Follow Barack Obama prior and during his tenure as the 44th President of the United States. Read about my personal observations along with every day facts as they happen. This blog will only submit factual information about the first black President, now in his 2nd term of office.
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Showing posts with label tax cuts for the rich. Show all posts
Showing posts with label tax cuts for the rich. Show all posts

A Thankless Job - being President of the United States

Friday, December 10, 2010

Well, talking about a political hot bed, trying to be an active President in these trying times for the country can be no less than challenging. In fact, it seems to be a thankless, no win situation at times. You read about peoples unemployment benefits expiring after 99 weeks of collecting unemployment. Then you read about a President more concerned about the people instead of his own party, as he now supports the Bush-era tax cuts and they do not. Then you hear leading Democrats condemning President Obama for supporting Conservative policies of the past. So what is President Obama supposed to do? Is he supposed to let the unemployed starve to death? Is he supposed to please both the Democratic party and the Republican party?
President Obama has been for what it takes to do good for the people, not necessarily for any particular any party. The prior mid term election proves that he can no longer do things just as he wants it too. When the Republican controlled House comes to order in 2011, he will have more fish to fry. Veto's will be coming. More disenchanted Democrats will show their heartless faces. Maybe they never heard the saying " When the going gets tuff, the tuff gets going". President Obama is just not going to put on the breaks to his idealology just because the Democrats do not like what he is doing. The Republicans are forcing his hand. It is the last thing on earth that President Obama wants is to extend tax cuts to the rich. But if he didn't, what would happen the the middle class and the poor if he was as greedy as some of the Democrats?  I'd hate to see what would happen to allot of people if their taxes jumped sky high in January. What the President did was to do his part in making sure regardless of what he feels, that this disaster would not happen. He is looking out for the people here, not for the selfishness in Washington, as you will now see more and more of the rediculas debates with Democrats against Republicans not agreeing on most anything.
THe next two years for President Obama will be difficult. Appearently the people of this country only have a short memory, and forgot why they elected Barack Obama for President in the first place. They forgot about a past President, George W. Bush who whas so taken up about the war on terrorism, that he seemed to forget what he needed to fight for on his own soil. President Obama signed up for that task, but the people of this country are short fused, not patient, and are more concerned about themselves more than ever. President Obama was out front in telling the American people that it would be a long hard battle for the country to rebound from this economic downturn the last Republican President could only be responsible for putting the country into. But also to blame are all the lawmakers in Washington that did not support policies good for the people when the conservative president was in office. The blame goes to both Democrats and Republicans alike. It seems no matter who is president, Democrat or Republican, Congress always has an uphill battle to get both sides of the isle to decide on policy.
It is a shame that President Obama may now slip into being a 'lame duck' president. No wonder why he pushed so hard for his agenda during a time when he had complete control over Congress. He appearently knew what was to come in two years when becoming President.
The Republicans may have bitten off more than they can chew, and the Tea Party that helped elect them in Congress may be the reason why things may backfire on them in 2012.
Let's just say that the economy starts rebounding, and people start going back to work, and things start to look up for this country. Do you think that President Obama may be elected in 2012? Who will he have to run against him, maybe the likes of Donald Trump, or Sarah Palin? This again would be a political nightmare for the Republican Party, and unless they come up with a very viable candidate to run against Obama, they will loose in 2012. The question now is whether now President Obama will run again in 2012 being that the political teapot in Washington is boiling over. The next President, especially if Republican will say that they took over a Presidency with a country deep in debt due to the Democratic president, but the reality is that it is because of basically one man, George W. Bush who took the country down to its knees while ignoring everything he should have been doing for the people living on American soil.

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Obama bows to Republicans and supports the 'BUSH-Era" Tax Cuts

Tuesday, December 7, 2010

Everyone knew it was coming, as President Obama as agreed with Republicans to extend every Bush-era tax cut today. This agreement effects the rich, the middle class and the poor. It is no secret that President Bush has resented tax relief for the rich, but in order to save the middle and lower income tax groups, he had to compromise with the Republicans. So in a sense, the Republicans have won. What actually happened is that the Republicans looked out for the rich, and the President looked out for the middle and poor class Americans. It is important to note that this fight to tax the rich will be an ongoing debate from now and into the future.
Is there one person on earth that actually thought that the President would not extend the tax cuts? There were rumors that the President would veto any extention of the tax cuts by Congress. Only if you are a mole living in a hole would you ever think that the President would ever abandon the middle class and the poor.
Instead, unemployment benefits will be available for the unemployed for at least the next year or so and the rich will enjoy paying less taxes than the President would like them too.
This time, the President shows his deep concern for the less than fortunate in this country, and has sided with the Republicans on the tax deal so that low income people would not have to suffer as much. The Democrats however are disheartened over the fact that the President "caved in" to Republican politics. Many would think this is true, but the "number one priority is to do what's right for the American people" and "Because of this agreement, middle class Americans won't see their taxes go up on January 1" as he stated in a scheduled news conference at the White House.
President Obama admitted that he has not been able to budge the Republicans in the Senate. The President scolded the Republicans as he stated that extending tax cuts for the wealthy is the "holy grail" for Republicans. He pointed out that extending tax cuts "seems to be their central economic doctrine," knowning full well now that they have control in the Senate, that they could use a filibuster card if the President doesn't agree.
Payroll taxes will go down for at least one year from 6.2% to 4.2%, and it is applied to the first $106,800 of wages. A $50,000 wage earner would see a decrease in payroll taxes of at least $1,000 and likewise, someone earning $100,000 would save at least $2,000. It means that the rich will be richer, and the poorer will no be poorer. So everyone stands to gain here, but really, is it truly the right thing to do. It means that the more you earn the less in actual taxes verses income you would have to pay. This theory definitely would encourage someone to make better for himself and try to earn more money. But there are allot of people out there that are unemployed and cannot earn allot of money. Some people make just enough to put food on their tables.
Likewise and Estate tax will return in January with a rate of 35% verses 55% as it was scheduled to be in the Bush-Era tax cuts would no longer be in effect. Included in the plan would be continued tax breaks for studens and families contain in the stimulas bill of 2009 and businesses can write off any investment that they would make in 2011.
As expected, the Republicans like the deal, but Democrats do not like it. One reason the Democrats are against the deal is because tax cuts are extended to the rich. That is the same reason why the Republicans like it.
What has happened here is the preface of the actings of the future Congress, now that the Republican majority Senate will take effect in two months. President Obama will now have an uphill fight to protect his beliefs and his desires for policy creation. But the Republicans should also realize that because they won this battle regarding the renewal of the BushEra tax cuts, they will have a harder time in the future to go against Obama's desires. I would expect that the Republicans will see the Presidential veto thrown at them a few times in the near future. It is a battle between the liberals and the conservatives. Hopefully, the fighting within Congress will subside long enough during policy debates to actually get some policies passed. If not, everyone has everything to loose here. The politicians in Washington are there so that they can promote new policies, but so far it looks as if there will be little chance that both the Republican House and the Democratic Senate will ever get along on anything.

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