Pelosi Proposing New, Two-Step Stimulus Package That Would Include A Permanent Tax Cut

• November 8, 2008

The big question is what kind of a tax cut is it? Is it an actual broad cut in income tax rates? Or is it an Obama-style “tax cut” that’s really a tax hike on Americans already paying the most taxes and a check in the mail for those already paying nothing?

House Speaker Nancy Pelosi says she wants to hurry up and enact a stimulus package of between $60 billion and $100 billion, and then establish a permanent, direct tax cut early next year to help the flailing U.S. economy.
“Let’s see if we can’t do something, working together now, that gives us a two month jump,” she told The Wall Street Journal on Thursday.
The tax cut would not include a capital-gains cut and Pelosi doesn’t want a tax rebate like before. Instead, she favors an adjustment to tax withholding tables that would put more money in workers’ pockets immediately.
Pelosi’s aides later said any decision would be linked to both payroll and incomes taxes.

I don’t think the federal government can afford to be sending out any more checks, and certainly the economic impact of the last round of stimulus checks was short-lived. At best.
The tax cuts interest me though. Could tax rate cuts be in the works? And if so, how do Democrats plan on cutting tax rates without *gasp* giving tax cuts for the rich? The people who pay the highest rates and the most taxes?
The only way you can give the people Democrats define as not being rich a tax cut is by eliminating their tax burden altogether or sending them a check in the mail. Which isn’t so much a tax cut as welfare.

Tags: Politics

http://Array Gonzo

Based on what I read above there is “NO” tax cut. “she favors an adjustment to tax withholding tables”, this just lowers what I pay in every paycheck. My Taxes remain unchanged and it just appears as if I got more money. Same smoke and mirrors they always do.
bill-tb

Hey, we have voters to pay off, now.

A tad transparent isn’t it nanny.
sayanything-2407

First thing I said to myself when I saw the title of the post was, ‘What’s the catch?’

Democrats are notorious for NOT giving money back, but in raising taxes, so when I hear they are cutting taxes, makes me wonder what the catch is.
http://writertotheworld.com/ Writer to the World

We have to get money circulating through the economy again for any stimulus package to work. That ciculation has shut down, and until it moves again, we will remain where we are.

I’ve outlined a proposal based upon the highly successful emissions cap-and-trade system that is credited with halting acid rain. It maximizes the amount of money going through the economy while minimizing waste. The URL is http://writertotheworld.com/consumer-cap-and-trade-stimulus/

I highly recommend every American to read it, because throwing money at things has never worked. Let’s try something new that is based upon other successful models.
http://sayanythingblog.com/profile/pcND pcND

If they did permanently enact a tax table rate cut it would be tough not to support that as a conservative, with the precursor that it wasn’t going to include a 5% increase in the top rates to Clinton’s 39%
http://www.bikebubba.blogspot.com/ Bike Bubba

Increase the standard exemption and dependent deductions to the same level we enjoyed back in the 1950s!

That was, for reference, part of the McCain plan. :^)
http://www.rabidamerican.net/ Rabid American

She needs the money, I guess….
http://www.rabidamerican.net/ Rabid American

If you’re making over $50k,
1) Bend over
2) Grab your wallet….

There, 2 steps…..
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

Remember, we’re dealing with shysters here; it all depends on what the definition of “is” is!
Jerry

Obama-style “tax cut”

Uhh… Duh?…
BO just got elected by promising to raise taxes. And, out of the other side of his mouth, he called it a “tax cut” for 95% of actually, nonexistent tax payers.
Someone please come beat my head against the wall on the side of it still intact, if you understand this.

Peolsi’s trying to learn the “Trick“
Mickey

The tax cut would not include a capital-gains cut

Of course not. We wouldn’t want to endorse risk taking independent investing would we? Nooooo, let’s keep people dependent on government so we can control THEIR money.
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

Instead, she favors an adjustment to tax withholding tables that would put more money in workers’ pockets immediately.

What will happen April 15, when they have pay more because not enough was withheld?
Jackass Jimmy

So… now we have gotten ourselves into the habit of sending out so-called “stimulus checks”… which really are just gubment-controlled rations of money… a government controlled distribution of wealth…

Da.

Socialists don’t cut taxes. Look for another attempt to further shift the burden of taxes onto an increasingly smaller portion of the population in the name of “saving our economy”.
http://sayanythingblog.com robport

If it’s a good tax cut, conservatives should absolutely support it.

The question is, will it be good policy? And what else will be attached to it?

SayAnythingBlog.com

Pelosi Proposing New, Two-Step Stimulus Package That Would Include A Permanent Tax Cut

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