Yesterday was our last chance. . .

[Gaspar]

Sneaky sneaky, welcome to Chicago.

Two votes yesterday.  Both voted down by a vote of 58-42.  That was the last chance for Congress to make good on their (and the President's) word "not to increase taxes one penny for those making under $250,000 a year." 

(1) a permanent extension of the current marginal income tax rates with instructions to offset as necessary through spending reduction
and
(2) a permanent extension of individual income tax rates for small businesses with instructions to offset as necessary through spending reductions.

Democrats approved tax increases on all marginal tax brackets that will rise significantly on individuals, families, and small business, which were five tax rates of 15%, 28%, 31%, 36%, and 39.6%. According to analysis by the Wall Street Journal, an individual in South Carolina making $40,000 next year will pay about $400 more in federal income taxes. A South Carolina married couple earning a combined $80,000 will see their federal income tax rise by nearly $2,200. A married couple earning $160,000 next year could pay $5,500 more to Washington.

Additionally, back in June they voted to raise capital gains taxes costing the average american family an additional $1,600 per year, and re-instated the death tax allowing the government to confiscate 55% of your property when you die.

So there we have it.  Raising taxes in a tough economy.  100% formula for another big dip.

I already calculated the impact on my family.  $3,120 to $3,960 depending on my investment stratagie.  We will need to delay some purchases or cancel a vacation.

[Gaspar]

The President's Chief Economic Advisor had resigned. Citing frustration.

The President won't listen to her.

"She has been frustrated," a source with insight into the WH economics team said. "She doesn't feel that she has a direct line to the president. She would be giving different advice than Larry Summers [director of the National Economic Council], who does have a direct line to the president."

Here she is in an interview forcing herself to defend a policy she clearly doesn't believe in.  I feel sorry for her. . . and us.

http://www.newslook.com/videos/187119-romer-assesses-new-bipartisan-jobs-bill-in-senate

[Red Arrow]

Rejoice in knowing that the Feds can use their your $3900 far more efficiently for the greater good of the country than you possibly could.

[Gaspar]

Rejoice in knowing that the Feds can use their your $3900 far more efficiently for the greater good of the country than you possibly could.

[we vs us]

Sneaky sneaky, welcome to Chicago.

It's a shame that you guys have chosen Chicago to represent everything you hate about liberals, Democrats, Obama, the Administration, and progressive politics in general.  After spending a decade living there, I have to say it's one of the friendliest, most diverse, opportunity-filled, and internationally-oriented cities in the US.  It's perhaps the quintessential American city. 

So it's a purely personal response when I say, you hating on Chicago is really very much like you hating on the things that make America great.  It's startling and troubling to hear how much of us you don't consider to be your countrymen.

[Cats Cats Cats]

I believe these were all amendments to unrelated bills. The Obama Budget/Tax plan will come out in September with the no increases over $250k.  They have already said that they are going to let the bush tax cuts expire and people making over $250k a year will be paying a higher marginal rate.

[Cats Cats Cats]

http://www.marketwatch.com/story/dont-rush-into-tax-selling-moves-now-2010-08-04?reflink=MW_news_stmp *Bill From Tulsa Asks...


"The President also proposed making the current long-term capital gains rates permanent, but adding a new 20% rate for those in the newly reestablished 36% and 39.6% brackets. "  So if you are $230k+ I guess you might have to pay 20% on long term capital gains tax.

[Gaspar]

It's a shame that you guys have chosen Chicago to represent everything you hate about liberals, Democrats, Obama, the Administration, and progressive politics in general.  After spending a decade living there, I have to say it's one of the friendliest, most diverse, opportunity-filled, and internationally-oriented cities in the US.  It's perhaps the quintessential American city. 

So it's a purely personal response when I say, you hating on Chicago is really very much like you hating on the things that make America great.  It's startling and troubling to hear how much of us you don't consider to be your countrymen.

I don't hate Chicago.  I love the city and the people.  I dislike the slimy government there.

[Gaspar]

I believe these were all amendments to unrelated bills. The Obama Budget/Tax plan will come out in September with the no increases over $250k.  They have already said that they are going to let the bush tax cuts expire and people making over $250k a year will be paying a higher marginal rate.

Congress reconvenes on September 13th.  If they pass a budget they must do it before October 1st (beginning of FY2011).  No one believes this will, or even can happen.  It is not even on the agenda.

Any other congress, and I would give it a 2% chance of happening.  With this congress I give it a 0.00000023% chance of even being brought up.  Dems are battling to keep their seats in November.  They won't touch anything controversial.  These amendments were put forth as a last ditch effort to avoid a catastrophe.

[guido911]

It's a shame that you guys have chosen Chicago to represent everything you hate about liberals, Democrats, Obama, the Administration, and progressive politics in general.  After spending a decade living there, I have to say it's one of the friendliest, most diverse, opportunity-filled, and internationally-oriented cities in the US.  It's perhaps the quintessential American city. 

So it's a purely personal response when I say, you hating on Chicago is really very much like you hating on the things that make America great.  It's startling and troubling to hear how much of us you don't consider to be your countrymen.

Good grief.

[Cats Cats Cats]

Congress reconvenes on September 13th.  If they pass a budget they must do it before October 1st (beginning of FY2011).  No one believes this will, or even can happen.  It is not even on the agenda.

Any other congress, and I would give it a 2% chance of happening.  With this congress I give it a 0.00000023% chance of even being brought up.  Dems are battling to keep their seats in November.  They won't touch anything controversial.  These amendments were put forth as a last ditch effort to avoid a catastrophe.

We will see how hard the Republicans try to hold it up.

[RecycleMichael]

I already calculated the impact on my family.  $3,120 to $3,960 depending on my investment stratagie. 

Thanks for the extra. I bet Obama gets your money personally and plans to give it as a campaign contribution to Nancy Pelosi.

[Gaspar]

We will see how hard the Republicans try to hold it up.

LOL!  We'll see if it even makes it to the floor.

[nathanm]

Unsurprisingly, what actually happened is significantly different than how Gaspar presents it. The Democrats have said all along that extending the Bush cuts for all taxpayers is simply not an option. Given that neither of the items voted on yesterday met their criteria, it's no wonder they voted against them.

If they end up not tackling the issue after the recess, I'll be right there with you in lambasting them. Until then, saying they didn't make good on their promise is just disingenuous.

[Cats Cats Cats]

LOL!  We'll see if it even makes it to the floor.

I know, they can stop it from making it to the floor too.