Bill Clinton: Extend all tax cuts temporarily

[dipsydoodle]

Source: Associated Press

WASHINGTON (AP) -- Former President Bill Clinton said Tuesday that broad tax cuts that expire in January should be temporarily renewed, including for the wealthiest Americans, to give lawmakers time to reach a deal on a longer-term extension that should exclude the rich.

Clinton's comments were in contrast to President Barack Obama, whose re-election he is supporting. Obama has opposed renewing the tax reductions for people earning over $250,000 a year, saying they must contribute to the effort to control rampant federal deficits.

Reductions in income tax rates and other levies first enacted under President George W. Bush expire in January, at the same time that $1.2 trillion in automatic spending cuts begin to take effect. The nonpartisan Congressional Budget Office and others have warned that letting both events occur would suck so much money out of the economy that it could spark a renewed recession next year.

"What I think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what's necessary in the long-term debt reduction plan as soon as they can, which presumably will be after the election," Clinton said on CNBC's "Closing Bell With Maria Bartiromo."

Read more: http://hosted.ap.org/dynamic/stories/U/US_TAX_CUTS_CLINTON?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-06-05-19-27-40

[abelenkpe]

1. Whaaaaaaaaaaaaat???!!!

No!

WTF?

[ClearThinker]

66. Don't temp extend

Make 'em permanent or you'll see no new jobs.

[sabrina 1]

69. They had ten years of tax cuts to create jobs, and did not. Now they've had two more years, where

are the jobs? The wealthy create jobs in China. Give the tax breaks to US Small businesses who are the ones who actually create jobs.

End the tax cuts for the wealthy, I agree with the President. They have cost this country over 2 trillion dollars and we got nothing in return.

[KansDem]

77. "Give the tax breaks to US Small businesses who are the ones who actually create jobs."

No, they don't create jobs. A strong middle class with purchasing power creates jobs.

I've seen protest signs reading "Cut my taxes and I'll hire more" at tax-cut demonstrations. Really? If we cut taxes on an owner of a small business, are we really supposed to believe that person will hire more employees? To do what? Stand around and do nothing because there hasn't been an increase in demand for the employer's goods or services? Increase demand for goods and services and small businesses will have to hire additional employees to keep up with the demand! And increased demand comes from consumers with purchasing power.

I sooner think cutting taxes on small business will prompt the owner to pocket the money rather than hire employees.

[sabrina 1]

80. If small businesses were to get the benefits Big Corps get, yes, they would hire more people, maybe

just one or two each, but as someone with experience in small business, several of them, I know for a fact that small businesses get very few breaks. Those all go to the Big Corps.

However, I am not asking for tax cuts for anyone, just end the Bush tax cuts, and the sooner the better. Also tax Corporations who take their business to third world slave factories. If they don't like it, they can always move to the countries where they are hiring people.

Job creation is the best stimulus. When people have jobs they spend money and pay taxes, which creates demand for more products etc. etc.

So what I am in favor of is, is a huge FDR style works program.

[newspeak]

85. tax cuts do not create jobs. There's a thread here where a billionaire finally came clean

what tax cuts to the wealthy have done is allowed a very large disparity of wealth; also allows the wealthy to ship that money overseas, while shipping jobs overseas. Since reagan, getting peed on does not work, will never work unless you are the wealthy-if you are labor, you are screwed. Also, some of those global corporations have greatly profited from the bogus war little boots fabricated. They've made money off of misery, and yet were not asked to sacrifice. Instead, they were given even more.

[abelenkpe]

70. Because those tax cuts have led to so many jobs right?

Funny cause under Eisenhower the top marginal tax rate was 92 percent, yet the wealthy were still rich and union membership the highest. Operating under the mistaken notion that by bribing the wealthy and corporations with tax cuts, less oversight and decades of pathetic ass kissing has resulted in jobs sent overseas, stagnant wage growth and unemployment. Sell your sad, failing strategy elsewhere.

[CrispyQ]

72. How long are you going to believe that crap?

[newspeak]

88. oh, fekkin please.

the obscene tax cuts have been for over ten years-where's the jobs. After the tax cuts, what we saw with little boots was decline. We have millionaires-billionaires who are saying enough is enough. They are more than willing to pay their share. Even some of the one per centers are seeing that it's become so obscene-of course, they are more for the country than all out greed. When we had a higher tax rate, we had higher employment with decent jobs.

give tax incentives, like eisenhower did in the fifties, hiring americans. No tax cuts for those shipping jobs overseas; as well as, the money.

I'd suggest you look at the historical tax chart since the depression. what we are seeing now is absolutely nothing but greed. I'm not willing to go back to the good old greedy, corrupt robber baron days. As more people lose their decent jobs, especially those in their fifties, what the teabaggers (norquist) want to do is take away the social safety net. We need it now more than ever with the economic conditions little boots created. Respected economists have stated that we need to get the money circulating amongst the plebes. Austerity now would create even more economical damage. That's not throwing money to ones who have gotten even wealthier, including global corporations, that have seen profits over eighty percent while cutting wages. It's giving to the masses who are actually going to spend it.

[Comrade_McKenzie]

2. Anyone making poverty wages shouldn't have to pay 1 cent in anything...

Except maybe Social Security, but only a nominal fee... we can always remove the cap on that.

[bloomington-lib]

3. Boo

How many times should it be extended?

[Dr Fate]

7. it should be extended as many times as it takes to create all these jobs...

Obama AND Clinton both know that tax cuts create jobs.

this is yet another reason why we should oppose the far right-who will only mess up our centrist job creation plans.

[boppers]

49. Sarcasm tag missing, perhaps?

Tax cuts do create debt, and do fund job creation.

Which would be fine, if the debt was ever paid. Somehow.

[Dr Fate]

4. Centrism will work even better than It already has.

Obama already knows this is key-which is why he and the Democratic majority had to extend the Bush tax cuts.

[magical thyme]

5. STFU, Bill. Please just STFU.

Your time is done. TYVM for Nafta and Glass-Steaghall. Now just STFU!!!!!!!!!

[lunasun]

20. yeah enuf damage done on his own watch

[FiveGoodMen]

21. My thinking as well.

He seemed like a breath of fresh air at the time, but Clinton has turned out to be no damned good.

Just the fact that he pals around with GHWB...

[newspeak]

86. yeah, every time I hear from clinton, I really wonder whose side he's really on

I voted for clinton to keep NAFTA-GATT from passing, since it was poppy's baby. No wonder poppy considers clinton one of his own.

I believe up on the hill, it's tweedle dee and tweedle dumber; and then, there's a few for the american people, who those on the hill attempt to purge.

[MrSlayer]

6. Why does he keep cutting our legs off?

First with the "sterling" Romney remarks and now with this bullshit. We need, need to raise taxes, particularly on the richie rich class. He is not helping, only hurting. He needs to get the message straight or shut the fuck up.

[Dr Fate]

8. Obama knows Clinton is Right.

Now I see why he and the DEM majority extended the Bush tax cuts-to create all of these wonderful jobs.

[Arugula Latte]

10. Because he's a slimeball.

[Dr Fate]

12. There is nothing wrong with supporting Obama's extension of the Bush tax cuts.

All Clinton is doing is agreeing with Obama and the centrist DEMS who extended the Bush tax cuts.

despite what the far left says, it creates jobs. Just look around.

[Egalitarian Thug]

16. You forgot the sarcasm thingy. n/t

[AnotherMcIntosh]

39. Is this sarcasm?

[Dr Fate]

40. Huh? Obama and Clinton both seem to support tax cuts.

And so do centrists in general.

Nothing sarcastic about success.

[newspeak]

89. oh come on, call em what they really are

"new democrats" "DLCers". anyone whose seen the dlcer platform knows it looks like the damn repug platform, minus the crazies.

[amandabeech]

78. I need to move back to Michigan because I'm an only child and my Mom's deteriorating.

I ain't seeing all those jobs despite the Obama tax cuts for people and Snyder's tax cut for corporations.

This is NOT sarcasm.

[NickB79]

92. It creates jobs? We need 150,000/mo. just to keep up with pop. growth

Have we had ANY months since the "recovery" started in which we had over 150,000 jobs/mo. created? If so, they must have been few and far between, because what I remember are a lot of months with 50,000-80,000 jobs/mo.

[magical thyme]

53. ego. plain and simple.

Unless he is #1, there is to be no recovery. I don't know whether he'd even allow Hillary to direct a recovery, his ego is so fat.

[agent46]

9. Politics is all a game to Clinton

He keeps demonstrating his total disengagement with these observations and suggestions.

[babsbunny]

11. no

[BeyondGeography]

13. Get a fucking life already, Bill

[flamingdem]

14. I disagree but practically speaking

the frickin 1% spends and they want that to keep going, grrrr

[amandabeech]

79. I've had some dealings with the top 5%.

They don't buy any more U.S. made stuff than the folks who shop at WalMart, unless they're into local food and NOT into products imported from Europe, particularly France.

Luxury Japanese or German cars, clothing imported mostly from France, Italy and Germany. They spend a lot of vacation money overseas as well.

Maybe they buy a yacht made here.

Maybe they buy some new digs here, maybe elsewhere, like Europe, Argentina or Singapore.

[Egalitarian Thug]

15. Of course not Bill, once a republicrat always a republicrat. n/t

[Cleita]

17. Okay. This guy is past his expiration date.

Time to retire the DLC hacks permanently. Their product has gone sour.

[jmowreader]

18. As a tactical move for the election, it makes sense

Folks, we are not running against Mitt Romney this year. We're running against Grover Norquist, even though he's not on the ballot.

If we do not say something like this, Norquist will run a billion dollars in ads claiming the Democrats want to raise YOUR taxes, even though it's not true--the people we want to raise taxes on aren't going to notice the difference.

What I would really like to see come out of the next Congress is a bill that locks spending increases to the inflation rate, reduces taxes on the working class, keeps the Bush personal tax rates where they are, and limits the amount of income taxable at the capital gains rate to $250,000. We also need a clause that revokes the citizenship and deports anyone using overseas tax shelters to evade more than $500,000 in federal income tax.

This is how it works: We know Mitt Romney made $25 million last year and most of it--let's say $24 million just to make it easy--was taxed at the 15 percent capital gains rate. Under my plan, Romney will pay 15 percent on the first $500,000, and 35 percent on the other $23.5 million. And if he buries a lot of money in Switzerland to avoid paying Uncle Sam his fair share? That's fine; he can just pack his shit and go live with his money...and he will then find that the cost of living in Switzerland makes American income taxes look pretty damn cheap.

[Psephos]

37. Some good ideas in there! n/t

[NorthCarolina]

19. Damn corporate Dems. nt

[rhett o rick]

22. You are being too polite. nm

[xxqqqzme]

23. Thank you Bill for going to

Wisconsin. Now go home and stay there until you are needed in the early fall. We'll call and you will get a script.

[leftynyc]

61. Don't you think we need him

more than he needs us? He has a perfectly good life running the Global Initiative. Regardless of what many on this board think, Pres Clinton is the most popular politician in the country. That the far left doesn't like him does't mean shit....they're the same ones calling Pres Obama a fascist and have made themselves irrelevant to the conversation.

[newspeak]

93. the "far left" is getting kind of old

pro-labor, pro-union-you're far left. Pro-corporate regulation-you're far left. Pro-rule of law-you're far left. Pro-public agencies (education), instead of corporatized government-you're far left. No, we're democrats who believe in the FDR democratic platform. I'd say some democrats have gone right of eisenhower and even nixon.

[RUMMYisFROSTED]

24. "...including for the wealthiest Americans..."

This is what we call a Mole.

[Freddie Stubbs]

25. So, in other words, do exactly what President Obama did two years ago

[Hotler]

26. Go away Bill. You looked the other way on the crimes of popa Bush.

Just like Obama turned a blind eye to the crimes by shrub. Tax the rich till their eyes bleed.

[NRaleighLiberal]

27. Look...Bill - a donut! Go away, please just go away and STFU!

[Flatpicker]

28. Basically

He's advocating that we not introduce any uncertainty into the market for the short term and then make some long term plans that remove the tax cuts and hopefully remove some of the loopholes that exist in our tax code as is.

It does make sense from the aspect of trying to keep the economy we have now in growth, while giving the businesses some time to factor the new tax changes into account. That way it's not an uncertainty more than a "identifiable cost of doing business".


From where we are now, it's smart but, it wouldn't have been necessary had we had a plan agreed upon that could have been brought in with plenty of time for analysis.

[boppers]

50. Okay, it's easy to sort out people who are business folks from "armchair" business folks.

This is one of the ways.

No business ever has "certainty". Ever. If I want to invest in a capital asset, I am not asking myself "will my amortization change in a year", or "will it affect my taxation rates"?

I am asking myself "can this shit pay itself off, and turn profit somehow"?

Economists, who have never owned and run a business, ask themselves these questions, which is why they don't own businesses, and dither over existential questions, about future hypothetical situations, that they do not understand.

I'd like to see if Paul Krugman can run a food cart business. I'm guessing it would fail in 6 months, regardless of his Nobel.

[Flatpicker]

73. ??

Can we discuss these things using commonly accepted terms without having somebody insulting how it's talked about.

Look, I get the "Can I pay this shit off" thinking, but, I don't talk that way normally.

There are some things that you know in business going fwd. Can we call them "certainty"? How do you know if you can pay off something and turn a profit if you don't have some idea what your costs are?

Could they change? Sure they can, but, we need to have some word for it.

[potone]

29. No, no, no, no, no!!!

Has he started inhaling???

[Proud Liberal Dem]

30. Question:

if the tax cuts aren't really helping the economy, how will taking them away hurt? What's with all this "fiscal cliff" madness that the CBO is talking about?

[florida08]

31. more of the the doublespeak

Says one thing in Wisconsin then something else on the tube. Deficits and debt don't magically disappear Bill..remember how you raised taxes and took money from SS. Cenk talked about this tonight.

[unkachuck]

32. "...including for the wealthiest Americans..."

....hey Bill, have you forgotten where you've come from? Now that you've joined the ranks of Americas' wealthiest Americans you seem to have forgotten that the 1% have been getting all the breaks and those tax cuts you're being generous with are going to be paid for by gutting our social programs....we should be taxing the shit out of the 1%, not extending their tax breaks....

"...to give lawmakers time to reach a deal..."

....you're kidding me?....are you blind?....have you been out of the country for the last four years? There's no 'reaching a deal' with the pukes, it's their way or the highway....you really need to stop triangulating, we no longer can avoid stepping in your triangulation....I've got your triangulation all over my clean shoes....

[Art_from_Ark]

52. I think Bill HAS forgotten his roots

He came from a poor family in a poor state, but he seems to have forgotten all about it.

This is not the Bill Clinton who nearly got elected Congressman on a liberal platform in a conservative district.
Nor is it the Bill Clinton who was elected Arkansas' "Boy Governor" in 1978.

[Trillo]

33. Why not GIVE corps $100, and *ask them nicely* to create $50 worth of jobs?

[rosesaylavee]

34. Go away Bill.

Your days of screwing us are over.

[Liberal_Stalwart71]

35. When will you guys wake up? Bill Clinton is trying to sabotage this election!! That's it! n/t

[Mayflower1]

59. I think you are correct !

[Marrah_G]

36. Sorry Bill, your friends have gotten enough tax breaks already

They have had years to prove they are the "job creators" and have FAILED miserably. They need to be taked hard and the loop holes closed. GREED is killing this country.

[w4rma]

38. Bill Clinton is still scum. (nt)

[magic59]

41. Who listens to that has-been

he didn't understand economics when he was president and he doesn't understand it now. He was a good republican president.

[WinkyDink]

55. What? First of all, no ex-Pres. is a "has-been." That's stupid. Secondly, maybe you should look at

his budget accomplishment?

[leftynyc]

62. Then explain why the

economy hummed right along during the 90s. This Clinton hatred is fucking hilarious. Most popular politician in the country and the short sighted lemmings here want him to go home and shut up.

[newspeak]

90. did you think that after losing glass-steagal and passing NAFTA-GATT

it was going to go in the shitter overnight? And, what the trade treaty did to mexican labor, especially, farmers, is unforgivable. And, we got people here crying about those aliens coming here, after our trade policy helped create the environment.

[AnotherMcIntosh]

42. Is this the same Bill Clinton that signed NAFTA?

[Bohunk68]

57. And DADT and DOMA?

Bill was the best Republican president in 50 years. Now, Bill, just go get Monica and moan a little bit. At least if you're getting a BJ, you won't have time to mouth off on tv.

[sad sally]

43. Shocked, I tell you shocked - not. Anybody who believed that the President was going to "fight"

to end the Bush/Obama tax cuts for all those rich folks was dreaming. Heck, the rich people need their money, and taxes certainly can't be raised on middle income nor poor people. The payroll holiday will also be extended. Maybe Germany can bail us out.

[wordpix]

44. just how does it "contract the economy" to make richies pay more than 13-15% on income tax?

As a teacher I pay double the tax rate of Tax Haven Mitt with his $250 million AND ExxonMobil.

How is this fair, Bill?

[rayofreason]

45. I really get the feeling Clinton wants to sabotage Obama. n/t

[Dr Fate]

46. Obama extended the Bush tax cuts. Seems he and Clinton agree...

...with Bush.

That is centrism is all about-combining the best of both worlds in order to get things done.

[Bohunk68]

58. You keep babbling about

centrism. What is getting done except the 1% keep getting more and more tax breaks?

[Freddie Stubbs]

65. The 99% got to keep their tax breaks

[newspeak]

91. hey, eisenhower is looking like a centrist, the old repugs are centrists

keep moving to the right and it's just plain fascism.

[Thrill]

47. The need to rein him in. They don't need Clinton out there

.

[MjolnirTime]

48. Fuck You, Bill!

[cstanleytech]

51. I think Bill is deluded. The Republicans or the ones who hide behind the "Tea Party" name but

are really still Republicans have made it clear they wont negotiate on the taxes so its time imo to break out the nuclear option and let the taxes lapse and make them come to the table for a change on our terms, not theirs.

[WinkyDink]

54. Sometimes Bill's personality outshines his ideas.

P.S. Why, when I typed that, was the print barely visible?

[indoposting]

56. Spam deleted by tjwmason (MIR Team)

[Lil Missy]

60. NO. n/t

[BamaFanLee]

63. How does he expect those tax cuts to be paid?

The money has to come from somewhere???

[newspeak]

95. the tax cuts will be paid by the american people

we are the ones who they want to sacrifice; be it tearing up the social safety net, doing screw you voo doo with our SS or increasing our taxes while most of us are now working for shitty pay.

We always wind up paying. the american people paid for the S&L heist, we pay every time WS gambles. We pay for bailouts, with little in return, we pay for every corruption they commit. And, the more damage they do and corruption they commit, the more we are asked to pay. The people in california paid bigtime for the enron scandal. But, hey, we need to sacrifice, don't want to worry the have mores beautiful little minds.

[earthside]

64. Clinton laying Obama's ground work.

Ultimately, I have no doubt this is the position Pres. Obama will take sometime in September or October.

[truebrit71]

67. I wish he had just stuck to getting BJ's from chubby broads..

...Bill, seriously, STFU with that shit...

Seriously, we need to keep the tax cuts in place in case the economy contracts....Um, dude, have you not seen what they tax cuts did to the economy in the first place?

Idiot.

[Harmony Blue]

68. Centrist message is clearly ringing hollow

now that we have seen the damage it has done.

[and-justice-for-all]

71. Hell no!!

End those fucking shrub tax cuts tomorrow.

[email]

74. WTF?

Seriously...is he trying to undermine Obama? Why is he saying that?

[markpkessinger]

75. Sorry, Bill -- you're off the reservation on this one n/t

[marshall]

76. Nobody can play multi-dimensional chess like Clinton!

And he loves the limelight.

[JNelson6563]

81. J Nelson: Clinton can fuck off.

Do you like Apples, Bill? I will fight til my last dying breath make sure the wealthy pay their fair share. How do you like them apples Mr. 1%er?

Julie-with a big Fuck You to President Clinton

[ibegurpard]

83. seconded

[FiveGoodMen]

98. Thirded!

[ozone_man]

82. Better yet, use SS to pay for the tax breaks.

Oh wait! Obama is already doing that! Gutting SS.

[otherone]

84. Boo

hiss

[warrprayer]

87. Thank you Bill Clinton

... for 8 years of peace and prosperity, the finest days of my life. I remember the Simpsons episode where homer says "one good thing about the '90s being over, we'll never have a president as bad as Bill Clinton again..." Marge - "yeah, he was the worst president ever"... the joke being 8 years of Chimpy to come

[wordpix]

94. Fox "Straight News" Host Misrepresents Clinton's Position On Extending Bush Tax Cuts

June 06, 2012 7:07 pm ET by Marcus Feldman

http://mediamatters.org/blog/201206060021

Fox "straight news" host Martha MacCallum today pushed the narrative that former President Bill Clinton is advocating the extension of all the Bush tax cuts. In fact, according to Clinton's office, he "does not believe the tax cuts for the wealthiest Americans should be extended again."

On Tuesday, Clinton discussed in an interview with CNBC's Maria Bartiromo whether the Bush tax cuts should be extended into 2013. Later that day, Clinton's office released a statement saying that the former president opposes extending the Bush tax cuts for the highest earners, but believes that all of the tax cuts may have to be temporarily extended because it will be difficult for Congress to come to a long-term agreement until after the election. From USA Today:

snip:

Despite Clinton's clear statement opposing the extension of the Bush tax cuts for the wealthiest Americans, MacCallum today reported that Clinton favors extending all the Bush tax cuts. During an interview with Alan Colmes and Tucker Carlson, MacCallum remarked that Clinton "said that extending all the Bush tax cuts until next year would be quote, The best thing to do, and that timing is at odds with what the president has said."

At one point during the segment, Fox aired a caption that read: "Bill Clinton: Extend All Bush Tax Cuts Temporarily."

[newspeak]

96. anyone who still watches faux news is nothing but a damned, clueless fool

unless, you're monitoring them. I'm glad their big fabrication was exposed; and that clinton didn't say such a moronic thing.

[warrprayer]

97. I am glad to hear that

suprised it took so long for someone to catch it