Streams

Cutting the Tax Cuts

Thursday, September 16, 2010

Jake Tapper, senior White House correspondent for ABC News, discusses what the House Democrats are thinking about the Bush Tax Cuts.

Guests:

Jake Tapper
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Comments [24]

amalgam from Manhattan by day, NJ by night

@ Amy from Montclair, NJ

Sorry to pile on, but I have to.

As a NJ (and former next door Bloomfield) resident I know that he $20k you pay in property taxes are due to your local Montclair municipality and has nothing to do with federal, and very little to do with state taxation. Like hjs said, maybe you should start a revolt in NJ so that municipalities start to consolidate more services. That is the major way to lower your NJ property tax. Some would support that. Of course, people in Upper Montclair and Glen Ride might have a problem with that.

Secondly, if a person makes $250k a year, that doesn't make them "rich," just wealthier than almost everyone in America; even better off than the majority of Montclair residents.

You know, many of the people that live on the west side of Bloomfield Ave.? Bet they think you're rich.

Of course, we know that you're just upper middle-class...

Sep. 17 2010 10:19 AM
Yvonne from Park Slope

I retired two years ago and am living just of my pension which is subject to federal but not local taxes. That said, I think we should all own our share of the responsibility to reduce this deficit.

For me, this means either letting the "Bush tax cuts" expire for ALL or extending them only for those making less than $250,000 and only for another year or two and, then, letting them expire for ALL.

President Clinton created a surplus by being able and willing to make these unpopular decisions. President Obama has not been willing to ask us to make the kind of sacrifices without which this country may go down the drain!

Sep. 16 2010 12:28 PM

Amy from Montclair, NJ
why not tell your local government you don't want to pay to support yet another tiny town in NJ. ask them to share services, fire local leaders and cut your local tax bill.

Sep. 16 2010 11:06 AM
Zach from UWS

I totally agree with JP from NJ. Amy, that 21k you spend on property taxes...I live on that amount of money every year, in Manhattan. I'm not starving, I'm just getting by. Understand that it is really hard for me to believe that, $230,000 later, you too are "just getting by." There is a difference between what is essential and what is a luxury.

Sep. 16 2010 11:01 AM
Karen Longo, Brooklyn, NY

To the Gentleman whose passion is collecting rare orchids - you absolutely prove the liberal point - you are just a greedy B....! - Just how do your passions stimulate the economy - you add one low paying job each to a fancy liquor store and a fancy nursery

Sorry Sir but building a bigger fence around your own house is not being part of society

Sep. 16 2010 10:54 AM
JP from NJ

Amy from Montclair, NJ

In all due respect, 250K is a lot of money no matter where you live or come from in this country. Is someone putting a gun to your head making you live in Montclair? Did someone force you to buy the house your paying 20K on taxes? These are all choices you made. There are plenty of places to live that you wont pay 20K a year on taxes and your kid should look into a state school and you should try downsizing like everyone else. Otherwise your living way beyond your needs if 250K is not enough….

Sep. 16 2010 10:45 AM

John
please keep in mind it is the rich who have benefited the most from our military, police, jails and business subsidies

Sep. 16 2010 10:34 AM
Amy from Montclair, NJ

I was outraged listening to your discussion about tax cuts. I wish the media would stop referring to people who make 250K a year as rich. That might be rich in Indiana, but in Montclair, NJ, it is just getting by. We pay 20k in property taxes, and 21k in mortgage just to live in Montclair. We have a child about to start college. I was astounded by the callers who had no problem throwing their money away to a government that is reckless, wasteful and corrupt in its spending. I can spend my money a lot more prudently than the government.

Sep. 16 2010 10:31 AM
jgarbuz

The Bush tax cuts for the wealthy did create jobs. Unfortunately, most of them were in China, or for illegal immigrants. The ones created here in the US were mainly in gambling casinos, Wall Street, the real estate and construction industries, etc. Basically, they went to fuel the speculative bubbles or to fuel imports of goods from Asia, or illegals from south of the border.

Sep. 16 2010 10:29 AM
Robert from NYC

It's NEVER TOO immature to start worrying about anything when it comes to our government. As soon as you know about it, start worrying and get to work!

Sep. 16 2010 10:29 AM
John Lobell from New York

It helps to be ignornat -- here are some facts:

The top 1% by income pay 40.42% of revenue received by the government

Top 5% pay 60.63%

Top 10% pay 71.22&

Bottom 50% pay 2.89%

Sep. 16 2010 10:28 AM
Brian from Hoboken

Agree with Nas in JC. In high cost areas people making $250 are not rich. I can see that a couple who makes $75k think I am rich. In turn, I look at my brother and his wife who make $2m per year and think they are rich. They have a neighbor in their buidling named Jaime Dimon, CEO of JP Morgan Chase. He makes tens of millions. My brother thinks he is rich. Dimon thinks the hedge fund guys who make hundreds of milions are rich. See what we are getting at? We need to create more tax brackets so that somone making $500k doesn't pay the same rate as someone making $500 million.

Sep. 16 2010 10:25 AM
Xtina from Manhattan

Mike from Newark, you've been brainwashed by Republican talking points. How, exactly, do you 'grow the economy' by cutting spending? Those two are mutually exclusive./

Sep. 16 2010 10:25 AM
Zach from UWS

Rare orchids... need we say more about the national priorities of the Republicans?

Sep. 16 2010 10:25 AM

i didn't even know the rich paid taxes. isn't that what accountants and lawyers are for??

Sep. 16 2010 10:24 AM

which budget items should be cut to pay for this tax cuts?

Sep. 16 2010 10:21 AM
JP from NJ

If the rich aren’t spending it now or in the last 8 years, what in gods name are going to make them spend it after April 15th? And I seriously question this as a job killer. Who pays their employees out of their personal income? That seems like really bad book keeping to me…. This is an absolute load of crap.

Sep. 16 2010 10:21 AM
John Lobell from New York

The show perpetuates two fallacies:

ONE: You keep calling them tax cuts. These are tax increases.

TWO: No one can demonstrate that these tax increases would lead to more government revenue. If they hurt the economy, they could lead to LESS government revenue.

Sep. 16 2010 10:16 AM
antonio from park slope

Jake, how about you mention the Bush tax cuts occurred during two wars which HAS NEVER occurred in modern history.

Sep. 16 2010 10:16 AM
desdemona finch from Brooklyn

People making over $250,000 aren't getting a tax hike if what were considered temporary tax cuts expire. Those tax cuts for the wealthy seriously exacerbated the gap between the very rich and poor in the 00s, according to the Center for Budget and Policy Priorities. If the wealthy don't like it in the U.S., try living in Europe or other developed countries.

Sep. 16 2010 10:15 AM
Brian

The Bush tax cuts didn't work. Did they usher in a decade of great economic growth? No, we ended on the brink of depression. Did they result in big job increases? No, job growth was anemic to non existence.
Did they result in greater revenues (the republican mantra is cutting taxes raises revenue) No, the deficit went way up from the Clinton surplus.

Sep. 16 2010 10:15 AM

I heard there is a report coming out today that in 2009 poverty increased in the US to 15% of the population. Ask Mr. Tapper how he thinks the Republicans will justify helping the wealthy -- 1% of the population -- and do nothing for the 15% of the population that is genuinely suffering.

Sep. 16 2010 10:14 AM
nas from Jersey City

While I agree in theory with progressive taxation, this scheme doesn't work so well for me personally. I'm part of a couple that will probably come in just over $250,000 a year, but between my massive educational debt from graduate school ($180,000) and the cost of living in the New York area, money is tight. I would hardly call us "the wealthiest Americans," but we will likely not benefit from the middle class tax cuts.

Sep. 16 2010 10:13 AM
Liam from West elmhurst

Go Mr. Obama.
I wish you were the leader of everything-hey, let's clone him.
(Even though he is a LAWYER-yuck).
Oh, and, where can we comment in the smoking law?
No place here to do so.

Sep. 16 2010 10:07 AM

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