President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 on Friday preventing the Bush tax cuts from expiring for anyone. Progressives, like Paul Krugman and Huffington Post writers, have derided this compromise. To the liberal base, this Act is, in effect, the equivalent of what Bush’s immigration reform was to his base.
President Obama surprised some and disappointed others with the tax deal he cut. Ideological purists are up in arms, saying he capitulated yet again. Pragmatists are impressed that he hoodwinked Republicans. One could argue that both perspectives are true.
With President Obama visiting troops in Afghanistan, Vice President Biden delivered this weekâ€™s address, in which he said Congress must extend both the middle class tax cuts and unemployment insurance this year. The combined economic blow of raising taxes on the middle class and cutting two million Americans off of unemployment insurance would wind up costing the country hundreds of thousands of jobs. And, to say that during these challenging times, we cannot afford to provide a lifeline to millions of Americans, but we can afford to give tax cuts to the wealthiest two percent is not just bad economic policy, it is also wrong.
In his presidential address Saturday, President Obama lays out his priorities for the coming discussion about tax cuts, calling for compromise but making clear he cannot accept $700 billion in deficits or an increase in middle class taxes.
We enjoy a cordial dialogue with Brian Calle of the Register’s editorial desk but his recent column suggesting that President Obama ought to take a page from the Ronald Reagan playbook on tax cuts has us scratching our heads. From Calle’s column: “Friday (August 13) marked the 29th anniversary of the signing of the Economic…
UPDATED: “House votes to extend jobless benefits” – On Tuesday, House Democrats revived legislation to extend unemployment benefits after previous legislation failed to pass the Senate. The new House bill, HR 5618, only addresses the unemployment extension. If approved, it would have allowed the more recently-unemployed to continue getting extended benefits and Fed-Ed aid through November. It would be retroactive to May and June.
There are a number of “Tea Party Protests” being planned throughout Orange County tomorrow.Â But recent CBS/New York Times polls show most of the Teabaggers still don’t realize that their taxes went down last year under President Obama’s stimulus package.Â This report, from Citizens for Tax Justice,Â provides a sobering picture that strikes a contrast with…