HOUSE DEMOCRATS SURRENDER; TAX BILL PASSES

by Vilmar

Looks like many Americans wont have to worry about their taxes going up next year:

The House late Thursday gave final approval, 277-148, to a temporary extension of the George W. Bush-era tax rates, delivering a significant but politically bruising victory to President Obama.

The $858 billion legislation now heads to the president’s desk for his signature. It extends the Bush tax cuts across the board for two years, slashes the employee payroll tax by 2 percent for one year, renews the estate tax and extends unemployment insurance benefits for 13 months.
The president argued the deal was the best he could get from Republicans who refused to budge on extending tax cuts for the highest-earning Americans, which Democrats wanted to end. The action by Congress prevents a broad tax increase from taking effect when the current rates expire at the end of the year.

The last votes Thursday capped a fractious three-week debate after Obama abandoned his Democratic allies in the House to cut a deal with Senate Republicans. House Democrats revolted over the pact, decrying the president for capitulating on one of his party’s signature domestic priorities: ending the Bush tax cuts for the wealthiest Americans.
“This basically concedes the argument to the supply-side Republican failed economic policies,” Rep. Peter DeFazio (D-Ore.) said.

Other Democrats denounced the bill for exploding an already soaring federal budget deficit. “Wake up and listen to the sirens,” Rep. Sam Farr (D-Calif.) said on the House floor. “I can’t believe you talk about this bill as fiscal sanity. It’s fiscal insanity.”

It’s amazing how democrats love to distort reality. Democrats have had two years to fix this economy and failed so what do they blame it on? Failed Reagan tax cut policies! With an entire planet full of countries now waking to the realization that taxing their people in order to give the lazy bastards in their society benefits is NOT the way to grow their economies and that’s the path democrats want to tread? Do you need more proof of their desire to destroy the country than to pursue failed policies in every socialist nation on thes planet?

Then there’s the argument that it’s going to raise the nation’s deficit. How can NOT changing a law that’s currently NOT bringing in any revenue all of a sudden be failing to bring in revenue? Because Congress was counting its eggs before they came out of the chicken’s ass, that why! The deficit does not need to go up at all. Congress just needs to do this:

John Boehner Concedes That Reversing Bush Tax Cuts For Rich Affects Just 3% Of Small Businesses

Greg Sargent picks up on House Minority Leader John Boehner’s admission that just 3% of small businesses be affected if the Bush tax cuts for the rich expire. Boehner made news by saying he’d settle for just a middle class tax cut if that’s all he could get.  Boehner was also asked to respond to the 3% figure in a report by the Joint Committee on Taxation.

BOB SCHIEFFER: Do you quarrel with that figure? Is that a right figure or a wrong figure?

BOEHNER: Well, it may be three percent, but it’s half of small business income. Because, obviously, the top three percent have half of the gross income for those companies that we would term small businesses. And this is why you don’t want to punish these people at a time when you have a weak economy.

Boehner’s camp is still framing it that half of small business income would be affected by reversing the Bush cuts for the wealthy, but the more important figure is how many businesses