Cantor Concedes Flawed Republican Tax Cut Policy

For decades now, the Republican party has adhered to the notion that tax cuts reduce the deficit. The thinking goes that if the government taxes the very rich less, they'll spend more and it'll "trickle down" to the rest of us. Once the money drips down, deficits are reduced because the spending habits of the wealthy boost the economy. However, as we have seen the national debt explode since Reagan enacted this insane ideology, Republicans have unsuccessfully made their case in the real world. Today, G.O.P. Minority Whip Eric Cantor admitted it on live television....even if it came out unwittingly.

Schumer Helps Businesses That Subsidize Workers' Commuting Costs

Here in New York, if you have to commute to work (and this applies to most workers) your employer can pay for your commute costs, whether it is by driving or on the subway. The M.T.A. makes MetroCards specifically for this purpose. It has always been a smart decision to enroll in this program as a boss and definitely as an employee. Now thanks to Senator Schumer, the deal is even nicer for those that take the bus or subway to work.

From The NY Daily News:

The politicians keep saying the economic crisis is also an opportunity. It certainly was for Chuck Schumer today, who managed to stick a break for transit riders into the Senate’s stimulus bill.

Basically, Schumer’s amendment would double the break employers get for subsidizing the commuting costs of workers, from $115 a month to $230.

Oddly, they already got a $230 pay roll tax break for help out drivers, so doubling it for straphangers is especially sweet for the Park Slope senator.

This is great news, not only for the tax break, but the relief it will have and further justification to implement one specific part of the Ravitch Plan. That is, to institute an additional payroll tax on employers so that we can keep the subway running and the M.T.A. fiscally afloat. If Schumer's language is passed within the economic stimulus bill, there should be no objections whatsoever to the additional payroll taxes.

Rachel Maddow Does A WTF On The Stimulus Bill

Elections matter, and Democrats from the White House to the Congress should understand that...and capitalize on it. Rachel Maddow helps remind all of us about that reality. Hopefully legislators that are bowing to Republican demands are listening to this. Even better, perhaps they'll stand up and do something about it.

MSNBC Anchor Takes GOP Congressman Off His Tax Cut Talking Points

Congressman McCarthy had a lot of trouble holding the party line on tax cuts on MSNBC. Instead of the anchor just saying "uh huh" to the daily digest of RNC talking points, she questioned what he was saying and McCarthy couldn't manage to keep it on message. Aww, too bad Congressman!

Congress Trades Mass Transit Investment For Tax Cuts

Harry Reid was right when he claimed that lobbyists are people too, but the intentions of some may differ from what the country needs at the moment. Over in the House chamber, the effects of K Street can be seen in the tweaks made to the upcoming economic stimulus, valued at around $850 billion dollars. The additional tax cuts tucked in there aren't just being tacked on, they're taking away funds from the budget to repair our nation's infrastructure, especially mass transit. The chair of the House transportation panel, Jim Oberstar (D-MN) has the goods on what happened.

From TPM:

That is why we set forth this $85-billion initiative from our committee. It's been reduced in the final going. We expect that it'll come out somewhere around $63 billion, but $30 billion for highways.

The reason for the reduction in overall funding -- we took money out of Amtrak and out of aviation; we took money out of the Corps of Engineers, reduced the water infrastructure program, the drinking water and the wastewater treatment facilities and sewer lines, reduced that from $14 billion to roughly $9 billion -- was the tax cut initiative that had to be paid for in some way by keeping the entire package in the range of $850 billion.

But I'll say that our portion is the one that really creates the jobs. Our portion of it is the one that's going to put people to work because unlike anything else, these jobs can't be outsourced to Bangalore, India.

The money is coming out of all the wrong places and you can thank the House leadership for that. Kudos to Oberstar for saying something to someone about the matter, but this cannot be the end of the story. We desperately need investment in our nation's infrastructure, far more than just another tax cut. The dividends a job pays is so much more than what too many lobbyists in D.C. are advocating for.

Obama Does Q & A With The Media, Affirms His Middle Class Tax Cuts

Unlike Sarah Palin, Barack Obama is not afraid of talking to the media and having a back and forth conversation. While McCain keeps his VP under wraps and away from the prying questions of the press, Obama and Biden are out there talking about how to fix our economy...while McCain and Palin are promising more of the same disastrous policies that the Bush Administration helped bring upon us.

Charles Barkley Thwarts Blitzer's Attempt At Distorting Obama's Tax Plan

Wolf Blitzer had former NBA player Charles Barkley on his show today in an attempt to unfairly portray Barack Obama's tax plan. TP has the screen shot of what CNN put up on their show and apparently, you don't count if you make less than $161,000 dollars a year. Maybe their demographic reports show that their viewers are wealthy, but most Americans do not make that money, specifically 95% of us. Since Wolf would never invite someone on about this that makes the median salary, Charles Barkley showed up for the rest of us, despite being a multi-millionaire.

From ThinkProgress:

Using his deceptive chart, Blizter tried – but failed – to get Barkley to voice his opposition to an increase in taxes on the wealthiest Americans to pay for national priorities:

BLITZER: If Obama has his way, you would spend another $701,885 in taxes. $700,000 above and beyond – you pay a lot of taxes right now if you’re making millions of dollars a year as you are. How do you feel about that?

BARKLEY: Well, I think that if you’re rich — I thank God I’ve been very successful — if you’re rich, you’re always going to be rich. If we pay more in taxes, I got no problem with that. If you’re making that kind of money, a couple hundred thousand dollars here or there are not going to change your life.

Let’s be realistic. I’ve been very fortunate and blessed. I did a great job of saving my money. But I got no problem if I’m making that type of money, paying more in taxes to be honest with you.

Yeah, nice try Wolf. Although Charles didn't have a chart that showed his willingness to pay taxes, talking about the fact that the rich will always stay rich was plenty good. ThinkProgress did put up a chart showing the differences in the tax plans between the candidates for the rest of us, where those that make less than $112,000 get more from Obama than McCain. Around the median level, taxpayers save approximately $700 more than with John McSame McCain.

Oh and on a sidenote, I just watched Dennis Kucinich speak on stage at the DNC and he rocked the semi-full house, calling on America to wake up and reclaim our country from the wealthy few that have ignored the many.

McCain Wants To Keep Bush's Tax Cuts To The Rich Permanent

How much did you save on your taxes from Bush's tax cuts a few years back? Certainly not hundreds of thousands or millions in savings like those in the top percent, you know, Bush's base. Of course if you did get those savings, then McCain is your man:

McCain: Against Tax Cuts For The Wealthy Before He Was For Them

Sound confusing? Try to hear it from the horse's mouth:



And notice at the end how he corrects himself, "But I support tax cuts, and I have never supported -- I do not support tax increases, and the effect of not making them permanent would have the effect of a tax increase."

The Brilliant Mr. Bush

Chris Wallace got the opportunity to interview the President at Camp David a few days ago and Fox ran the interview yesterday to beat out the other networks and their bobbleheads. Needless to say, a lengthy interview produced quite a few ridiculous remarks from Mr. Bush. The best ones are when he tries to come after Democrats. Who does he think he's kidding when talking about taxes?

From The Plank:

When Chris Wallace sits down for a not-quite-Valentine's Day love fest with President Bush, you can be sure there will be some fun moments. This one caught my eye:

WALLACE: How does [McCain] overcome all of that and...

BUSH: Because there's two big issues. One is, who's going to keep your taxes low? Most Americans feel overtaxed and I promise you the Democrat party is going to field a candidate who says I'm going to raise your tax.

If they're going to say, oh, we're only going to tax the rich people, but most people in America understand that the rich people hire good accountants and figure out how not to necessarily pay all the taxes and the middle class gets stuck.

We've had -- we've been through this drill before. We're only going to tax the rich and all you have to do is look at the history of that kind of language and see who gets stuck with the bill.

What a truly remarkable answer. The Democrats want to raise rates on the wealthiest Americans, but Bush is saying that in fact this will screw the middle class because the rich have ways to avoid paying taxes. The obvious question is, then, why has Bush spent so much time giving tax cuts to the rich?!?!

Or why has Bush been so busy protecting the rich, allowing them to not only pay less taxes but to get out of the diminished rate anyways. And in case you didn't know, keeping an expensive war going on for a hundred years is going to have to be paid somehow. If it doesn't come from the rich, it'll be paid by a combination of the rest of us, and the rest of us' children and their children.

Pinocchio Can't Compete With Giuliani's Nose

I hate to bring a Disney character into this mess, but its the best comparison for Rudy Giuliani and the lies he tells on the campaign trail. If only Rudy's schnazz would grow with the amount of distortions, falsehoods and outright lies he could pole vault himself right into the East River from City Hall.

From The Daily News:

It is Rudy Giuliani's favorite boast on the presidential campaign trail: "I cut taxes 23 times" as mayor of New York, he says, a claim inevitably met by applause.

The impressive-sounding stat stars in radio ads this week in New Hampshire and Iowa, where the voiceover asserts that Giuliani "cut or eliminated 23 taxes."

Trouble is, it's not really true, say tax-cutting allies of the former mayor, as well as experts at the Citizens Budget Commission and elsewhere.

A close examination of the tax-slashing claims from a list provided by his campaign show that in at least four cases, the former mayor is seizing credit for cuts initiated by others and, in one case, for a tax reduction he fought.

You know Rudy, eventually people are going to call you on your bullshit. The Republican prospect for 08' did cut taxes in the city, but the ones he claims to have done are just a bit of a stretch. Now the people that actually did propose and pass certain tax cuts are calling him on his campaign slogan.

Why anyone would want to trust this man on anything is beyond me.