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Middle Class Malaise Complicates Democratsâ Fiscal Stance
Keywords:
How to deal with Bush era tax cuts is a big issue dividing Democrats and Republicans in the U.S. If no deal is reached by Jan 1. taxes on the average middle income family would increase by $2000 in 2013. Median inflation adjusted income declined 8.9% to $50,054 in 2011 from $54,999 in 1999, and economic mobility has fallen. The Democrat's position is for Bush tax cuts to apply to incomes below $250,000. Peter Orszag of the Congressional Budget Office and Jared Bernstein point out that while this makes the tax code move in a progressive direction it also creates handicaps in providing a sufficient revenue base to support middle class spending programs down the road. According to the Tax Polcy Center, if Congress is unable to reach agreement and all tax increases go into effect Jan 1, taxpayers in the bottom 20% of income distribution would see a $412 increase in taxes compared to an increase of $633,000 for the top 0.1%. New York Mayor Bloomberg has supported eliminating the Bush tax cuts for all groups, saying there is no free lunch. Alan Krueger, head of the White House Council of Economic Advisors, says the trends caused by globalization and skill-biased technological change which have increased inequality are likely to continue or accelerate.
Democrats making the case for vetoing all Bush era tax cuts to preserve middle class spending programs
08/05/2010
Democrats making the case for president Obama to veto all Bush era tax cuts to generate enough revenues for preserving spending programs that help the middle class and the poor. This is part of the debate in Dec. 2012 in the U.S. fiscal cliff negotiations. The opposition to this comes from other Democrats citing rising inequality.
Grouped Articles
Americaâs Sinking Middle Class
New York Times 09/18/2013
The Wisdom and Folly of the Bush Tax Cuts
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New York Times 10/31/2010
Middle Class Malaise Complicates Democratsâ Fiscal Stance
New York Times 12/12/2012
Forget the Warnings: Letâs Drive Over the Fiscal Cliff!
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Boehner Tax Plan in House Is Pulled, Lacking Votes
New York Times 12/20/2012
The U.S. political system, politics and the U.S. Deficit in 2010-2013
12/30/2010
Republican positions that do not require offsets for tax reduction, and Democratic positions that go along with the status quo. The politics behind the debt ceiling talks as President Obama seeks re-election and advantage going into the election, and the conservative Republicans oppose any tax increases.
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Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
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Why we need a third party - The Washington Post
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Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
Washington Post 09/07/2013
Wall Street Journal 10/10/2013
Why Democrats Are Dug in on Shutdown Impasse
Wall Street Journal 10/14/2013
Opposition to the Bush tax cuts deal between President Obama and Republicans
08/05/2010
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The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
House Democrats seek changes to Obama's tax-cut deal
Washington Post 12/09/2010
Dana Milbank - The Democrats' short-lived rebellion
Washington Post 12/08/2010
New York Times 12/10/2010
New York Times 12/09/2010
Poll on tax deal hints Obama still hasn't sold public
Washington Post 12/15/2010
The Bush tax cuts in 2010.
08/05/2010
In the face of rising deficits, and questions about the future solvency of Medicare and Social Security, there are questions about the Bush tax cuts which expire in December 2010 if not renewed. With high unemployment the consensus seems to be to leave the tax cuts in place for a limited period, and have serious conversation about taxes when a new presidential term begins. A Value added Tax has been suggested by Paul Volcker, similar to that in Europe.
Grouped Articles
The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
New York Times 08/21/2010
Bush Tax Cuts: Now That's Rich
New York Times 08/22/2010
Why the Rich Donât Need a Tax-Cut Extension
New York Times 09/25/2010
Tax-Cut Vote Shows Democratic Divide
Wall Street Journal 12/03/2010
New York Times 12/02/2010
The U.S. economy and difficult choices in 2012-2013 as seen in Congressional Budget Office (CBO) projections
01/16/2009
The U.S. faces difficult choices in 2012-2013- efforts to close the deficit by letting the Bush tax cuts and payroll tax cuts expire and making spending reductions will lead to low growth. Not doing this will lead to growth with much higher deficits and unsustainable debt levels.
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Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
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U.S. Racks Up Smallest Deficit Since 2007
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U.S. Annual Budget Deficit Smallest in Nearly Seven Years
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Deficit Is Again Set to Top $1 Trillion
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U.S. "fiscal cliff" negotiations- positions of Democrats and Republicans in Nov-Dec 2012
11/14/2012
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Boehner Urges G.O.P. Unity in âEpic Battleâ
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In Rural Iowa, Spending, Not the Shutdown, Raises Worry
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Congress Passes Debt, Budget Deal
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Budget Discord Simmers Among Democrats
Wall Street Journal 10/21/2013
Wall Street Journal 11/14/2012
Both sides appear upbeat on opening round of ‘Fiscal cliff’ talks - The Washington Post
Washington Post 11/16/2012
Kicking the Can Down the Road- Views on the 2010 Obama-Republican Bush tax cuts deal
08/05/2010
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The Wisdom and Folly of the Bush Tax Cuts
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Taxes, benefits and the deficit: Kicking the can down the road
Economist 12/10/2010
Bill Clinton takes the White House stage, again
Washington Post 12/11/2010
Poll on tax deal hints Obama still hasn't sold public
Washington Post 12/15/2010
Chris Van Hollen - First, fix the estate tax giveaway
Washington Post 12/15/2010
Washington Taxes Own Credibility
Wall Street Journal 12/16/2010
Selling the Bush tax cuts in the U.S. and opposition in the Democratic party in 2010
08/05/2010
Former President Clinton helps to sell the Bush tax cuts in 2010. This is an effort to salvage the agreement President Obama negotiated with the Republicans.
Grouped Articles
The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
Bill Clinton takes the White House stage, again
Washington Post 12/11/2010
Washington Post 12/11/2010
A Tax Deal, and a President, Under Fire
New York Times 12/10/2010
If Bill Clinton Were President
New York Times 12/11/2010
Poll on tax deal hints Obama still hasn't sold public
Washington Post 12/15/2010
The Bush tax cuts in 2012
08/05/2010
Grouped Articles
The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
Looming Fiscal Cliff May Already Be Stalling Business Activity
New York Times 07/11/2012
New York Times 11/25/2012
Middle Class Malaise Complicates Democratsâ Fiscal Stance
New York Times 12/12/2012
The New York Times 08/12/2016
New York Mayor Bloomberg on reviving the U.S. economy
09/26/2011
Bloomberg says its time Obama and the Republicans stop promising a free lunch, or something for nothing. He suggests a two step answer to the economic problems facing the U.S. - let the Bush tax cuts expire for all income groups, and passage on an up or down vote of the Simpson-Bowles deficit reduction plan for $4 trillion in savings. This would give U.S. businesses the confidence to invest instead of holding back because of the uncertainty, and lead to higher economic growth and lower unemployment.
Grouped Articles
Why we need a third party - The Washington Post
Washington Post 09/26/2011
New York Times 12/27/2011
Federal Budgets and Class Warfare
Wall Street Journal 03/29/2012
Why I'm Optimistic About Cutting the Deficit
Wall Street Journal 03/29/2012
President Obama Should Seize the High Ground
New York Times 05/26/2012
Dana Milbank: Jeb Bush’s heresy - The Washington Post
Washington Post 06/13/2012
Eliminating all Bush tax cuts to generate the revenue base to support spending programs for the middle class down the road
03/29/2012
Jared Berstein of the Economic Policy Institute, Peter Orszag, former director of the Congressional Budget Office, and Mayor Bloomberg of New York, say eliminating all Bush tax cuts would provide the revenue base needed to support middle class programs for future years. Orszag says making the tax code more progressive is desirable especially considering the inequality but this does not do much good if the revenue base to support middle class programs down the road is insufficient.
Linked Articles
Middle Class Malaise Complicates Democratsâ Fiscal Stance
New York Times 12/12/2012
Federal Budgets and Class Warfare
Wall Street Journal 03/29/2012
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