I know a majority of the DKos community is very upset regarding the latest tax cut negotiations, but I ask that you watch the Last Word tonight to get some additional information on whats in the deal right now. You still may not agree with it, but you will see some very caring people who have fought just as hard as some of you folks over the years. You may even come up with some good suggestions for improvement. But if you keep this close minded approach, you may miss out on some important information. Please watch, if nothing more than expanding your view on this subject. Thank you.
Robert_Greenstein
http://en.wikipedia.org/...
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Update:
I started to do a transcript, but thats what the video is for.
Highlights:
Bob Greenstein is a tax expert who has been working for years on trying to get improvements in tax code to help low and middle income families. He makes the point that the tax credit protection for the poor, set to expire this month, are much stronger than hoped for even under normal circumstances and that they were extended for 2 full years. Also unemployment extensions were good for 13 mos instead of the expected 3 or 6 mos. He also agrees with Ezra Klein that the corporate tax breaks are investment credits that have been accelerated to this coming year instead of having to take deductions over the next 10 years. The money will be paid back by not having those deductions later on. He states that yes there is the odious estate tax and upper income tax cuts, but those are 25 billion as compared to the 40 billion gained in helping the poor. He also felt that if they didn't get this deal through, they would be at much more of a disadvantage, especially if going into next year with a Republican house majority.
Larry ODonnell and Alan Grayson had a disagreement over what it means to let the tax cuts expire for the lower income tax people. LO emphatically and passionately states that the lower income families will see a 50 % increase in federal taxes if the tax cuts expire because their rate would go from 10 % to 15 % and he couldn't understand why Democrats would let that happen over fighting for an argument point. He also mentions that the Senate does not have the votes to pass the middle class tax cut only bill.
EZ makes the point on his blog about how this actually is a needed stimulus that there was no way of passing any other way. Here he explains that the big business credits will be paid back and will support job creation right now. He also agreed with LO that the Democrats never did have the votes needed to get the legislation passed and that the Dems chose to work on trying to get UE extensions through.
AH is disappointed in the whole thing and feels this has been wasted opportunities and felt that since John Boehner stated that he would vote for the middle class tax cuts if he had too, that they should have been pushed through. She felt that instead of working on the deficit that now we would have to keep working on preventing more upper income tax cuts. She also felt that the 99ers, and job creation should be brought back into the conversation.