Comments on: Tax cuts, Oprah-style A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: GeorgePajamas Mon, 13 Dec 2010 16:45:19 +0000 I’ve read your blog on the tax act extension(oops forgot you call it a taxcut)and found it very misleading. first of all these tax brackets have been in place since 2001 and 2003. For almost 10 years and the unemployment extension is only the 6 th one since 2008. You make it sound like the unemployment checks are going to go for buying new products. On the contrary they are going to first pay the rent,second food for the table,third gas for the car,fourth cable tv and fifth other bare essentials. Now that just keeps the economy where it is and makes it no better.

On the other hand giving business the information they need to decide what direction they are going to next year is what this bill will do too. If I’m a business ownerI want to know how much my taxes are going to increase or decrease this year. Despite what the democrats think businesses include the cost of paying taxes into the cost of doing everyday business.(Psst..that’s passed on to the customer in what they pay for a product)

Finally this is not a tax cut but maintaining the same tax brackets the way they have been for 10 years. If it expires then it will be a tax increase. By the way since millionaires all sit back and save there money must mean the bum down the street must be hiring to write graffeeti on rail road box cars. Where is your logic????

By: hsvkitty Sun, 12 Dec 2010 01:35:22 +0000 @funnyfu70, almost as funny as the Oprah line. And sadly, also too true….

“I wonder what the rich will do with their extra 200,000 for the year…..I bet they will immediately create jobs, just like they have in the past 10 years…”

By: funnyfu70 Thu, 09 Dec 2010 00:04:08 +0000 e majority of the country did not watch the debates, so they honestly do not know what situation the president was put in…… why sugar coat the process at he press conference….tell it like it truly was….for christ sake place the blame, say names…make a face, do something. I wonder what i will do with my 600 extra dollars for the year……I wonder what the rich will do with their extra 200,000 for the year…..I bet they will immediately create jobs, just like they have in the past 10 years…..

By: DanHess Wed, 08 Dec 2010 17:57:54 +0000 Deflationistas may need to pack up their bags and go home.

What seemed obvious to me is just dawning on die-hard deflationists like Mike Shedlock.

Yes, yes, in theory if the government did absolutely nothing and let the credit crunch happen we in a big deflationary spiral. But one of the greatest economic lies ever told is that once deflation catches on it cannot be stopped. The opposite is true: it is inflation that has often jumped the rails without warning.

Even with Q.E. there were arguments of ‘yes but the money is not reaching the *real* economy because there is no lending.’

Well here we are: New, printed money is buying newly issued treasuries to finance tax cuts that go straight into the real economy. The chance of the Fed selling these treasuries back into the market soon (or ever) is practically nil so it really is new money.

It takes mere days for the Fed to decide on Q.E. and mere weeks for pols to agree to deficit-financed tax cuts. And this in a climate of tough new fiscal resolve?

There is a reason why sovereign inflationary crises outnumber deflationary crises by about 100 to 1 in the history of nations.

By: 2Cents Wed, 08 Dec 2010 03:17:31 +0000 I’m very disappointed in Obama. I thought he had a backbone.

By: FelixSalmon Wed, 08 Dec 2010 02:13:28 +0000 Hm, if I get extra cash next year, that means extra cash for the next couple of years since next year is part of the next couple of years? Maybe. But, point taken. I should have said for the next year.

By: Curmudgeon Tue, 07 Dec 2010 22:33:37 +0000 >> nearly all of us will end up with extra cash for the next couple of years . . .

Your elitist roots are showing again, Felix. I don’t fall into the category of people with a taxable income of over $250K, and I suspect that most of your readers don’t, either. These are the only folks who will see more cash for the next two years.

By: MadAsHell2 Tue, 07 Dec 2010 20:29:21 +0000 Just have to second ottorock’s comment!

“This is tax cutting, Oprah-style: you get a tax cut! And you get a tax cut! And you! And you! You all get a tax cut!”

WAY too true!!

Problem is, of course, how the hell to pay for all this!!!!!
Unlike Oprah’s show, wherein the sponsors, or her, purchase all the cars they give to the studio audience …

In a microcosm, that is PRECISELY the problem with the United States as of late 2010: we all want it, we all want it for free, and we all want somebody else to pay the tab!

What is worse, profoundly sadly, is it also seems we don’t, generally, want to share one single bit of it with anybody else — to pay for any “commons”!

I, for one, am most desirous, for example, of de-funding my personal portion of the wars in Iraq, Afghanistan, and Pakistan! The U.S. Federal government could use my taxes to fund education, green energy, jobs, etc. instead!

I am, however, in favor of continuing to fund my local fire and police departments.

Sadly, WObama does not seem to care much about my preferences … (as long as Wall Street is happy, he is happy! so it seems)

By: BeautifulBible Tue, 07 Dec 2010 18:54:45 +0000 IT is called “Deception” and “Fraudulent Politics” for money and power.

The Bush is one of most insane greed and fraudulent mislead in history.

By: Dollared Tue, 07 Dec 2010 17:26:54 +0000 zotdoc, the reason why 40% of the population pays no *income tax* is because they pay 15-20% of their income in social security tax, state sales and property taxes, and in user fees that have been added to their burden in the last 30 years of starving the baby.

Remember, if your family makes $50,000, you are making less in real dollars than you made in the peak of American middle class well being, the Jimmy Carter years.

Very simply, $50,000 does not support a family of four in the United States.

Of course, the villain in this is health care costs and deunionization, but you probably opposed health care reform and hate unions……