For months now, U.S. President Barack Obama watched as the expiration date for the Bush tax cuts drew closer and closer – with no signs of compromise among Congressional Republicans.
So in an attempt to beat the Dec. 31 deadline – and the big tax increase facing American individuals and businesses – President Obama on Monday struck a controversial compromise with Republicans.
Pundits are now questioning his call. Did President Obama cave to pressure, or did he pull off a sly political coup? Will this decision aid a still-struggling U.S. recovery, or will it add to the mountain of existing U.S. debt and stick future generations with the tab?
Needless to say, the deal has fired up tempers on both sides of the political aisle.
President Obama's outlined tax deal includes a concession to Republicans with a two-year extension on all Bush tax cuts. This goes against the president's seemingly steadfast opposition of continued tax breaks for individuals earning over $200,000 and families over $250,000. But with a rapidly approaching deadline, President Obama said he feared dragging out the debate would result in a stalemate, allowing the tax cuts to expire on Dec. 31 for all taxpayers.
"It's not perfect, but this compromise is an essential step on the road to recovery," said President Obama. "I am not willing to let working families across this country become collateral damage for political warfare here in Washington."
While the surprising agreement with Republicans brings the country a step closer to resolving the great Bush tax cuts battle, it infuriated some Democrats. They plan to fight hard against the proposed solution, saying President Obama gave in too easily to Republicans and hurt party unity.
"I can tell you with certainty that legislative blackmail of this kind by the Republicans will be vehemently opposed by many, if not most, Democrats," said Rep. John Conyers, D-MI.
Democrats also feel the proposed estate tax revision is too weak, taxing 35% of estates totaling over $5 million.
President Obama was able to negotiate a 13-month extension of long-term unemployment benefits, a one-year reduction in the payroll tax to 4.2% from 6.2%, a childcare tax credit, tuition credit and business tax breaks.
But many thought President Obama would never accede to the Republican demand to continue tax cuts for the richest 2% of Americans.
"Everything President Obama has done has signaled weakness and has sent a signal to Republicans that if they block tax cuts long enough, at the end of the day he will pass whatever comes across his desk," said Adam Green, an official with the Progressive Change Campaign Committee. "That is not how you negotiate."
Democrats also argue that if they now prevent the proposal's approval, they will be blamed for expiring tax cuts, when the Republicans could have allowed a deal that removed breaks for the country's richest taxpayers.
"The facts of the matter are the Republicans have run circles around us on messaging recently," former Rep. Martin Frost, D-TX, told NPR. "The best the president can do is say, ‘We did not harm; we did not make the economy worse.'"
Experts estimate the bill will cost $700 billion to $800 billion, roughly equal to the $787 billion stimulus package that the Obama administration signed in 2009. And this new deal will add significantly to a U.S. deficit that's already estimated at $1.3 trillion.
But on the flip side, some economists predict the tax deal will provide a much-needed economic stimulus.
"The proposed temporary tax cuts and spending increases will provide a substantial boost to growth in 2011," said analyst Mark Zandi from Moody's Analytics. "Instead of another year expanding at no more than the U.S. economy's potential growth rate, real [gross domestic product] GDP growth will accelerate to 4%, job gains will pick up to 2.8 million, and the unemployment rate will decline to around 8.5% by year's end."
This brings us to next week's Money Morning "Question of the Week: How do you feel about President Obama's proposed tax deal? Was it a shrewd maneuver, or did he cave to Congressional Republicans? Will it help or hurt the U.S. economy? How will it affect you and what – if anything – would you like to see changed in the proposed tax bill?
Send your answers to mailbag@moneymappress.com. We want to hear from you!
[Editor's Note: Is there a topic you want to see covered as a "Question of the Week" feature? Then let us know by e-mailing Money Morning at mailbag@moneymappress.com. Make sure to reference "question of the week suggestion" in the subject line.
We reserve the right to edit responses for length, grammar and clarity.
Thanks to everyone who took the time to participate – via e-mail or by posting their comments directly on the Money Morning Web site.]
News and Related Story Links:
- Money Morning News Archive:
Bush Tax Cuts Stories
- The New York Times:
Tax Deal Suggests New Path for Obama - The Wall Street Journal:
Deal Struck on Tax Package - NPR:
Democrats Frustrated Over Obama Tax Deal With GOP - Money Morning News Archive:
Question of the Week Feature
Here Are 10 “One-Click” Ways to Earn 10% or Better on Your Money Every Quarter
Appreciation is great, but it’s possible to get even more out of the shares you own. A lot more: you can easily beat inflation and collect regular income to spare. There are no complicated trades to put on, no high-level options clearances necessary. In fact, you can do this with a couple of mouse clicks – passive income redefined. Click here for the report…
Wake up people. Obama is a corporate shill.
Obama talks like FDR, but he walks like Marie Antoinette.
Deal with it.
Democrats filibuster Obummer's tax cuts to the rich! Filibuster or be out of office in 2012! Bernie Sanders for President!
No matter what the spin is, a continuation of the tax rates is not a stimulus, and we are digging the hole even deeper. Once again the back room deals have proved that our politicians are not looking after the middle class so much as they are the ultra wealthy. A true stimulus would focus on JOB creation in the US. How many new employees will Warren Buffett or Bill Gates or Sean Hannity or any highly compensated hedge fund employee hire because their tax rates were extended? Will they hire more of our newly graduated and unemployed college graduates? No, they will not increase domestic spending, but will look at ways to maximize their personal wealth by investing in Asia. I thought the republicans were all about ending deficit financing. If supply side economics worked we wouldn't have an unemployment rate of 9.8%. How about figuring out a way to pay for this? Start by getting out of Iraq and Afghanistan NOW not in a few years or never. I thought the election message was for fiscal restraint no more give-aways.
You're funny, Alice … "no more give-aways." You actually believe that the wealth of the people BELONGS to the federal government! Why don't you actually think through a logical and REAL worldview (especially where economics is concerned) and not what you wish the world was like.
Oh, and "supply side economics" only works when business is not tyrannized by government intrusions via oppressive regulations and interventions that disrupt the efficiencies of the marketplace. Everything government tries to do in the marketplace to "regulate" it is a guess. It has no frame of reference because it doesn't produce anything and has nothing to measure against when issuing "divine" edicts for the marketplace to act in a certain way. Business only succeeds when the bottom line is never compromised to the "compassionate" nature of liberal policies. Business is in the business of supply and making a profit; not to give people "jobs". That's the reality which of course you don't like; probably because you're an employee.
And by the way, looking to government as the "savior" of the people as you seem to do is inane. The "savior" when allowed to take unrestrained power becomes a devil.
Job creation is not the task of the federal government as is also the raiding of the public treasury to give financial payments ("entitlements") to those who don't have a job or don't want one.
Alice, you seem to have a good grasp on the situation. As long as we have a government comprised of legislators who are dependent on contributions from special interest and "fat cat" people looking to gain from the graft of federal government, the common man will suffer. The rich have "raped" the system for the last century and we have let them by electing the candidates they have picked for us. Why should it cost millions of dollars to get elected to office for jobs that pay $300,000? No wonder these elected officials can't balance the budget. They have so many special interest groups they have to pay off that they can't be bothered worrying where the money to keep those promises comes from. Let the future generations worry about paying for that. Yes, that is what got us in this situation and until we turn the system around, we will only go deeper. OR, WE WILL FALL!!!
I would willing trade raising rates on $1 million up incomes for eliminating unemployment benefits for those who have been sitting on the couch or working every day and taking the money under the table for the last year. To me that sounds like bringing money into the coffers and plugging a big hole where it is leaking out. Americans have become too soft. We already act like a socialist nation expecting the government to fix everything. I was born in the 1930's depression. My dad walked 5 miles to work everyday and then 5 miles back to save the 5 cent trolley fare. My mother worked 2 jobs 6 days a week. They managed to feed us and keep a roof over out heads without government intervention. If you can't find a job, then create one!!! Find a need and fill it. If you are good at marketing, offer to work free for a company for month to let them see you can bring in enough income to pay for your salary. I know this one works because I've used it. If your entire town is out of work as some claim, move. In short, be a part of the solution instead of continuing to be part of the problem. And CONGRESS, STOP SPENDING.
I wholely agreee with Alice in that we are digging the hole that much bigger. How about alternating the unemployment payments by the quarter. Make it so that after 3 months you sit out a month or even a quarter; and just alternate between the two; if unemployment benefits were not a given (without breaks of no payment) I bet more people would find or create their own jobs! It would save us billions in unaffordable funding by "sugar daddy" China.
Sure it means more paper work but the employment agency is being paid to work for us. Tracking people should not be a problem.
There should be no tax cut and no extension of benefits. I am not a Scrooge, but the longer we put of biting the bullet the worse it is going to be. Check your history. No country has ever bought its way out of a recession and this time is NOT different. If we don't tighten our belt now, we will be subject to sovereign default like Greece and Ireland. Think the riot in England was bad? If we don't get our house in order, you ain't seen nuthin' yet.
It doesn't matter what Obama does , he is destined to fail. The U.S. political system has become the laughing stock of the rest of the world. Niether party has the interests of the American people at heart. The only thing they care about is that the other party doesn't succeed. Sure the rich don't deserve any tax cuts,but where were the democrats when it came time to pass a meaningful heathcare bill,they were fighting against Obama , their own leader. I believe deep down that all the Obama opposition on both sides is racism.
I agree with Jay. I know of 4 people on unemployment and they refuse to take a job that pays less than they made before they were laid off. Those jobs are gone! They may never make that money again, so they need to adjust to a new income level. If the government would discontinue unemployment benefits, the 99 weekers would take the jobs that they have been snubbing their noses at and the unemployment rate would drop because all of those people would be pushed into the work force, albeit at lower wages. And treating unemployment as a stimulus is absurd. Only the government could conclude that giving $1 to an unemployed person will guarantee a $1.60 boost to the economy. If that $1 is being borrowed from China, then the government will pay interest on the loan. If it is assumed that a working taxpayer will provide the $1, then that taxpayer is deprived of the right to spend that $1, so it's not a gain at all. And besides, stimulating the economy through unemployment hasn't worked for 2 years now, so why would 1 more year and another $60 million in debt help the recovery? The only thing good about the tax deal is the extension of the tax cuts, and while the current tax rates haven't stimulated the economy either, at least it will keep the rates from going up and making things worse. The government needs to drastically reduce current spending, especially on entitlement programs, forbid any additional spending and lower corporate tax rates to encourage businesses to stay in the U.S. It's the only way!
What U S President Barack Obama should do is let the Bush tax cuts expire on December 31, 2010 for everyone. That way everyone shall assume their fair share and pay higher taxes to bring our fiscal budget under control and not add to our federal deficit. Everyone will have less money to spend and must find some way to make up for the lost income. They would have to be more creative and find some way to generate more income to make up for the income that will be going for taxes. It may mean starting a new business or expanding current ones. They would be energized to work harder and longer. It may mean they might have to be more courageous and look for higher paying jobs by willing to relocate to other cities or States. It means doing anything that would push people to strive harder and get them out of their positions of comfort. This is real stimulus to motivate our work force. And who knows? It may even spur our sluggish economy and give it a big boost.
Our economy which is on the road to recovery will be better off if we have a more productive work force. No free lunches. Cut them off. Unemployment benefits that have been extended many times should be cut off. Those on extended unemployment should be forced to look for work to put food on their tables, even if it means working at fast food places, cleaning toilets, pumping gas or holding two or three menial jobs. Show the world America is tough and will bite the bullet to put its house in order.
There is no easy way out of this. If the US does not do it now, all it is doing is delaying it for the next two years, and it may become harder at that time to fix our fiscal mess and forever increasing federal deficits.
Bush tax cuts were poor decisions. Going to war in Iraq was costly and based on faulty premises. President Barack Obama should undo those damages and steer the country on his own path, not follow the path of his predecessor, which will only lead to his own demise, again, whether he knows it or not, like his predecessor.
The US economy grew under the old tax policies of former President William F. Clinton's administration. Why shouldn't it be any different if we go back to the old tax schedules? We did it once. Why can't we do it again, especially now? Tough times demand tough decisions.
Has the Obama administration studied this option?
It is more politically expedient to extend the tax cuts. The end results, however, do not look good choosing the easy way out.
As a progressive this may shock you but I want the tax cuts to expire . History has shown this country has had recessions or worse following periods of low taxes. It is very simple. When a business knows it is not going to get taxed on profits it doesn't spend money on building, equipement , tools employees etc. Let the rich get their tax cuts the old fashioned way , deductions on spending.
Barry,has chosen to lay a trap for republicans in two more years as he claims that the free market has once again let the American public down.It has not! There is no tax break, OR FREE MARKET ,things will go on the same that they have these last ten years.The slight of hand comes in that there IS NO TAX CUT! lets TAKE THIS TIME TO ADJUST THE TAX FOR EVERYONE TO 12% ACROSS THE BOARD.Every one pays from the largest corporation to the folks on welfare,that will stimulate this economy better than anything Barry and his buddy's have in plan for us.Which is control everything you eat,read,and do,that's not America folks.Stop the unemployment at 26 weeks and lets reinvest in manufacturing again!oH YEA AND THEN SHRINK government BY 20%!
When the country was growing, Capitalism worked and worked well in developing are great nation. Now that is much more mature {both the country and our brand of capitalism} and with a goal met by the superrich and big corporations,of a closely tied world economy denominated by themselves and for the benifit of themselves. It is destroying the vast numbers of middle class in both Europe and in the USA. World capitalism is improving the lives of many in underdeveloped nations in the 2nd and 3rd world, but it is destroying the lives of many middle class families here and in Europe. These ways of lives will never ever come back as demonstrated by the recent tax cuts for the wealthy on their estates and income at the expense of the average American citicen. The days of working hard and making a good decent living for your family are gone in the USA. The eventual outcome of this senerio will not be pretty for the wealthy in this country as we move more and more into a have and have not society!
I think the proposed Tax Deal is insane. I now believe in "Capitol Punishment!" Everyone in the Capital should be punished!
I now believe firmly in two-term limits. One in Office, the other in Federal Prison!
Barrack Obama, the man from Kenya is not qualified to be president. I support tax cuts, I am a staunch Ronald Reagan conservative. By cutting taxes, you encourage people and businesses to take prudent risks to stimulate the economy. i support this bill, but it will not hurt me to suffer tthrough two more years to vote all lying democrats out of Office. Once its found out he's not eligible to run or kold office, anyand all laws he implemented will be invalid, null, and void. The truth always prevails in the end. The democrats, socialists like Barry Hussein Obama, radical muslims, and communists all Lie!
Reduce taxes, the Tea party movement is real. TEA stands for taxed enough already!
The tax extension was a must,,,the unemployment iextension will only make that problem worse; however Rep. MUIST put deficit reduction as a #1 priority & make sure that the death tax laws are firmed up…@ 80 yrs. I don't have much time left to plan…Mr. O made a smart move to ensure that he "might" get re-elected….this is up to the Rep. now.
It is hard to believe the Republican leadership is so stupid. This is a very bad proposal and gives Obama another nearly one trillion dollars of deficit spending. Another chance for tis marxist/socialist to redistribute wealth. The support of this bill by the Republicans is an insult to the Tea Party and all true conservatives. The Republicans are back to the same old tricks-deficit spending, pork everywhere you look (just wait and see the load of pork on this bill when it is finalized). I am not so sure the actions of the far left is but a part of a scam to get the conservatives to believe they are opposed to the bill. I could go on for another hundred paragraphs but the bottom line is that the republicans are once again ignoring their conservative base including new tea party movement for politics as usual. They will pay the price next election since we will attempt to dump every old guard Senator that supports this bill and of course continue to clean up the House. Go ahead Rhinos, make our day. We will see you in two years!
Obama is flopping around like a fish. The tax cut should not be extended for the top incomes.
Even many of the very rich think they should pay more taxes. Why do you think they are giving it away in rhe form of massive donations?
Let's QUIT coddling WALL STREET and the BIG BANKS. LET THEM FAIL for their foolishness or whatever wrongdoing they have been doing and ARE UP TO. Get the government deficits under control, begin paying down our huge debt. Let us that are able make it on our own. Help those who cannot help themselves. HAVE GE MAKE LIGHT BULBS IN THE USA instead of in China, and do this for ALL THE CORPS making huge profits off of CHEAP FOREIGN LABOR.
LET US BE A RESPONSIBLE, LAW ABIDING NATION. Remember we have had it EASY for too many years. Now is the time to toughen up USA.
It is interesting that they want taxes to go up on individuals making $200,000 and more . . . Congress folks are paid 175,000 . . . . really!!!
The tax rates are just fine . . . and should be made permanent. We don't have a tax problem . . . we have a spending problem . . . stop the friggin spending, downsize govt . . . NOW!!!
Extending unemployment . . . no way . . . Denmark used to have long term unemployment . . . severalyears . . . a study found that those on unemployment didn't start looking till the last couple of month before it ran out.
Plutocracy rules and wins. The President, Democrats and Republicans are plutocracy's loyal servants. When will the Americans wake up and see the reality that their government is not theirs?
This was the best deal available to Obama. It is good for everyone. It maintains the status quo. It does not lower taxes. What congress must find a way to only spend money they have in hand. Not continue to plung the country into debt. Another question everyone will ignore is how to get everyone to pay income taxes no matter what your income is. Why soak the rich when so many people pay nothing.
Regan and Jack Kennedy both said the same thing. Taxes are not the reason for the national debt, spending is, period, this is nothing new. It's so amazing that the public never reads simple history. The Roaring 20ies were brought on by the first selling of items by taking down payments that had never been done until then.The 30ies followed, why? The so called housing mess ? Congress made the banks lower credit standards and the housing boom was on====Woops=== the bill came due. Forever the small banks have sold loans to big banks, that isn't new. Nor is it new when a stack of bad paper adds up==But, the public elects the people who spend there money and need to wake up to that fact. The last election proved, [ yes we can ]
The solid proof of what happens when you give the government money, print the record of where the so called stimulus was spent. Are there any Questions ?
I was sorry to hear that President Obama caved in, and agreed to extend President Bush's tax cut. The economy went into the dumpster during the tax cut years. At the same time we were spending billions supplying an illadvised War. This didn't seem to help the economy either. Perhaps the rich folks just pocketed the money, and didn't reinvest
I like the tax cut . I think they should have been passed 6 mounths ago so the companys would allready been on the road to recover. I also every congressman and sentor should take 15% pay cut along with there staff and all goverment workers and have all government workers be acountable for every day workand only pay congressman when they are in section and stop putting all of these earmarks in every bill that bring up.
Obama is doing everything he can do to destroy our country,
and some republicans go right along with him, and other are dupes.
His stimulus costs too much. They need to raise the taxes on the rich but give them tax breakes on expenditures that actually create jobs. We also need to put a maximum tax deduction on the interest decuction for home ownershiip and allow this deduction for only one home.
And what do you suppose that will do to the building industry?
Isn't it the height of irony that the President has put more money into the hands of the very people who spent records amounts in turning key election races against the Democrats on November and who will now have even more money to spend in defeating him in 2012.
I HAVE BEEN A REPUBLICAN ALL OF MY LIFE BUT I DO NOT AGREE WITH THEM ON THIS. I DON'T LIKE OBAMA BUT I THINK HE IS RIGHT TO TAX THE RICH. BY RICH I MEAN ANY
ONE MAKING OVER $1 MILLION A YEAR.
ALSO DO NOT LOWER THE SOCIAL SECURITY DEDUCTION. OUR NATIONAL DEBT IS A DISGRACE. OUR CONGRESS SHOULD BE HORSE WHIPPED AND THEN FIRED FOR THEIR OUTRAGEOUS SPENDING. WE ARE BANKRUPT AND NO ONE SEEMS TO CARE. I FEAR FOR OUR COUNTRY. THEIR SHOULD NOT BE AN EXTENSION ON UNEMPLOYMENT. WE DO NOT HAVE ANY MONEY. WAKE UP AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
B
America needs:
a. a low, flat federal tax on every American's earned income (wages, salary, commission, etc.), with no federal taxes on investment earnings (e.g., capital gains, dividends, and interest) and no taxes on overseas earnings
b. a substantial reduction in the number of people who receive entitlements and the dollar amount of entitlements.
c. a federal government that focuses on defense, foreign relations, and sound money.
d. a federal government that is not involved in social program spending – that is for the states (with voter approval) or for charities or for individuals
e. no income or wealth redistribution – e.g., not estate tax.
f. a much smaller – limited – federal government that encourages personal responsibility, not dependency on government
g. a federal government that recognizes that no one is entitled to another person's property, income, talent, labor, or creativity
The mainstream media is so lazy…all they do is practice their smile and read the talking points…they are suppose to be the citizens watch dog….Obama is a master a taking credit for something he really didn't do. More times then not he is really doing the opposite. I watch him because I think it is interesting to see people lie and how they do it…Obama just gave Federal employees pay raises every year for the past three years and then hold a press conference to explain that now Federal employees will undergo a pay freeze…it is all smoke and mirrors folks….and you can blame the republicans too…why didn't the republicans insist on cutting the capital gains tax??? I believe that would directly effect the unemployment numbers quickly for the better…but Obama wants a huge voting block made up of low income and political elite…..dependent on the government…once this is in place …good bye middle class. I think there should be a politicians tax that increases every year and elected official is in office. It is suppose to be public service.
-thomas
As for the tax cuts it is my opinion that the Republicans either were snookered or they are complicit in obama's big government scheme. The Republicans should vote down the compromise. The liberals have already caved in and admitted that tax cuts cause economic stimulus. After the first of the year present the Bush tax cuts intact on a stand alone basis. If obama vetoes them and he surely will, then make sure that every democrat that does not vote to override his veto is held accountable. For a democrat to say he/she is worried about the budget that train has already left the station, their stance on obamacare is their albatross. The un-employeement payments extended? A joke. Everyone knows that when push comes to shove he/she will get a job. The president's advisor, Larry Summers has written studies that showed how benefits extend the un-employeed woes. This solution is so easy but the rock stars in Congress will once again show who they really care about, themselves. 2012 theyw ill be held accountable.
I am very wary of Obama's optimism about this thing. What did Republicans offer to get Obama to come around like he has? I have read that one of the deals was that Republicans would not prevent funding for Obama's healthcare program. I am very much against the estate tax, as it destroys farms and small businesses. The federal government has no business taking over even 35% of a family's estate simply because of a death.
In my opinion Obama is the biggest fraud ever perpetrated on the American people because he refuses to prove his eligibility to hold the office of president. Instead, he spends millions of taxpayer $ to block every attempt to discover the necessary documents to confirm or deny his eligibility. The media totally abdicated their responsibility and he has never been vetted. What is he hiding? When the eligibility issue arose the necessary documents were immediately provided by John McCain but Obama has never produced them and blocked all attempts to do so. I respect John McCain the warrior but I am no fan of John McCain the politician. However, until the eligibility issue is fully resolved I will never believe anything Obama says.
These tax cuts were controversial enough when Bush passed them back in the early years after 2000. But now that we are used to them we are hooked, deficit or no. The problem with democracy, though the best system of government, is that it is prone to immediate gratification and short- term solutions. We will need some hard line austerity if we are to get out of this debt hole that we have spent ourselves into.
Suspending social security taxes for one year will not stimulate the econony enough to offset the increased indebtedness, that is already too high, for that program. Extending the other existing tax rates for two more years may help but, what we need is good long term and stable tax policy so that everyone can make sound decisions. This constant uncertainity about tax policy is detrimental to everyones attitude about the future of this country.
Tax cuts for anyone is NOT a giveaway! They earned that money, not print it out of thin air like Mr. Bernanke. Why should other people (or their govt.) be entitled to take it away? Folks who like to argue "fairness" in all things political, such as forcing companies to hire certain individuals regardless of qualifications in order to have a "diverse" workplace, or to have policies in place that are "sensitive" to the needs of every variety of human extreme, are strangely silent when it comes to the flat tax, the fairest system of all. Everyone would pay the same low rate, 10% (or thereabouts), no ifs ands or buts. Know why? Because the current system is highly unfair to the most productive members of society (1% who pay the 90% of taxes), and they like it that way, and won't admit it!! And don't forget about the death tax. These are the same people who like to remind everyone that we as a society can be judged by how we treat the most helpless among us. The estate tax is stealing from the dead, who have worked hard an entire lifetime and have already paid taxes on their savings. Who among us is more helpless than the dead?
The deficit is not going to go away with more debt. It will require job stimulus and some tax increase. The 1 million cap would have worked better. It should also be permanent so we don't suffer every two years. Every government department can cut a certain percent. I used to work at the largest Florida electric utiility company. In 1995 I was asked to cut 30% and if I could not come up with a plan, to let them know and they would get someone that would. I had a 5 million budget. We looked at everything and cut the 30%. It affected all the areas, some employees, work rules were changed, work headquarters were shared with other depts., clerical duties centralized, crews replaced contractors doing capital expenditures etc. The point is IT CAN be done.
What's with all the deals? They know what the American people want, and that is to keep more of their own money. How dare they call it a tax cut? It's just not raising our taxes to an
exorbitant level. How nice of them to let us leave 65% of our money to our heirs. They're all a bunch of thieves. AND they're going to spend another 59 billion. We'll never recover when
Congress and the president keep spending money we don't have. You have to wonder who's
side they're on.
VERY SIMPLE – NO ESTATE TAX BREAKS. Otherwise lets get the money flowing !!!! (smile) Our economy need it. PERIOD !!!! END OF DISCUSSION……………………
20% of the cost of this tax "deal" goes to the richest 1%, I believe that if that same money had gone to the poorest 1% then it would have provided greater benefit to the American economy. The only downside would be the uproar that my proposal would be unfair!