WH Blog: An overview of the tax cuts

Posted by Jason Furman on December 10, 2010 at 1:26 PM EST

The President is committed to promoting a strong, growing economy – one that’s creating jobs, fostering a thriving middle class, and extending opportunity to all American workers.

That’s why the president fought so hard to ensure that the priorities of working families were advanced in the agreement introduced today in the Senate.

Tax Credits Framework Chart

As the chart above demonstrates, the bipartisan agreement we’ve forged delivers several key victories – victories that will give the average American family assurance that there will be more money to pay the bills each month.

At first glance it might seems this was a fair compromise. but it really isn't. The high income tax cuts only affect the top two per cent of Americans and the Estate tax primarily affects the top 5,000 American families.  

The payroll tax holiday will weaken Social Security and without GOP concessions on reforming FICA, Rightardia thinks this was a very bad idea.


One in three dollars in this compromise helps Americans in the top income bracket. Hasn't America coddled the affluent enough?

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Mediaite: Keith Olbermann Compares Obama Compromise To Nazi Appeasement

by Tommy Christopher | 8:57 am, December 

Angrily responding to President Obama’s compromise on the Bush Tax Cuts, Olbermann quoted Winston Churchill extensively, and ran down a laundry list of missed opportunities and broken promises.

Olbermann and even lent support to a primary challenge to the President.

Olbermann said:

Hours after President Obama defended his compromising ways against criticism from the left, Olbermann responded by highlighting the missed opportunities, most squandered as the President held obstruction-proof majorities in both Houses of Congress: (transcript via MSNBC)

Yesterday I had an exchange with a very Senior member of this Administration who wanted to sell me on this deal. I pointed out that that was fine, except that — as I phrased it to him — “frankly the base has just vanished.” “Well,” he replied, “then they must not have read the details.” There, in a nutshell, is this Administration. They didn’t make a bad deal — we just don’t understand it.

Just as it was our fault, Mr President, for not understanding your refusal of even the most perfunctory of investigations of rendition or domestic spying or the other crimes of the Bush Administration, or why you have now established for those future Administrations who want to repeat those crimes, that the punishment for them will be nothing.

Just as it was our fault, Mr. President, for not understanding Afghanistan. Just as we didn’t correctly perceive, Sir, the necessity for the continuation of Gitmo. Or how we failed to intuit, President Obama, your preemptive abandonment of Single Payer and the Public Option.

Or how we couldn’t have foreseen your foot-dragging on “Don’t ask, don’t tell.” Just as we shouldn’t have gotten you angry at your news conference today and made all the moderate Democrats wonder why in the hell you get publicly angry so often at the liberals who campaigned for you and whether you might save just a touch of that sarcasm and that self-martyrdom for the Republicans.

source: http://www.mediaite.com/tv/special-comment-keith-olbermann-compares-president-obamas-tax-compromise-with-nazi-appeasement/

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Newmax: We (The Republicans ) won!

The question Rightardia has is,  what did the GOP compromise on? Obama extended the Bush tax cuts to the top earning Americans for two years,   Obama cut the FICA tax by 15 per cent with no obvious concessions from the GOP, and he fudged on the restoration of the estate tax. 

The one GOP concession for all of this: an extension of unemployment benefits for one year. 

Did the GOP earn bagging rights. It certainly seems that way! 

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Compromise Worked Out with Blue Dog Democrats on Health Care

Blue Dog Democrats in the House won a few big concessions on Tuesday:

"Moderate House Democrats and a key committee chairman emerged from a three-hour meeting at the White House on Tuesday with a tentative agreement to give an outside panel—rather than Congress—the power to make cuts to government-financed health care programs," according to Politico.

Democratic leadership hopes that the concession is enough to bring the seven crucial Blue Dogs on the House Committee on Energy and Commerce into the fold. OMB Director Peter Orszag called it "probably the most important piece that can be added [to the bill.]"

Nancy Pelosi, meanwhile, told the rank and file that they were still on schedule to approve the bill before going on August recess at the end of next week.

source: Daily Beast  Cheat Sheets: http://www.politico.com/news/stories/0709/25244.html

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