Pelosi Backs Including Tax Cut in U.S. Stimulus Plan

[Wretched Excess]

huh?  

Pelosi Backs Including Tax Cut in U.S. Stimulus Plan

 Nov. 7 (Bloomberg) -- House Speaker Nancy Pelosi will seek to add a tax cut to an economic stimulus measure Congress will consider early next year, her spokesman said.

``In terms of a tax cut, yes, we want it to happen,'' Nadeam Elshami, her spokesman, said yesterday. Details would have to be worked out with President-elect Barack Obama and committee chairmen including House Ways and Means Committee Chairman Charles Rangel of New York.

Democrats are considering passing two stimulus measures, one during a so-called lame duck session this month and another after Obama and the larger Democratic majority in the House and Senate take office in January. Previously, Democrats have said stimulus measures would focus on expanding public-works projects and aiding states.

Matthew Beck, a spokesman for the House Ways and Means Committee, also said tax provisions were part of discussions between congressional leaders and Obama.

``There is no question that we will hit the ground running in January with hearings and legislation to restore economic security for American families, and tax policy will be central to that discussion,'' he said.

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[Zeus]

Any time a lefty mentions taxcut what they really mean is a refundable tax credit. Primarily targeted to those that don't pay federal income taxes. If they are serious about taxcuts they will make permanent the taxcuts of 2001 & 2003.

[Wretched Excess]

Any time a lefty mentions taxcut what they really mean is a refundable tax credit. Primarily targeted to those that don't pay federal income taxes. If they are serious about taxcuts they will make permanent the taxcuts of 2001 & 2003.

Direct Tax Cuts

Pelosi discussed the possibility of including a tax cut in the stimulus in an interview with the Wall Street Journal. She told the Journal she favored direct tax cuts rather than a new round of tax rebates like the lump-sum checks sent to taxpayers last year. The effect of direct tax cuts would be faster as employers withhold less from paychecks.

Clinton Stretch, tax principal at the accounting firm Deloitte & Touche LLP, said two of Obama's tax proposals may be good candidates for inclusion in such a package.

The first, he said, is Obama's ``Make Work Pay'' tax credit, which would in effect provide a partial Social Security payroll tax holiday for most wage-earners, worth up to $500 for individuals and $1,000 for married couples. Obama also wants to expand the Earned Income Tax Credit, which favors low-income workers.

I have heard of a debilitating stoke, but perhaps she has had an invigorating stroke;  sort of like bombing afghanistan up to the stone age.

[DumbAss Tanker]

In her case, it probably means a special 'Jobs creation credit' for Starkist, its officers, and shareholders.  (Anyone remember her making American Samoa exempt from the minimum wage law?) 

[formerlurker]

They are like kids in a candy store right now.  When this all blow up in their faces -- as it surely will -- who the hell are they going to blame?

We are getting plenty advanced warning of a catastrophic train wreck and there isn't a damn thing we can do about it. 

[Chris_]

Y'all remember the dimocRAT definition of a "cut" don't you?


A decrease in the increase.

[Wretched Excess]

Y'all remember the dimocRAT definition of a "cut" don't you?


A decrease in the increase.

they won't have an opportunity for institute an increase before this decrease.  I am sure they will take away with the left hand what they hand out with the right, but it's unexpected rhetoric from the member from the people's republic of san francisco.