want tax cuts based upon their entire income, they should pay Social Security Tax on all of their income. Seems fair to me. It would also greatly help the Social Security fund.

For more analysis of the Cat Food Commission’s debit suggestions, the Bush Era tax cuts, fiscal responsibility, and how all of this affects us, check out the video below: “Did the debt commission get it wrong?”

[tnivideo caption=”Did the debt commission get it wrong?” credit=”MSNBC’s Keith Olbermann Show”]http://www.youtube.com/watch?v=Ogr1pYsLKfc[/tnivideo]

One comment on “Extension of tax cuts: To be or not to be? (video)”

  1. Pingback: Chris Hayes smackdown: GOP haunted by big spending, corporate favors (video) - Tucson Progressive

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This entry was posted on December 3, 2010 by in economy, Ed Schultz, George Bush, national debt, Politics, progressive, Republican Party, taxes, Trickle Down Economics and tagged .

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The Tucson Progressive: Pamela Powers Hannley

I stand on the side of Love. I believe in kindness to all creatures on Earth and the inherent self-worth of all individuals--not just people who agree with me or look like me.

Widespread economic and social injustice prompted me to become a candidate for the Arizona House, representing Legislative District 9 in the 2016 election. My platform focuses on economic reforms to grow Arizona's economy, establish a state-based public bank, fix our infrastructure, fully fund public education, growlocal small businesses and community banks, and put people back to work at good-paying jobs. I also stand for equal rights, choice, and paycheck fairness for women. I am running as a progressive and running clean.

My day job is managing editor for the American Journal of Medicine, an academic medicine journal with a worldwide circulation. In addition, my husband and I co-direct Arizonans for a New Economy, Arizona's public banking initiative. I am a member of the national board of the Public Banking Institute, and I am co-chair of the Arizona Democratic Progressive Caucus, the largest caucus of the Arizona Democratic Party.

I am a published author, photographer, videographer, clay artist, mother, nana, and wife. I have a bachelor's degree in journalism from Ohio State University and a masters in public health from the University of Arizona. I grew up in Amherst, Ohio, but I have lived in Tucson, Arizona since 1981. I am a proud member of the Unitarian Universalist Church of Tucson and the Public Relations Society of America.

My Tucson Progressive blog and Facebook page feature large doses of liberal ideas, local, state, and national politics, and random bits of humor. I also blog at Blog for Arizona and the Huffington Post.

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