Politics - 16 November 2007

2007-11-16 10:49:46 · 6 answers · asked by realitycheck 3

Just curious if you chumps have your priorities straight.

2007-11-16 10:48:04 · 17 answers · asked by Anonymous

A deadline looms today, and it will not be met. Unless Congress fixes the Alternative Minimum Tax (AMT), the IRS will have no choice but to print next year’s tax forms based on current law, which would force 25 million taxpayers to pay, on average, an unexpected, additional $2,000 in taxes.

If the AMT is fixed after today’s deadline, the Treasury Department announced in a letter to Congress, then the delay in printing proper IRS forms will create confusion for millions of taxpayers this spring and delay tens of millions of taxpayers’ refund checks by up to two and a half months.

Democrats are the ones responsible for this — for creating the tax in the first place, for raising it, and for failing to fix it in time. Most responsible of all for the current mess, and for Congress’s failure to act, is House Ways and Means Chairman Charlie Rangel (D., N.Y.).

The Alternative Minimum Tax was originally enacted by a Democratic Congress in 1969, in order to stop a handful of wealthy families from using deductions and loopholes to avoid tax liability altogether. But the high income threshold at which the tax is triggered was never indexed to inflation. In 1993, the Democratic Congress and President Clinton raised the AMT tax rate, but again failed to index for inflation.

As a result, inflation is carrying more and more workers across the AMT threshold each year. Congress, therefore, has had to “patch” the tax temporarily each year, raising the threshold at which it must be paid. If Congress does nothing, the government tax collections would increase through the AMT, dramatically and entirely by accident.

Republicans view the AMT’s expanding reach as a mistake. They passed a repeal of the tax in 1999, only to see it vetoed by President Clinton. In more recent years, they lacked the courage to fix it permanently because it would have invited screams of “tax cuts for the rich,” and made future deficits look much worse on paper. Yet when they controlled Congress, at least Republicans “patched” the AMT each year so that millions of taxpayers could avoid paying all that extra money.

Publicly, Democrats pretend that they, too, consider it a “mistake” for the AMT to ensnare roughly 25 million taxpayers. But their actions now speak louder than their words. They passed an AMT “patch” last Friday — H.R. 3996 — but it raises taxes on small businesses and entrepreneurs by $81 billion, in order to recover the revenue that is “lost” by not mistakenly ensnaring millions of Americans in the AMT.

With the Democrats’ so-called “pay-as-you-go” rule in hand, and under the guise of “fiscal responsibility,” Chairman Rangel is essentially blackmailing taxpayers: “Either support us in our mission to hike taxes, or we’re going to let the AMT have all 25 million of you!”

A spokeswoman for Rangel was sticking to this “fiscal responsibility” line on Wednesday, and indicated that the tax-hike bill that Democrats passed last week along party lines took care of AMT, and that was that. But the bill they passed has absolutely no chance of passing the Senate, and even less of being signed by President Bush — something of which House Democrats have been aware all along.

Senate Democrats are not happy about what their colleagues have done here. Even Democrats in the House resented that they were being pressured by their own leadership to vote for a large tax hike. “Why should House members have to walk the plank?” asked Rep. Jim Cooper (D-Tenn), speaking to Congress Daily. “This is a 130 percent tax increase.”

Rangel does not appear to have thought this one through quite as well as he usually does. By failing to act, he may be putting his party’s pinkie finger on a new “third rail” of politics.

Everyone expects the AMT to be fixed this year for the same reason it always has been fixed in the past — failure to do it could cause a taxpayer rebellion. If, as appears likely, Congress fails to pass a real AMT fix before today’s deadline, it will probably be fixed eventually. But many taxpayers will end up with obsolete tax forms (12 different forms are affected by the AMT), creating a huge snag for the IRS. An astounding $75 billion in tax refunds to as many as 50 million people could be delayed for up to ten weeks.

That’s great news if you’re a government bean-counter, because you’re essentially getting an interest-free loan of $75 billion from American taxpayers. It’s very bad news, though, if you are a taxpayer trying to pay your energy bills, your child’s tuition, or your overpriced mortgage.

It might also be bad news if you are a Democratic politician who helped create the Great Tax Confusion of 2008.

2007-11-16 10:30:30 · 13 answers · asked by mission_viejo_california 2

2007-11-16 10:29:02 · 3 answers · asked by realitycheck 3

2007-11-16 10:27:16 · 9 answers · asked by Anonymous

im not really into politics--hello, im 17. but i never knew Bush done so much. What else did he do that people hate him so much?

2007-11-16 10:24:28 · 33 answers · asked by Evaの 6

are they trying to change it to "undocumented workers"?? Why do we only see this kind of spin and change from the left? Is illegal, the new N word? haven't we gone too far with this?

2007-11-16 10:20:58 · 11 answers · asked by Ancient Warrior DogueDe Bordeaux 5

"Why, all of a sudden, in a world where we are told that we are hated and we have to rebuild or image, how come pro-American conservative leaders are being elected in all these democracies, like France, like Germany, and a number of other places?"

Here’s what Frances leader had to say about us

SARKOZY (via translator): To the millions of men and women who came from every country in the world and who, with their own hands, their intelligence, and their hearts, built the greatest nation in the world, America did not say, "Come, and everything will be given to you." Rather, she said, "Come, and the only limits to what you will be able to achieve will be those of your own courage, your boldness, and your talent."

SARKOZY (via translator): The America that we love throughout the world embodies this extraordinary ability to grant each and every person a second chance, another chance -- because, in America, failure is never the last word. There is always another chance. Here, in your country, on this soil, both the humblest and the most illustrious citizens alike know that nothing is owed to them and that everything has to be earned. That is what constitutes the moral value of America.

SARKOZY: America liberated us, and this is an eternal debt we owe America.

SARKOZY: Every time, whenever an American soldier falls somewhere in the world, I think of what the American army did for France. I think of them, and I am sad as one is saddened to lose a member of one's family.

SARKOZY (via translator): We need France to be stronger. I am determined to carry through with the reforms that my country has put off for all too long. I will not turn back. I will implement all of them because France has turned back for all too long. I have come to present to you today a France that comes out to meet America, to renew the covenant of friendship and alliance that Washington and Lafayette sealed in Yorktown. Together let us be true to their memories. Yes, ladies and gentlemen, I say this to you on behalf of the French people: "Long live the United States of America! Long live France! Long live French-American friendship!"

2007-11-16 10:15:00 · 15 answers · asked by mission_viejo_california 2

and Musharref gets axed and an Islamic fundamentalist nut case group takes over, will that put Pakistan at the top of the list to be hit next? Or will their Bomb make us pause to think? What do you think are the long term consequences of an Al Qaeda supporting government that is a major military power, unlike the Taliban?

Now this is all worst case scenario. I'm interested in what people think.

And please no "George Bush lost Pakistan". That's as inane as the "Jimmy Carter lost Iran" nonsense I see here. Lots of things are out of our control

2007-11-16 10:12:08 · 5 answers · asked by iwasnotanazipolka 7

Do you think that the great scientists, astronomers and other intelligent humans who move our civilization ahead would stop inventing and creating things and we all lived in caves now? Or do you think they in general were born to do those things and would keep doing that even without money and our life would be better now? What about those talanted poets, writers etc. do you think they did their job because of money?

2007-11-16 10:04:48 · 7 answers · asked by Anonymous

Yeah it's a problem but is it a national emergency? Isn't it really just a wedge issue, tarted up to rally the faithful?
How would Mr. Tancredo et al propose to round up 12+ million people, let alone pay for it? Who would perform that job? Who would perform their jobs? Why don't they go after those who employ them?
Seriously, if your livelihood or your job is threatened by an illegal immigrant, don't you really have bigger fish to fry? Like an education or your prior choices in life?

2007-11-16 10:02:57 · 14 answers · asked by Anonymous

Like T-Shirts and stuff. I'm broke but I wanna support her.

2007-11-16 09:51:31 · 14 answers · asked by Anonymous

I'm referring to personal responsibility and accountability.
What is your political persuasion?

2007-11-16 09:41:36 · 5 answers · asked by Anonymous

2007-11-16 09:28:18 · 25 answers · asked by Choco 3

I remember when I was in Jr high.

The World was getting colder. Pollution was blocking out the sun.

Now it's keeping it in?

2007-11-16 09:27:12 · 17 answers · asked by I want my two dollars? 3

2007-11-16 09:26:11 · 15 answers · asked by realitycheck 3

#1 demographic to consider themselves "very religous":
African-American females.

#1 demographic to have an abortion:
Same.

Is this in the same phychology as 'religous hypocrisy"?

2007-11-16 09:24:05 · 13 answers · asked by Zinger! 3

Isn't that some form of Bank Fraud or Robery.

Every day on YA I read posts saying we should borrow more money and never pay it back.

Some users ever want to nuke foreigh banks claiming if we destroy the banks we can have more tax cuts.

Is this Jessie James Economics the New VooDoo Economics

2007-11-16 09:21:35 · 12 answers · asked by whirling W dervish 2

http://youtube.com/watch?v=gj9bjRixkVc

2007-11-16 09:20:16 · 12 answers · asked by Anonymous

I myself am feeling less.

2007-11-16 09:12:32 · 15 answers · asked by Franklin Stein 5

I don't see anyone from either party defeating her. She is unbeatable just like her husband.

2007-11-16 09:12:10 · 16 answers · asked by Anonymous

2007-11-16 09:11:45 · 11 answers · asked by Anonymous

power everything in it with off-grid power,
Not use any digital communication devices,
and keep the drapes drawn at all times,

how long do you think it would take before a search warrant was issued to search that person's home even if they had no prior criminal record?

2007-11-16 09:11:00 · 7 answers · asked by avail_skillz 7

93% of black homocide victims are killed by persons of their own race.

2007-11-16 09:10:22 · 11 answers · asked by Anonymous

In political

2007-11-16 09:05:47 · 9 answers · asked by Anonymous

now i have to say this cuz i know lots of people will mention this. ANY OTHER CONS BESIDES AN INCREASE IN TAX, a tax increase is common knowledge.

2007-11-16 09:01:09 · 22 answers · asked by optcynbassist 3

...David Miliband seems to think it's a great idea. Do you agree?

2007-11-16 08:56:43 · 22 answers · asked by slıɐuǝoʇ 6

2007-11-16 08:51:36 · 48 answers · asked by aaaccckkkk 2

2007-11-16 08:48:47 · 15 answers · asked by Jacob 1

What's your strongest political standpoint?

2007-11-16 08:47:23 · 12 answers · asked by Rosie 2