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Senate Democrats Refuse To Vote On Tax Cuts Until After Elections
This is rather adverse development, as it means some form of non-resolution stalemate on the tax issue will now most certainly be the final outcome: there is very little time in the chaos after elections to actually implement wholesale tax reform. As Goldman highlighted yesterday, the likely adverse impact of the wholesale expiration of tax cuts will impact US GDP adversely by an additional 2% in 2011. Yet Corporate EPS are now completely disjointed from the host economy, as earnings are now completely predicated on wholesale deleveraging. What companies seem to forget is that eliminating the tax shield of debt interest will mean hundreds of billions more in taxes paid to the government. Or perhaps, that has been the government's ploy all along.
From TPM:
A senior Senate Democratic aide told TPM today there won't be a vote on extending the Bush tax
cuts in the upper chamber before the November election, a blow to party
leaders and President
Obama who believed this would have been a winning issue.It's also a signal that the House won't take action -- though nothing has
been decided for certain, since leaders there have said all along they are
waiting for the Senate."Absent a stunning turn of events, we're not going to do tax cuts before the
election," the aide told TPM.
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"Or perhaps, that has been the government's ploy all along."
Duh...Ya think?
The looting will continue until prosperity improves.
I'm stealing this... lol
That means it is pretty much a lock...
Most democrats are going to be thrown out in November.
No wonder stocks are skying right now.
As usual, they are buying the semiconductors to play the oft-touted "v-shaped recovery".
Higher taxes always means a higher market.
BTW, the 160 percent increase in the qualified dividend tax rate is also a plus.
.
I haven't heard the phrase V-shaped recovery in months. Not from a credible pundit, not from a Cramer, not from the drunk bum on the street. Fer real, Robo? C'mon man!
Do you guys really not understand that Robo is being sarcastic in nearly every post?
Really?
yes we do but I've only seen one post where a Tyler dissed on Robo
How many aliases do you think Tyler has? How much time do you think he spends arguing with himself?
Which one of us are you questioning?
4 out of the 5 voices in my head say: "Don't shoot!"
The Democrats (Obama) are going to have to create some sort of national security crisis if they want to get re-elected in 2012. They blamed Bush for the first 2 years, the next 2 years will be blaming the republican house.
That's what the 'Iran situation' is for. We should also expect additional false flags like Mr. Underoos Bomber, and Mr. Times Square Oops-Left-The-Engine-On Bomber....only on a far larger scale.
9-11 worked wonders for Dubya's ratings. Don't think the establishment has forgotten that. Matter of fact, they've made the TV bobble-head talk-show circuit stating something along those lines would be needed for Barry to become 'cool' all over gain.
Expect it, and see it for what it is.
That only works for modern Republicans. It has never worked for modern Democrats. Like it or not, Republicans tend to be self-rightious war-mongers.
I agree if there is an attack it will only speed up the democrats electoral defeat. People don't see them as "strong on defense" even through they love the warfare complex just as much as the republicans.
Sure democrats pander to anti-war activists to get elected but has Obama done anything to end our current wars? Has he done anything to even close Gitmo which he promised would have been completed 1 year ago. Please... this is all just low hanging fruit he is throwing to his mindless liberal audience.
Lets see what were the choices, Obama or McCain/Palin, you have got to be kidding, he didn't need the "mindless liberals" to get elected! Oh for a third choice......
+100
If it's any consolation, the serious liberals irreconcilably broke with Barry a long time ago. Mindless they're not, although the rank and file tends to be as blindly rah-rah faithful as those of the other parties. But without the "far left" and most of the libertarians to support him again, there's no way Obummer can pull off a repeat. He got unprecedented numbers of African-Americans out the first time, but that was for a "historic" occassion. You can only have one of those, however--I don't even see them turning out that way again (and you have to figure that there will be a greater number, now sadly disappointed, who'll vote against him this time than last if they do turn out.)
Progressives, communists, socialists, Marxists, Obamaists, Democratic National Committee, CNBC, MSNBC, ABC, CBS, NBC never stop with the message. Without the message all you have is liars calling each other liars while stealing from the help.
Once George Soros has uninterrupted control of Afghanistan heroin even Obama will have lived out his usefulness.
You forgot PBS & NPR
Billionaires, "Please don't tax us!!! How am I going to survive without my 8th Bentley and 3rd European castle!! Tell those others to suck it up."
Ohhhhh, the tax increases will only affect the BILLIONAIRES? Why didn't everybody just say so? Go ahead then, I'm all for higher taxes on the BILLIONAIRES!!!!!!!
As if equities needed yet another reason to sell off, this means investors will have no choice but to plan on capital gains taxes rising 5%.
The Democrats are going to open up the agenda throttle after the election when they are lame ducks and can suffer no penalty for acting out their ideology. November is going to liberate them to "be all they can be". The effect will be as if they had just won a landslide. Take cover.
Ahhhh...but therein lies the rub. After November, they'll very likely be in the minority again. Yet, I believe the agenda will proceed with the help of the 'new majority'. New management, same as the old.
I particularly get a kick from the recently announced GOP 'Pledge to America'.
Yeah, assholes....because were THAT stupid that we don't remember the 1990's 'Contract with America', and all the awesome back-stabbing of the conservative base that ensued when the party faithful bought into it and awarded the elephants the majority in Con-gress.
The Dems are also holding off on the budget until after the elections. They'd like to pass a lot of things before they lose power. The only hope is a fillibuster.
Not that the Repubs are going to fix anything if they get control of anything. The whole system is broken.
Gridlock is the best we can hope for until there is a paradigm shift.
Agreed! Gridlock until "Controlled descent into terrain!"
P.O.S. Bastards.
As a small business owner, this will tighten the noose further. IMHO, this is intentional, breaking the back of private enterprise.
The bastards can kiss my ass.
As a fellow small business owner, I agree. The POS government cant stand the tax right offs that we get without having to give them votes, backrubs and BJ's! They need more revenue and we are the only group that doesn't control them with bribes. They need our $$$ to pay back those who will keep them in power!
Looks like defining "small business" caused some confusion lately. I looked at the SBA website and it seems clear that as many businesses that they can fit under that umbrella, the better for the SBA. Power play. There are too many BIG businesses that fit the definitions and it's unfair to actual small businesses. I've been a small business person all my life (and I fit that description under any SBA machinations). There are some that simply don't fit, no matter what the SBA says.
http://www.fedaccess.com/what-is-small-business.htm
http://www.sba.gov/contractingopportunities/officials/size/index.html
http://www.sba.gov/idc/groups/public/documents/sba_homepage/size_standar...
http://web.sba.gov/faqs/faqindex.cfm?areaID=15
Kabuki theater at it's finest!
I don't believe it. Do you think a senator AIDE would be the one breaking this news? I don't think so.
Courage Democrats! Courage! LOL
Too candy-assed to show their cards. Wusses.
You nailed it Dagny!
Nailed it!
Fox Business News now spend 90% of their day talking about the Bush tax cuts.
The non-TeaParty repubs don't seem to want to talk about controlling spending however.
The Bush tax cuts have been in effect for years and we are still on the edge of a cliff due to out of control govt spending. This should be our focus.
1. Stop the excess spending
2. No more stimulus
3. Leave the market alone and let if find its bottom
4. Of course leaving the tax cuts would be nice, but, if they must increase, $250,000 is not wealthy (give me a break) and they should at least remain in place for people making under $500,000 to $1,000,000.
Huh?
No, no break. French Revolution Mk II coming soon to a neck near you.
This is horrible news. The oligarch's are not going to spare the Middle class and Republicans are going to enforce this mandate I guess and Obama gets some wiggle room, how convenien ? Ideal solution should be raise the threshold to around $3 millions/year and cut tax for the rest. 250K threshold in Silicon Valley working class area is barely enough.
Good thing to follow, and it does look more and more like a big trigger.
This is pathetic. The Ds are too stingy to buy one bloody R? Or what, they think they're going to get a better deal out of however many more Rs they'll need to compromise with after the elections?
Next step, what will Treasury decide on withholding rates? Treasury will have to send out instructions on 2011 withholding rates before Congress decides 2011 tax rates.
Treasury has known since these bills were passed years ago the date of the sunset provision.
If Treasury didn't have the withholding tables figured out years ago, ah shit nevermind.
Lets confront China and demand revaluation or perhaps put tariffs on imports. Opps, China controls our ability to issue debt and China also controls most of the rare earth resources needed for solar panels and computers. Maybe we should just relax and enjoy being raped (letting China export their unemployment). It may be better than the alternative.
Odd, they can throw-together a re-do of our immigration program and attach it to a completely unrelated bill in a week but they know, already, there's no way they can manage to have a debate and vote on a tax policy decision that has been at least 9-years in the making.
Brilliant.
It is amazing, isn't it!
The bankruptcy of the political class has rarely been more obvious.
Oh fuck yeah, race right to the bottom.
Tax increases, international trade wars, round robin beggar thy neighbour devaluations, increased governmental regulations, overwhelming debt loads being actively expanded at breakneck speed in the US, austerity plans in Europe, HFT migrating to every and any trade-able market, regulatory capture at every level and institution imaginable.
What's another nail in the coffin?
Turn on the reality telly, rock out to Lady Gaga videos, truly believe that you're informed with the MSM news, debate the PR polemics of the major parties and their financial enablers, watch the middle class disappear, the GOM die, kids in Pakistan be murdered by Xbox drone games, over-consume knowingly and unbeknownst multiple mind-numbing drugs, choose to eat GM or non-GM foods so unidentified, believe organic means something.
What the Fuck. Enjoy the ride to hell.
And it's all real.
Hmm.. in other words Dems WANT these tax cuts but hope the Reps win in November so they can be blamed when it gets passed.
Yep. Dems know they'll have to extend all of them. Can't do it before the election because it will look like GOP won, and because extending the cuts for the "rich" will play badly with their constituency. They will all be extended after the election, before they expire.
This tax cut nonsense is just being used to keep everyone's eyes off the other hand: SPENDING!
What difference does
it make. At a 1%
GDP even if the tax
cuts pass, this pig
of a market is still
30% too high at
17 times GAAP earnings
which will decelerate
regardless
And on that news the market will rally.
They don't have time to vote on the tax cuts, but, of course, they have time to vote on the Disclose Act today.
http://www.gangstagovernment.org/
Interesting - Mr. Market did not mind this information at all.
I guess the euphoria of wonderful home sales numbers over shadowed it.
Guess we know the lame duck congress will be in full action come the day after elections.
All of this talk is going to coincide with the debt ceiling needing to be raised right about the same time. Get ready to fire up that bag of popcorn as this should prove for some mighty good entertainment.
know your enemy
if they were going to extend the tax cuts they would have already done so
it is all "high theater" anyway
the problem "Is NOT" how much we collect in taxes
the problem is how much she spends
until you take the unlimited credit line
away from the drunk whore,
the problem aint going away.
Term limits for all of them.
If nothing else, term limits.
Two max and then out.
Got to end the possibility of 'career politician' at the national level.
Term limits.
Look, there is no upside for the Dems to extend the tax cuts. It is almost a given that the Republicans will take back the House, tax cuts or no, so no win there, so why run the risk that the economy will improve during Republican tenure over the next two years?
The worst thing that can happen to the Republicans will be to win the Congress in November with anything less than a veto-override majority, and then watch O veto everything they throw at him while all the while complaining that the Do-Nothing Republicans tried to dismantle his economic plan and thereby destroyed the economy.
Remember the GOP victory in 1994 melting under the withering fire of "They wan't to starve your children and kill your grandparents?" Well now that refrain will include "They want you to lie down in the gutter and die without any hope of affordable healthcare!"
Media is on O's side, so don't think for a minute that he won't get away with it.
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