Senate Budget Vote Rejects Bush Tax Cut Extension

[Army_of_One]

The chamber voted 52-47 to reject a move by Sen. Lindsay Graham, R-S.C., to extend Bush's tax cuts for middle- and higher-income taxpayers, investors and people inheriting businesses and big estates.

Obama and Clinton both promise to reverse Bush's tax cuts for wealthier taxpayers, but the Democratic budget they'll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.

Across the Capitol, the House resumed debate on a companion Democratic measure predicting larger surpluses while allowing $683 billion worth of tax increases over five years with the expiration of Bush's tax cuts.

Under both Democratic plans, tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent.

These are just highlights...you can read the entire article here...

FOXNews.com - Senate Budget Vote Rejects Bush Tax Cut Extension - Politics | Republican Party | Democratic Party | Political Spectrum

[Army_of_One]

What I don't understand is why the Dems would want to raise taxes on anyone with the economy like it is.

[bgrill]

I here that!

[Army_of_One]

Originally Posted by bgrill

I here that!

You would be surprised how many people are ok with a tax increase because I guess they can think that Uncle Sam can spend their money wiser and more efficiently than they can. It baffles me to no end why someone would actually VOTE for someone that will raise their taxes.

People on here complain all the time (I'm one of them) about city/county taxes (sales/property) and the like but when a cadidate stands up and says tax increases are coming....well....it's a head scratcher.

[bgrill]

I do not need anyone to tell me how to spend my money. I have plenty of ways I can spend it. With things the way they are right now, any money in my pocket is a good thing.

[Highwayman]

Originally Posted by Army_of_One

....Obama and Clinton both promise to reverse Bush's tax cuts for wealthier taxpayers, but the Democratic budget they'll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more.....

Yeah, tax them wealthy SOBs.

Originally Posted by Army_of_One

What I don't understand is why the Dems would want to raise taxes on anyone with the economy like it is.

They failed Economics 101.

Originally Posted by Army_of_One

You would be surprised how many people are ok with a tax increase because....

…because they are blinded by “the light” and think the increase will only affect someone else, not them.

[wordsmythe]

Bush tax cuts for his friends + Bush insane spending = Huge mess the economy is in.

[Army_of_One]

Originally Posted by wordsmythe

Bush tax cuts for his friends

Yes Wordy...that's exactly what Bush and Congress approved was tax cuts for JUST his friends.

That is ludicris Wordy. Instead of saying something stupid like that why don't you say something factual. I'm not a friend of Bush and I got a tax cut.

[Bubba]

You got a tax cut through creative government accounting. The REAL tax cuts went to the wealthy.

[Army_of_One]

Originally Posted by Bubba

You got a tax cut through creative government accounting. The REAL tax cuts went to the wealthy.

As they should....