Surprise move on tax cuts by Obama

[saden1]

Originally Posted by Beemnseven

Isn't funny how the left doesn't give a rats ass about the deficit when they pass the "stimulus" bill or health care, but suddenly when it comes to taxes, they get all huffy about it.

Of course, the Republicans are just as bad -- they only cry about the deficit if they're aren't the ones spending. When they have control, massive deficit spending is just fine.

Stimulus solved a specific problem (one time funds to give tax breaks and create jobs), this is a punt and we will be back to the same situation two years from now. I guess you can call this stimulus 2.0 except this one is far more costly in the long run.

[budw38]

Originally Posted by Beemnseven

Isn't funny how the left doesn't give a rats ass about the deficit when they pass the "stimulus" bill or health care, but suddenly when it comes to taxes, they get all huffy about it.

Of course, the Republicans are just as bad -- they only cry about the deficit if they're aren't the ones spending. When they have control, massive deficit spending is just fine.

Well said , both of your posts are spot on ( IMO ) .

[firstdown]

I can't find the clip but Harry Reid said it was his duty to include pork into a bill. This was the budget bill not the tax bill that had all the pork projects. Like 8 billion worth.

[GMScud]

Originally Posted by firstdown

I can't find the clip but Harry Reid said it was his duty to include pork into a bill. This was the budget bill not the tax bill that had all the pork projects. Like 8 billion worth.

Reid: Earmarks are 'what we're supposed to do' - Washington Times

[tryfuhl]

mmm megyn kelly

[mlmpetert]

Good summary of the Tax Act:

Congress Resolves Many Tax Issues During Lame Duck Session

[CRedskinsRule]

Originally Posted by mlmpetert

Good summary of the Tax Act:

Congress Resolves Many Tax Issues During Lame Duck Session

It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.

[mlmpetert]

Originally Posted by CRedskinsRule

It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.

Absolutely. Most people cant do their own taxes. Imagine if all credits, deductions, and write offs went away. If there were only like 3 or 4 tiers like 0, 5, 10, and 20% and that was the tax you paid. Life would be so much simplier.

[firstdown]

Originally Posted by CRedskinsRule

It may be a good summary, but it also proves how convoluted the tax code has gotten and why it needs to be burned and started from scratch.

Well they left that new 1099 law in tact and its going to be a nightmare for some businesses.

Quote
Expanded 1099 Requirements
One major tax issue Congress did not resolve was the expanded Form 1099 reporting requirement. Currently, payments to corporations are excepted from the Form 1099 information-reporting requirements. But starting for payments after Dec. 31, 2011, businesses will be required to file an information return for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). This change was made by the Patient Protection and Affordable Care Act (PL 111-148), enacted in March 2010. In addition, in a change made by the Small Business Jobs Act (PL 111-240), taxpayers who receive rental income from property will be required to issue Forms 1099 to service providers for payments of $600 or more during the year, effective for payments made after Dec. 31, 2010.

This law does not hit my business that hard because most of my business is done with the same companies month after month except for a few. My brother in law who has sold his business said if he still had the business he could see them having 2,000 or more 1099's in a given year. Its crazy the burden the government is putting on business.