House Extends Bush Tax Cuts for Earners Under 250K

So reports CNN as a breaking news headline:  “House extends Bush-era tax cuts for families making under $250,000 a year; Senate GOP pushing extension for all incomes.”

It would then seem that it is a foregone conclusion that those cuts will be extended, as I cannot see the GOP filibustering such a bill just because it does not extend all the cuts.  Such is my snap judgment at the moment.

More details later when they are available.

FILED UNDER: Quick Takes, Taxes, US Politics
Steven L. Taylor
About Steven L. Taylor
Steven L. Taylor is a Professor of Political Science and a College of Arts and Sciences Dean. His main areas of expertise include parties, elections, and the institutional design of democracies. His most recent book is the co-authored A Different Democracy: American Government in a 31-Country Perspective. He earned his Ph.D. from the University of Texas and his BA from the University of California, Irvine. He has been blogging since 2003 (originally at the now defunct Poliblog). Follow Steven on Twitter

Comments

  1. Eric Florack says:

    and so the democrats get to extend their class warfare nonsense, even when the republicans are in charge.

  2. Art99 says:

    In case you have no idea how the gvt works , which is likely,  Republicans only control one chamber of congress and Dems control the Senate and White House. Take a 5th grade civics course maybe.

  3. mantis says:

    I cannot see the GOP filibustering such a bill just because it does not extend all the cuts.
     
    Seriously?  I give it 3:1 odds they’ll do it.

  4. @mantis,
    I won’t be utterly shocked, but there is the time element here to deal with–if they don’t get anything in the lame duck session they will have to basically start from scratch in 2011 with the Senate situation still making it impossible for them to get exactly what they want in the new Congress.

  5. mantis says:

    Seems to me they’ll be in the same situation, but if they do the filibuster thing until tax season approaches, they’ll be able to pressure Senate Dems to pass the full extension.  If the Democrats don’t go for it, and the cuts expire, who the voters blame for their tax “hike” will largely depend on how the media frames it (i.e. exactly how Republicans will want them to frame it).

  6. Eric Florack says:

    Of couese I know that, Art. I was speaking figuratively.

  7. Eric Florack says:

    Let’s also consider the timing of this briefly…
    Consider the near zero likelihood of extending the life of the current tax code, were the election to have come out more in the Democrats’ favor.
     

  8. sam says:

    “Of couese I know that, Art. I was speaking figuratively.”
     
    BitEric speaks “figuratively”, a lot.
     

  9. Steve Plunk says:

    Let’s change that to ‘House raises taxes on upper incomes”.  This is a tax hike during tough economic times.  Not smart.

  10. Eric Florack says:

    Steve; Just so.
     

  11. Gustopher says:

    How about “House votes to cut taxes on all Americans, for the first $250,000”?
    Because that’s what happened. The Bush tax cuts were temporary and scheduled to expire, so the House isn’t responsible for raising them now. And, they affect everyone, even people who make more than $250,000 — but it only affects the income under $250,000.

  12. sam says:

    House Raises Taxes on Upper Incomes
     
    Great. You guys run on that.

     
     

  13. john personna says:

    I think the Dems should make the Republicans blink.  Go ahead, let them stall Senate action until January.  Let everyone see them hold up the nation’s business for the top 2%.
     
    Think about that.  Holding up the nation’s business, for benefits to the top 2%.

  14. Robert in SF says:

    @Gustopher:
    I came to this post from my RSS reader specifically to state what your already posted: the tax cuts passed are for everyone, up to $250,000 of income.
    The persons whose income is more than that amount want extra tax cuts to their rates…They benefit from the other tax cuts, but want more.
    Damn, Democrats can not get a message/talking point down.
     

  15. Grewgills says:

    Bit,
    I am curious, what does figuratively mean in your world?

  16. anjin-san says:

    > I am curious, what does figuratively mean in your world?
     
    It means he said something stupid, got called on it, and is trying to save face.
     
    > and so the democrats get to extend their class warfare nonsense
     
    If you mean Democrats are not quite as eager as to GOP to play “bend over for billionaires”, why yes.
     
    The difference between the parties is that Democrats are in bed with plutocrats, but they still want to throw everyone a bone, and they have occasional bursts of independence. The GOP is simply owned lock, stock and barrel, and they really do not give a crap about anyone but those they serve.
     

  17. TG Chicago says:

    Like Robert, I came here to post the point that Gustopher already did: These are tax cuts for everybody.

    The headline is wrong. It could say “extends cuts for earnINGS under 250K”, but it is very misleading as it is currently written.

    If the Democrats were any good at messaging, they could get this through. They could also point out how ridiculous it is for deficit hawks to be demanding lower taxes (thus lower revenues) on the richest of the rich even though the last 10 years have proven that these cuts do not help the economy.