independentsforkerry.org

Following Tuesday’s vote by House Republicans to reject an extension of the payroll tax cut for the middle class passed with overwhelming bipartisan support in the Senate, Tennessee Democratic Party Chairman Chip Forrester issued the following statement:

“In less than two weeks, 160 million Americans will be hit with a tax hike in the middle of the holiday season because House Republicans turned their backs on America’s working families and voted against extending a payroll tax cut for the middle class.

“Their inaction comes just days after Republicans and Democrats in the U.S. Senate, including Sen. Lamar Alexander, worked together in the name of compromise to pass a two-month extension of the payroll tax cut and unemployment insurance benefits that provide a vital lifeline to millions of Americans who have lost their jobs as a result of the economic downturn.

“That bipartisan bill passed the Senate 89-10 – with the support of many conservative Republicans – and after this critical compromise, for House Republicans to say no and vote to raise taxes on 160 million hardworking Americans is simply extremism at its worst.

“It’s more and more clear that Tennessee’s Republican Congressmen are terrified of disappointing Tea Party extremists, even if the consequence is a tax increase on millions of working and middle-class families.

“This is a Republican-inflicted wound to our economic recovery.

“Republicans pay lip service to the middle class. But, when push comes to shove they will move heaven and earth to pass tax breaks for millionaires, billionaires and big corporations while raising taxes on 160 million middle class Americans.

“That’s a position for which they will pay a price with the American people.”

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TN Democratic Party News

Thom Hartmann points out what you’re not hearing in the media about the S&P downgrade:

Have you seen, anywhere, in any media, or even heard reported or repeated on NPR, the following sentence? “We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

It’s right there on Page 4 of the official Standard & Poors “Research Update” – the actual report on what they did and why – published on August 5th as the explanation for why they believe Congress – and even the Gang of Twelve – will be unable to actually deal with the US debt crisis.

Perhaps it’s just lazy – the bullet points at the beginning of the report don’t mention the Republicans or taxes, but instead just say, for example (part of one of six quick bullet-points): “[T]he downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges…”

In order to figure out that one of the reasons why is that “Republicans in the Congress continue to resist any measure that would raise revenues,” a hard-working reporter would have to read to page four of the eight-page report. It’s just too much effort for most reporters?

Although they do also mention this in the very first sentence of the report: “We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.” (Italics mine)

Or could it be that many reporters – and virtually all of the television talking heads – are themselves relatively high income-earners who don’t relish the idea of higher taxes?

Or could it be that reporters are afraid that if they report the actual language of the S&P Research Report, then Republicans will punish them by denying them “access” – i.e. refusing to show up on their programs – which is the career and show kiss-of-death for radio and TV programs that rely on big-name politicians to work?

Democratic Blog – News

Taxes haven’t been this low since 1958.
Reagan raised taxes in a recession, that’s how he got out of it.
The middle class have seen wages lowered for ten years, even more this month. The rich are wealthier than they have ever been.
Most commodity traders don’t pay taxes because of a loop hole among thousands of loopholes for the wealthy. If Bush’s tax policy created jobs, where are they?
Raise taxes now!

Raise taxes now — the elders of the economy say so

NEW YORK (CNNMoney.com) — First it was Greenspan. Now one by one, other elders of the economy are speaking out against deficits, and they’re making the surprising argument for higher taxes.

Former Federal Reserve chairman Alan Greenspan was first and has taken the most extreme position, arguing that all of the Bush tax cuts of 2001 and 2003 should be allowed to expire.

Greenspan, no fan of big government and an initial backer of the Bush tax cuts, allows that higher taxes now could lead to slower economic growth, but has said that chipping away at the deficit is more important.

Joining him — at varying degrees — are David Stockman, former budget director in the Reagan White House, and former Treasury Secretaries Robert Rubin and Paul O’Neill.

The White House and most Democrats have argued for keeping the tax cuts in place for most households, but letting them expire for those earning more than 0,000, about 2% of the country.

Extending the tax cuts for everyone would cost the government .7 trillion over 10 years. Taxing the high-earners would get back about 0 billion of that.

David Stockman joins Greenspan at the far end, saying the nation can’t afford to extend the tax cuts now. “You have to pay your bills. I say we can’t afford the Bush tax cuts,” Stockman told NPR this weekend.

http://money.cnn.com/2010/08/09/news/economy/elders_economy/index.htm

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