Bush tax cuts

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Wealthy in Our Lifetime? Americans Say 'No Way'

Nearly half reject the notion of getting rich: poll

(Newser) - A new poll about taxes has stumbled on a sad fact: 47% of American voters say they'll never get rich, and only 37% say they could. After that, The Hill 's survey of 1,000 likely voters found that 47% support President Obama's plan to extend the...

Obama Fires Volley in War Over Taxes

Mitt Romney's rep calls it a 'dishonest attack'

(Newser) - President Obama publicly made his case today for extending middle-class tax cuts and scorned Mitt Romney's tax plans for targeting the middle class, Politico reports. "We don't need a president who's going to give himself a tax break, we need a president who's going to...

Democrats: We're Not Budging on Defense Cuts

Obama takes hard stance on defense cuts, taxes for wealthy

(Newser) - Democrats are digging in on two controversial points that could reverberate across the economy: The $550 billion in defense cuts kicking in next year and the expiration of the Bush tax cuts for families earning more than $250,000 per year. President Obama, Harry Reid, Nancy Pelosi, and other top...

Dems Buck Obama on Tax Cuts, Say $250K Too Low

Tax debate, election year politics, divide party

(Newser) - Critics are lining up against President Obama's push to let the Bush tax cuts expire for the top 2% of earners—and that's just in his own party. Democrats facing elections this fall are breaking with the president, arguing that Obama's proposed $250,000 threshold is too...

Obama on Bush Tax Cuts: 'Let's Do What We Agree On'

President argues we 'can't afford' cuts for the rich

(Newser) - Barack Obama gave a speech today outlining his argument for extending the Bush tax cuts for everyone making less than $250,000 a year, while allowing cuts for the wealthiest Americans—"folks like myself"—to expire on Jan 1. Republicans, of course, want to keep the cuts in...

Obama Wants 1 More Year of Bush Tax Cuts—for Some

Extension would apply to those families making less than $250K

(Newser) - This week's likely theme: the Bush tax cuts. President Obama is expected later today to call for an extension of the Bush tax cuts for one more year—but only for families earning less than $250,000 annually. The cuts are set to expire Jan. 1, and the opinions...

Team Clinton: Shut Up, Bubba
 Team Clinton: Shut Up, Bubba 

Team Clinton: Shut Up, Bubba

'He's 65,' explains one adviser of gaffes

(Newser) - Bill Clinton's recent barrage of off-message pronouncements—that Mitt Romney did good work at Bain and that George Bush's tax cuts should be extended —were so destructive to President Obama that even Clinton's own aides pushed him to make an embarrassing what-I-meant-to-say clarification, reports Politico . “...

Obama: I Won't Extend Bush Tax Cuts for Rich. Period.

'Could I be more clear?' asks Jay Carney

(Newser) - Bill Clinton may have said the Bush tax cuts should be extended for the wealthy, but the White House is adamant it won't happen, reports Politico . Asked aboard Air Force One whether the president would sign such an extension, spokesman Jay Carney responded: "He will not. Could...

Clinton Tries to Undo Damage From Tax-Cut Comment

Backpedals after calling for extension of Bush tax cuts

(Newser) - First, it was praise for Mitt Romney and his "sterling business career" ; now, Bill Clinton is again raising eyebrows after apparently straying from President Obama's message once more. Speaking to CNBC yesterday, the former president suggested that the country is currently in a recession and that the Bush...

Boehner Kicks Off New Fight Over Debt

He won't agree to raising ceiling without spending cuts to offset

(Newser) - Remember the nasty fight in DC last summer over the national debt ceiling? Get ready for round two this fall. John Boehner launched the first volley today, demanding at a fiscal summit that any increase in the ceiling be offset by spending cuts, reports the Hill . "When the time...

Buffett Rule: Just a &#39;Gimmick&#39;?
 Buffett Rule 'Scares 
 Conservatives' 
msnbc roundtable

Buffett Rule 'Scares Conservatives'

Chris Hayes hosts discussion on President Obama's tax plan

(Newser) - Chris Hayes hosted a feisty roundtable discussion today on MSNBC about the Buffet Rule, asking whether President Obama's attempt to tax the rich at 30% is just a "gimmick"—or, as Mitt Romney has warned, a needless "source of division."
  • David Cay Johnson, Reuters columnist:
...

Bush on Bush Tax Cuts: Wish They Had Other Name

Former president speaks at conference

(Newser) - George W. Bush has a problem with the Bush tax cuts: Namely, he doesn't appreciate the fact that they're called the Bush tax cuts. Speaking at the New York Historical Society for his own presidential center's conference on tax policies this morning, Bush noted, "If you...

Obama Unveils $3.8T Budget, Targets Rich

Budget would institute 'Buffett Rule,' boost infrastructure

(Newser) - President Obama officially unveiled his $3.8 trillion budget today, and as expected it draws a 2012 battle line, calling for higher taxes on the wealthy combined with spending measures intended to bolster the economy, the AP reports. "We built this budget around the idea that our country has...

If Supercommittee Fails, What Happens? Nothing

And failure is looking exceedingly likely

(Newser) - There’s a reason Capitol Hill isn’t in panic mode ahead of the supercommittee’s dreaded Nov. 23 deadline: because nothing will actually happen in the now-likely event that the committee fails. Turns out those massive spending cuts that supposedly serve as a sword of Damocles for lawmakers don’...

Bush-Era Policies Account for Most of US Debt: Washington Post


 Who's to Blame 
 for America's 
 Massive Debt? 
'post' analysis

Who's to Blame for America's Massive Debt?

Bush policies account for $7T: Washington Post

(Newser) - The United States started 2001 with a cozy nest egg of more than $2 trillion, and now the country owes about $10 trillion—but who's to blame? Put simply, Obama-era policies account for $1.7 trillion of the debt, and Bush policies for over $7 trillion, the Washington Post...

CBO: 'Profound' Challenges Ahead

Deficit should fall, but employment, growth remain low

(Newser) - The picture for 2011 is a glum one—a $1.3 trillion deficit, 9.1% unemployment rate—and it's not going to get much brighter in the next few years, according to a report by the Congressional Budget Office. In it, notes Politico , the CBO warns of "profound...

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,...

Happy Birthday, Bush Tax Cuts: You're a Total Failure

By every metric, the cuts delivered less than promised

(Newser) - This week marks the 10th anniversary of the Bush tax cuts, and Annie Lowrey of Slate is looking for reasons to celebrate. Unfortunately, she can’t find any. They’re “a failure in every conceivable way,” she writes. In 2001, Bush promised the cuts would create jobs, generate...

Paul Krugman: Budget Deficit Is Fault of Elite, Not Voters

 Blame Elite, 
 Not Voters, for 
 Deficit Mess 
paul krugman

Blame Elite, Not Voters, for Deficit Mess

Those 'lecturing' on deficit helped get us here in the first place: Paul Krugman

(Newser) - More and more people have been telling Paul Krugman that the budget deficit is the people’s fault: “Weak-minded politicians catered to the electorate’s foolishness.” But that viewpoint is not only “self-serving, it’s dead wrong,” writes Krugman in the New York Times . Instead, we...

House Progressives Release Their Own Budget

Ends Bush tax cuts, adds public health care option

(Newser) - As the budget debate continues, the House Progressive Caucus has released a plan of its own—and it's all about taxes. Their proposal would end the Bush tax cuts, add new tax brackets for millionaires, and raise corporate taxes. It would also add a public option to health care...

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