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Home Publications Blogs Beat the Press Amid a Shift of Business Contributions to Republicans, a Growing Number of Democrats Would Prefer to Extend All Tax Cuts,

Amid a Shift of Business Contributions to Republicans, a Growing Number of Democrats Would Prefer to Extend All Tax Cuts,

Monday, 13 September 2010 04:54

This phrase could have appeared in a Washington Post article that noted many conservative Democrats are now supporting the extension of the tax cuts even to high income taxpayers. Instead the article attributed the switch in sentiments to concerns about a "weakening economy." It is worth noting that the congresspeople in question have not been known for their concerns about unemployment at other times. 

At one point the article asserts that: "Democrats will also take on the forces of globalization." It is not clear what taking on the forces of globalization means. Is someone who proposes a trade agreement "taking on the forces of globalization?" There seems to be some implication that the Democrats are pushing back against some predetermined "forces of globalization," but of course no such thing exists.

Everyone wants to shape globalization in certain ways. For example, the software, entertainment, and pharmaceutical industries all want to impose increased copyright and patent protection throughout the world. This could be described as attempting to "take on the forces of globalization" with much greater accuracy than the measures described in this article.

The article also refers to efforts to recover $15-18 billion in revenue over the next decade to cover the cost of various proposals. This is equal to approximately 0.05 percent of projected revenue over this period.

Comments (7)Add Comment
Same Old, Same Old
written by Ron Alley, September 13, 2010 7:41
Well, what else can be said. Corporate Party Left, Corporate Party Right and Corporate Party Right Wingnut.
written by izzatzo, September 13, 2010 8:50
In a move designed to improve transparency, all politicians will now be bought and sold at auctions held by Sotheby's and Christie's. However the bidding remains restricted to anonymous lobbyists represented by agents with cell phones and wearing Free to Choose flag pins. The entry fee is $1M per politician.
first deconstruction first
written by frankenduf, September 13, 2010 9:12
so, the "forces of globalization" translates to international corporations- this is specifically who we need to fight in order to sustain human (worker) rights
"Free to Choose" flag pins!
written by diesel, September 13, 2010 12:19
By God Izzatzo, I like your comment, but you flatter those sleazy dogs by suggesting that they are worthy of Sotheby's as the venue of their auctioning. Some of them aren't fit to clean the mud off the carpet in a room that has displayed Van Goghs and Rembrandts.
Joe Lieberman wants to extend all tax cuts
written by LJM, September 13, 2010 5:34
I want them all to sunset. No debate, just let them go. Borrowing money for tax cuts, I'm with Greenspan on this one.
written by zinc, September 14, 2010 9:36
Allowing the tax cuts for people making more than $250K to expire is a no brainer, especially in a time of war. Far and away, the people making the kind of money that will be affected are the wall street financiers.

As someone pointed out, since SS withholdings are spent as current taxes, we are essentially transferring the SS withholdings from the mini-mart counter person to the super rich who only pay withholdings on the first $108K of their income. At the same time, the republicans are working over-time to ensure they won't have to pay it back !

At the same time, we should repeal the 15% tax on hedge fund managers, restoring them to the pre-Bush years. The 15% are a real life example of what happens when wealth and income are allowed to become too polarized. (actually so is the Congress)

I know, it won't happen but that doesn't mean I shouldn't say it should. What a country.
written by Queen of Sheba, September 14, 2010 9:52
The conservative Democrats, even those in the Senate, apparently can't recognize a winning hand when they're holding one. The majority of voters - polled, registered voters - are in favor of letting the tax cuts on the "rich" expire while retaining those for the "middle class" (misnomers are running rampant in this election season). The general public is still furious about the bank bailout, outrageous CEO salaries and even more outrageous bonuses handed out on Wall Street. The fat cats may be the campaign contributors, but the little guys vote. As of today, even some of the conservative Democrats are re-thinking their previous stand against letting the tax cuts for the upper crust expire.

If Pelosi forces a House vote on Obama's plan before the election, it will pass and help Democratic candidates in both the House and Senate. It would also give Senate Democrats some spinal fluid for the Senate vote. If she waits for the Senate to initiate the voting, we'll all be waiting for those Dem's to negotiate away all their leverage, and the vote probably won't come until after the election. Dumb, dumb, dumb.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.