Cantor: Unless millionaires get tax cuts--nobody gets tax cuts

(well, American people these are the people you put in charge of the house):

Incoming House Majority Leader Eric Cantor says that unless President Obama supports permanently cutting taxes on income over $250,000, nobody should get any tax cuts at all.

WALLACE: If the president says, "Extend the tax cuts for the middle class permanently and I'll agree to a two- or three-year extension for tax cuts for the wealthy," could you buy that?

CANTOR: First of all, Chris, let's set the record straight. No one's getting a tax cut here. One of two things is going to happen January 1. That is your rates are either going to -- either going to go up or they're going to stay the same. So this notion that somehow we are passing tax cuts is just not true.

And so, no, I am not for decoupling the rates, because all that says to people looking to go back in and put capital to work and invest to create jobs is, "You're going to get taxed on any return that you can expect."

Cantor knows that we're really talking about two different tax cuts -- one that applies to every taxpayer, regardless of income, and one that only applies only to taxpayers with income over $250,000. Cantor also knows there isn't much support for extending the "wealthy-only" tax cut and that unless he can hold the universal tax cut hostage, he doesn't have the leverage he needs to get get the upper-income tax cut signed into law. That's why he opposes decoupling the high-income tax cuts from the tax cuts that go to everybody (including high income earners, albeit only on their first $250,000 of income).

President Obama's position is that we shouldn't hold tax cuts for everybody hostage in order to get tax cuts that only go to wealthiest 2%. He's said he's willing to compromise on a short-term extension of the upper-income tax cuts in exchange for a permanent extension of the across-the-board tax cuts, but that the price tag of a permanent extension of upper-income tax cuts -- $700 billion over the next decade -- is far too high a price to pay.

This is shaping up to be the first major legislative battle since Republicans took control of the House, and true to form, President Obama has bent over backwards signaling his willingness to work with Republicans and even that he'll compromise as long as Republicans are willing to compromise as well. But as Eric Cantor is making clear, Republicans are refusing to compromise
www.dailykos.com

The tax cuts expire December 31. Eric Cantor is a member of the minority until the first week of January.

Cantor = not the brightest bulb

(In my best Mr. Garrison voice)

i may not like the % of my income taxes that go to supporting our imperial military, but i will pay more to ensure that millionaires and billionaires pay more, too.

1 house of congress can't do shit.

And how are you going to pay for it. Or do deficits only matter when the common folk are going to benefit?

Tax cuts have destroyed this country, get rid of all of them.

on the first 250,000 of income.. including the wealthiest of Americans.. Republicans are going to deny that tax cut to everyone?

Expose them

Say it isn't so..

Really?

Per E Can't Or either the Rich get their tax cuts permanently extended for the amount over $250K or no one even the Rich get to go back to the tax tables 'before' these disastrous tax cuts were signed in to law by the great 'W'.

How quaint.

They never should have been passed in the first fucking place!!