Drudge Retort: The Other Side of the News
Friday, July 11, 2014

The GOP-led House of Representatives embraced a former stimulus measure Friday, voting to make it and another related tax cut permanent, adding $287 billion to the deficit over the next 10 years. The largest part of the cut, worth more than $263 billion, is making permanent so-called bonus depreciation, which allows businesses to write off the cost of capital investments and improvements much more quickly. Democrats also argued that the GOP was being hypocritical for another reason: In the tax reform plan that Republicans floated earlier this year, they ended the practice of bonus depreciation and some related tax cuts.

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"Even as a stimulus, the analysis shows that for every dollar that is invested we get 20 cents of growth," said Rep. Lloyd Doggett (D-Texas), a member of the Ways and Means Committee. "A fellow could go bankrupt with that kind of economics, and that's exactly what they would have the country doing and not meeting its other needs while funding something that doesn't work."

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While Republicans have been adamant about finding ways to pay for other things, from unemployment insurance to the money the federal government needs for its highway funds, they appeared to have no problem with simply tacking the enormous cost of the tax cuts onto the deficit.

"Yesterday, the Ways and Means Committee was working on a markup of legislation for another short-term extension of the highway trust fund -- you know, the transportation infrastructure investment we desperately need in this country," said Rep. Ron Kind (D-Wis.). "We were scratching and clawing to try to find an additional $10 billion over the next 10 months to try to keep some of these projects moving forward, and yet here today, we have another permanent change to the tax code at a cost of $287 billion over the next 10 years and not a nickel of it paid for."

Kind also noted that his committee has passed 14 permanent tax cut bills "so far at a cost of close to $900 billion." With Friday's full house vote, about two-thirds of the committee's cuts have passed.


I'm almost positive the Tea Partiers will be along quickly to mount a national repudiation of these heinous Republicans adding over a quarter trillion to the deficit without any offsets to pay for it.

Lord knows that extending unemployment benefits is such a horrible waste of money and causes productive citizens to become moochers; but why aren't some of our freeloading businesses and corporations ever viewed the same way when even after tax cuts they refuse to invest within America and even park their record profits offshore away from domestic taxation?

#1 | Posted by tonyroma at 2014-07-11 02:03 PM | Reply | Flag: | Newsworthy 1

That could have fed almost 17 MILLION Americans per year, or about 5% of the population. I hope businesses prefer to have poorer, hungrier, workers and customers.

[Calculation is based on Food Stamp program costing $80 million and feeding 47 million people. www.washingtonpost.com]

#2 | Posted by BruceBanner at 2014-07-11 02:41 PM | Reply | Flag: | Newsworthy 1

"The $287 billion dollars is ONLY $1000 per USA resident or $4,000 for a family of four PER YEAR. Just a tiny drop in the bucket"

The GOP

#3 | Posted by SammyAZ_RI at 2014-07-11 09:34 PM | Reply | Flag: | Newsworthy 1

But, but, but, what about "the deficit"??????

#4 | Posted by nutcase at 2014-07-11 09:57 PM | Reply | Flag:

But, but, but, what about "the deficit"??????
#4 | POSTED BY NUTCASE

If there were spending cuts, I would be happy to give you a tax increase.

I don't see that coming, we can't even defund BigBird.

So between, spending and tax cuts, I prefer tax cuts....

#5 | Posted by AndreaMackris at 2014-07-11 10:19 PM | Reply | Flag: | Funny: 1

#5 | Posted by AndreaMackris

What you really mean as long as the House does something that helps the rich you are OK with it.
but if they tried too help the poor you would be spitting nails.

#6 | Posted by PunchyPossum at 2014-07-12 05:42 AM | Reply | Flag: | Newsworthy 1

AM,

Just think how the quality of every citizen's life would improve if there were no commercials on television. Funding PBS and big bird is one of the best things our Government has ever done. Much better than wasting money killing people or bailing out criminal Bankers, which is where most of our tax money goes.

#7 | Posted by nutcase at 2014-07-12 09:09 AM | Reply | Flag:

"So between, spending and tax cuts, I prefer tax cuts...."

Typical Republican, "deficits don't matter." We recognized you a long time ago.

#8 | Posted by danni at 2014-07-12 09:31 AM | Reply | Flag:

Tax cuts at this point are useless, the whole income tax code needs to be simplified down to a 3-tier system, with no deductions or credits. Business would save millions of legal fees for over-used lawyers and the IRS could be whittled down to size in preparation for eventual dismantling.

Lord knows that extending unemployment benefits is such a horrible waste of money and causes productive citizens to become moochers; but why aren't some of our freeloading businesses and corporations ever viewed the same way when even after tax cuts they refuse to invest within America and even park their record profits offshore away from domestic taxation

#1 | Posted by tonyroma at 2014-07-11 02:03 PM | Reply | Flag:

free loading businesses and corporations, who do you think actually pays the governments bills? Poor people are net users of taxes; business are NET PAYERS of taxes (barring a few exceptions). Poor people don't provide jobs and income.

The poor are taken care just fine in this country, in fact better than fine, it is the middle class that doesn't get taken of. Most of the poor I ever meet put themselves in poor house with poor decisions.

#9 | Posted by danv at 2014-07-12 09:52 AM | Reply | Flag:

It's amazing how alien the concept of "you're going to have less money, so spend less money" is to some people.

#10 | Posted by sitzkrieg at 2014-07-12 10:33 AM | Reply | Flag:

"business are NET PAYERS of taxes (barring a few exceptions)."

And some, like Haliburton and now Walgreens, just move their headquarters overseas to avoid paying taxes on the money they earn from U.S. government contracts.

#11 | Posted by danni at 2014-07-12 11:03 AM | Reply | Flag: | Newsworthy 1

#11 | POSTED BY DANNI AT 2014-07-12 11:03 AM | FLAG:

Even from my ultra-liberal stance, that's one of the reasons I think we should do away with corporate taxes. Corporate taxes only encourage jobs to move away, or given our lack of sorely-needed protectionism, make it harder for domestic businesses to compete with foreign. The same can be said for our employer driven health insurance, when we should be removing that onus from the back of business with single payer, so as to better compete with the rest of the world.

The way to make up for that, of course, is to raise personal income taxes, especially on the very rich, but really across the board, while redrawing laws so that ALL income leaving the states is taxed at an even higher rate, encouraging companies and individuals not to relocate.

#12 | Posted by zeropointnrg at 2014-07-12 11:39 AM | Reply | Flag:

Even from my ultra-liberal stance, that's one of the reasons I think we should do away with corporate taxes.

Hell to the no! Money should be taxed when it changes hands, no ifs ands or buts. Taxes are a PART of business, not something business (or anyone short of those existing on society's fiscal edge for simple survival) should be absolved from. Obviously the rates and types of taxes need serious reevaluation and reform, but for our society to function, EVERYONE that utilizes the laws and protections our governments exist for must have a stake in paying for them without caveat.

Your second point is spot-on: US businesses remain at a global disadvantage because healthcare costs aren't part of the social contract and aren't universally funded through the government.

#13 | Posted by tonyroma at 2014-07-12 11:57 AM | Reply | Flag: | Newsworthy 1

But somehow taxing the businesses doesn't disadvantage them, Tony? All I'd like to see is that money that remains in the business itself, from the moment of income, be untaxed - encouraging reinvestment, instead of the myth of capital gains taxes. However, once that money goes to a shareholder, CEO, etc, see it taxed at a much higher rate than we're currently doing so as to recoup the losses without hampering business and its ability to compete with overseas companies.

#14 | Posted by zeropointnrg at 2014-07-12 12:05 PM | Reply | Flag:

But somehow taxing the businesses doesn't disadvantage them, Tony?

We used to have a tax code that allowed such a trade-off, but business has bought off Congress and abdicated their civic responsibility of paying a fair share for all that society provides them that helps foster their profitability and allows them tax breaks and write-offs that individuals don't have.

I have an extremely hard time feeling that business is put upon when actual corporate tax receipts are at all time lows as a percentage of US tax revenues and corporate profits and the Dow Jones are at record highs.

Businesses should be bragging about their patriotic support of our society, not running away to Switzerland and the Cayman Islands to avoid paying anything at all.

#15 | Posted by tonyroma at 2014-07-12 12:31 PM | Reply | Flag: | Newsworthy 1

".....Businesses should be bragging about their patriotic support of our society ....."

So once again the left puts forth the concept that paying taxes is patriotic, sad, but then they do love to redefine the meaning of words to snow Boobus Americanus.

#16 | Posted by MSgt at 2014-07-12 12:37 PM | Reply | Flag:

So once again the left puts forth the concept that paying taxes is patriotic ...

There would be no country and no military without taxpayers. Where do you think your salary came from, master sergeant?

#17 | Posted by rcade at 2014-07-12 12:45 PM | Reply | Flag: | Newsworthy 1

So once again the left puts forth the concept that paying taxes is patriotic, sad,

But "the concept" paid your salary and benefits, didn't it you hypocrite? America only became America because the people were willing to fund the government that they needed. Nowhere did I say that government is what it should be, but I'm tired of looking at how much money goes to support a civil court system for all of business' lawsuits and legal machinations that we taxpayers are commanded by law to fund and all the public resources businesses use in order to amass their great profits.

It's only fair, and typically some on the right seem to think that profit is the possessor's right without any attendant responsibility on the other side to support the society that both legally protects makes said profit possible.

#18 | Posted by tonyroma at 2014-07-12 12:54 PM | Reply | Flag: | Newsworthy 1

"...protects and makes...."

#19 | Posted by tonyroma at 2014-07-12 12:56 PM | Reply | Flag:

So once again the left puts forth the concept that paying taxes is patriotic, sad, but then they do love to redefine the meaning of words to snow Boobus Americanus.

Posted by MSgt at 2014-07-12 12:37 PM | Reply

It seems to me that Corporations should be the very first to pay taxes. After all the wars this country initiates benefits them the most.

#20 | Posted by LarryMohr at 2014-07-12 12:58 PM | Reply | Flag: | Newsworthy 1

The problem with health care in this country is that it's taxpayer-funded, and government-run.

No. Wait. That's the military.

#21 | Posted by TheTom at 2014-07-12 01:11 PM | Reply | Flag:

Oh, military healthcare. Unlike in the civilian world, in that bastion of socialism, I barely even had to fill out paperwork to get treated. Show up for sick call, wait a few minutes, and get seen. No issues with pay, no unforeseen dread of not being able to make it after being blindsided with inexcusably large and unjustifiable bills, (no $100 each Tylenol?!?) Just quick treatment and back to work. It was terrible. The government does such an awful job compared to private industry. Now, if I so much as need an x-ray, think of all the paper pushers I keep employed to figure out who to bill. And I never know if insurance will say it was unjustified and leave me to pay it all! I couldn't bear to live without that kind of excitement.

#22 | Posted by zeropointnrg at 2014-07-12 01:24 PM | Reply | Flag: | Funny: 2

#22 | Posted by zeropointnrg
"Now, if I so much as need an x-ray, think of all the paper pushers I keep employed to figure out who to bill."

You, sir, are a beacon of light, and a true patriot.
But most importantly, a Job Creator.

Oh, and, FF.

#23 | Posted by TheTom at 2014-07-12 02:20 PM | Reply | Flag:

#17 | POSTED BY RCADE AT 2014-07-12 12:45 PM | FLAG: Are you also aware that military member pay federal income taxes? Tell me, do you hand money to your employer to give back to you as part of your salary???

Also, if paying federal income taxes is the [lib/prog] definition of patriotic then approx 46/47% of our working population must not be patriotic.

#24 | Posted by MSgt at 2014-07-12 02:35 PM | Reply | Flag: | Newsworthy 1

Ref my post above: In case you are unaware, military retirement pay is also taxed by the govt so I am also paying part of my own retirement pay. [I though I should post this also as so many who have never served are so unaware of the reality.]

FYI: Our military pay is not taxed while serving in a war zone, so my year in RVN was tax free: is not that nice?

#25 | Posted by MSgt at 2014-07-12 02:48 PM | Reply | Flag:

#24 | POSTED BY MSGT AT 2014-07-12 02:35 PM | FLAG:

Facts fly right by you guys like footballs past Detroit Lions receivers, don't they?

From: www.factcheck.org

Romney is a bit out of date with his claim that 47 percent of Americans pay no federal income tax. That was true in 2009, but the number is lower now, and falling as the economy improves and more people are working and getting paychecks.
Figures come from the nonpartisan Tax Policy Center, and its most recent analysis in July 2011 put the figure for that year at 46.4 percent. That comes to about 76 million individuals or families who paid no federal income taxes in 2011. TPC projected that the percentage would fall to 46 percent this year, and to 44 percent in 2013, under current tax policies.
Let's take a closer look at the 46.4 percenters.
According to the Tax Policy Center, about half of those who owe no federal income tax are people whose incomes are so low that when standard income tax provisions -- personal exemptions for taxpayers and dependents and the standard deduction -- are factored in, that simply leaves no income to be taxed. Those are people who earned less than about $27,000.
But that doesn't mean those folks paid no taxes at all. Many of them paid payroll taxes, those taxes taken out of a paycheck by an employer to fund programs such as Social Security and Medicare. They also pay federal excise taxes, such as those on gasoline, and they may also pay state and local income taxes or property taxes.
So that's half of Romney's 46.4 percenters. The rest pay no federal income tax due to tax benefits and credits. Here's the rest of the breakdown:
22 percent receive senior tax benefits -- the extra standard deduction for seniors, the exclusion of a portion of Social Security benefits, and the credit for seniors. Most of them are older people on Social Security whose adjusted gross income is less than $25,000.
15.2 percent receive tax credits for children and the working poor. That includes the child tax credit and the earned income tax credit. The child tax credit was enacted under Democratic President Bill Clinton, but it doubled under Republican President George W. Bush. The earned income tax credit was enacted under Republican President Gerald Ford, and was expanded under presidents of both parties. Republican President Ronald Reagan once praised it as "one of the best antipoverty programs this country's ever seen." As a result of various tax expenditures, about two thirds of households with children making between $40,000 and $50,000 owed no federal income taxes.

Damn those lazy unpatriotic seniors and parents.

#26 | Posted by zeropointnrg at 2014-07-12 02:52 PM | Reply | Flag: | Newsworthy 1

Report: Bush Tax Cuts Gutted Americans' Incomes 6.6 Trillion Dollars

www.dailykos.com

#27 | Posted by LarryMohr at 2014-07-12 03:04 PM | Reply | Flag: | Newsworthy 1

Are you also aware that military member pay federal income taxes?

So what? That doesn't invalidate my point that soldiers' salaries are paid for by American taxpayers, along with the rest of the massive defense budget.

Also, if paying federal income taxes is the [lib/prog] definition of patriotic then approx 46/47% of our working population must not be patriotic.

"How accurate is this number -- 47 percent -- that Romney cited? ...

"Of those people not paying income tax, about half of them are people with no taxable income -- low-income elderly and low-income working families.

"But the other half, Williams says, are people who benefit from tax preferences, like the child credit or the earned income tax credit. ...

"The idea that they are paying no taxes whatsoever is somewhat misleading, though. According to Williams, about two-thirds payroll taxes (because they work), while most of them will also pay state income taxes or sales taxes."

www.marketplace.org

Do you want to know why some working people pay no income taxes? Because that's what Republicans (and some Democrats) wanted to get more people off welfare during the Clinton presidency. Instead of giving somebody X dollars in welfare, you give them X dollars in a tax break on their work income. That way they have to work to get it.

It's pretty funny that a Republican anti-welfare idea became an idiotic Republican talking point during the 2012 presidential race, making Romney look like a rich guy who hated half the country.

#28 | Posted by rcade at 2014-07-12 06:31 PM | Reply | Flag: | Newsworthy 2

"The way to make up for that, of course, is to raise personal income taxes, especially on the very rich, but really across the board, while redrawing laws so that ALL income leaving the states is taxed at an even higher rate, encouraging companies and individuals not to relocate."

Also it eliminates the idea that corporate taxes are really double taxation because the shareholders have to pay taxes on their earnings. I would though do away with a two tier tax system that allows capital gains to be taxed at a lower rate than earned income, and Ronald Reagan would agree with that so it isn't exactly a radical Communist idea.

#29 | Posted by danni at 2014-07-12 07:20 PM | Reply | Flag:

What really encourages investment? A profitable business plan and/or record. What actually produces that? People spending money at the business. Taxes have nothing to do with that. Anyone that thinks that tax policy drives investment is an idiot. No one likes taxes, but they are a necessary part of modern life with all of its conveniences and luxuries. If you're paying taxes, you're making money. That's the good part about paying taxes.

#30 | Posted by nutcase at 2014-07-12 09:36 PM | Reply | Flag:

What fresh hell is this?

Corporations don't need more tax breaks they need to pay the taxes they already owe in order for us to repair the bridges, tunnels, etc they use.

Is it going to take say an Israeli ambassadors death via infrastructure failure before the GOP gives a damn?

#31 | Posted by Tor at 2014-07-12 10:42 PM | Reply | Flag: | Newsworthy 1

TOR nailed it. Which reminds me...why is there no right-wing outrage with Israel's policy of using American tax money to pay for their own citizens' abortions?

#32 | Posted by DCTexan at 2014-07-12 11:30 PM | Reply | Flag: | Newsworthy 2

Links to story in my post above:

dailycaller.com

www.breakingisraelnews.com

#33 | Posted by DCTexan at 2014-07-12 11:49 PM | Reply | Flag:

"TOR nailed it. Which reminds me...why is there no right-wing outrage with Israel's policy of using American tax money to pay for their own citizens' abortions?"

Because they believe Jews are going to hell anyway?

#34 | Posted by Hagbard_Celine at 2014-07-13 12:09 AM | Reply | Flag:

#28 | POSTED BY RCADE AT 2014-07-12 06:31 PM | FLAG: | Hey guy, it is you libs who seem to equate paying FEDERAL INCOME TAXES as being patriotic/or not paying them implied as not patriotic [such as with businesses] so which is it???

#35 | Posted by MSgt at 2014-07-13 12:13 AM | Reply | Flag:

RCADE, just acknowledge that I am a patriot as I have always paid my federal income taxes. Q: Are you patriotic?

#36 | Posted by MSgt at 2014-07-13 12:20 AM | Reply | Flag:

"Because they believe Jews are going to hell anyway?"

The blazing irony is one of the only people in congress who seems to be really fighting for infrastructure repairs which are REQUIRED for capitalism to continue flourishing is not only Jewish but a socialist.

#37 | Posted by Tor at 2014-07-13 12:32 AM | Reply | Flag: | Newsworthy 1

FTR

I included his religion because he seems to care about America the way some Christians care about Israel.

#38 | Posted by Tor at 2014-07-13 12:49 AM | Reply | Flag:

What you really mean as long as the House does something that helps the rich you are OK with it.
but if they tried too help the poor you would be spitting nails.
#6 | POSTED BY PUNCHYPOSSUM

Well they are the ones paying taxes........

So how would you propose "helping the poor"? just curious....

#39 | Posted by AndreaMackris at 2014-07-13 12:58 AM | Reply | Flag:

#36 | Posted by MSgt a

Needs some Preparation H

#40 | Posted by PunchyPossum at 2014-07-13 01:03 AM | Reply | Flag: | Funny: 1

AM,

Its pretty simple really, free health care and education. Free basic needs, no strings, the administrative bureaucracy costs more than actual food stamps or welfare. But it should be basic, tea, not coffee or soda. Bread and rice, not Doritos and Cheetos. This costs substantially less than our war machine or bailouts for a few criminal Bankers.

#41 | Posted by nutcase at 2014-07-13 08:12 AM | Reply | Flag:

RCADE, just acknowledge that I am a patriot as I have always paid my federal income taxes. Q: Are you patriotic?

I pay my taxes and support tax increases when they are necessary to keep this country stable, provide a social safety net for its people and assure future prosperity. I don't complain all the time about the taxes I pay and expect tax cuts, because the things I want government to achieve cost money.

I think there's some patriotism in that.

#42 | Posted by rcade at 2014-07-13 09:03 AM | Reply | Flag:

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