Tax Cut Deal Passes House On 277-148 Vote

The House of Representatives has passed the Obama-GOP tax cut deal on a 277-148 vote, sending the bill to the president.

UPDATE: Latest here:

Comments

[unionave]

05:32 PM on 12/18/2010

When the media is among the group that opposes something it attaches a "nom de plume" to it that has a negative connotation . The "Relief" program was morphed in to "Welfare" . And many other programs the wealthy did not care for got the same treatment . Our government has just passed a "make the wealthy wealthier bill" and the media has cloned it "The tax cut bill" . The bill was about other programs but those were very seldom mentioned . And the reason is because if "unemployment benefit extension" and other non-tax issues got as much media time as "tax cut" did lot more people would have paid attention to what a sham this has been of the wealthy making laws to enhance the wealth of the wealthy .

[silkphoenix]

10:00 AM on 12/17/2010

While so many people celebrate the passing of this bill. Did any of these people ever think of the future generation? They would have to work much harder, maybe paying higher taxes, in order to pay off the deficit. And by the time they retire, they might not be able to receive any social security benefits (or any social benefits, like Medicaid) because we have already used their funds now. Are we supposed to live for today and who cares about tomorrow?

[spiegelp]

01:14 PM on 12/17/2010

FUTURE generations!???? What about THIS generation? Bailout for Billionaires by Obama/McConnell will destroy working class Americans unapologetically .

[mugshot32]

02:49 AM on 12/17/2010

Why is everything Obama's? ..first it was Obama's Stimulas Package .followed by Obama Care.. tonight we the have Obama's Tax Cut Deal!
It's like they're all standing back waiting for the Obama bomb to explode! Slighty reminiscent of an old blaxsploitation movie. Obama best watch his flanks going forward..

[JoeMentia]

02:06 AM on 12/17/2010

The pattern is obvious:

http://www.thenation.com/image/extreme-inequality-chart

[jinkyp]

01:59 AM on 12/17/2010

I visualize a change in the collective consciousness. It becomes widely known that we are all interconnected. It becomes widely known that the fruits of greedy labors are worthless. Connection shall be valued and compassion traded as the new currency. The natural outcome of this new conscious collective shall be the health of our world society and planet spirit.

I feel like I've done more by saying that than by voting - so now I'm going to say that every day.

[Jay Perkins]

01:55 AM on 12/17/2010

Why is taxing the rich a bad thing?

Say my dad, after ten years of work, patents a thing that reduces household energy use by 30%. GE buys it for 10 mill. After tax maybe $ 6. mil. I inherit $6 million but pay a tax of proposed 45% and get 3.3 mill. I die after not spending any of it and my son gets maybe 2 mil.

It is a tax on innovation. Dad looks at future revenue to descendants and says "eff it" the sacrifice is not worth it. I will just hang with fam, rather than innovate until I die.

[JoeMentia]

02:07 AM on 12/17/2010

Nice theory. Got proof?

[Jefferson78]

01:25 AM on 12/17/2010

According to a report issued by the Congressional Budget Office (CBO), the tax cuts significantly increased the share of federal income taxes paid by the highest-earning 20 percent of households compared to their levels in 2000, President Clinton's final year in office.
In 2006, the latest available year from CBO, the top 20 percent of income earners paid 86.3 percent of all federal income taxes, an all-time high.[1] This is an increase of over 6 percent from 2000, when the top 20 percent paid 81.2 percent. During the same period, the bottom four quintiles all saw their share of the federal income tax burden fall sharply:
The bottom 20 percent of income earners' share of federal income taxes fell from -1.6 percent in 2000 to -2.8 percent in 2006;
The next 20 percent's share declined from 1.1 percent to -0.8 percent;
The middle quintile's share dropped from 5.7 percent to 4.4 percent; and
The fourth quintile's share decreased from 13.5 percent to 12.9 percent.
Each of these four quintiles' shares was an all-time low.

[trcrtps]

09:21 AM on 12/17/2010

DUH!! The bottom 20% are making less money than ever. Each of these four quintiles shares of the total money supply is at an all-time low. If a republicant is bought into the presidency in 2012, we can see where the top 20% will pay ALL the taxes, as they will have ALL the money. The only exception will be the tax free billions that illegal aliens send back to their home countries

[FunkSands]

12:54 AM on 12/17/2010

Its not often when there is such a confluence of rare events:
 
Blue holes in the ocean
 
Giant snowflakes measuring at least 15 inches in diameter
 
Ball lightning
 
Denmark's "black sun" of starlings
 
Honduras' Rain of Fishes
 
A bill that ignores funding two wars, ignores the biggest wave of retirees in the history of earth, is sold as a stimulus to the economy, robs Social Security, ignores the most desperate among us, does nothing to incentize companies to come back home from overseas.....
 
And enjoys a plurality of support from the public, the President, and Congress.
 
We have completely lost our ability to plan for the future.  Welcome to the age of lurching from day to day with no idea why nothing works anymore.
 
 

[Jay Perkins]

01:04 AM on 12/17/2010

"We have completely lost our ability to plan for the future"

When, exactly, did we have it?

[SimonOne]

12:54 AM on 12/17/2010

I'm disgusted. Sure, unemployment extensions are important, but this deal only covers 2 of the 6 million people who have run out of benefits - completely leaving the 4 million worst off LITERALLY out in the cold! Christ... what a shower these Democrats are! Extending benefits USED to be a bi-partisan issue that was never controversial!

They have just shot themselves in the foot AGAIN! Now we progressives are going to be even harder to convince that the good of the country is uppermost in the minds of Congress! Now that the Republicans have some power, say goodbye to stimulus and hello to austerity. And watch the social safety net that protects kids, the poor and seniors get ripped to shreds. SHAME!

[trcrtps]

09:25 AM on 12/17/2010

Shame in Congress? The only shame is on the voters who elected these fools.

[jestermine]

12:52 AM on 12/17/2010

Let's get this straight.

We are adding to the deficit. The deficit is being borrowed from an adversary.

THERE IS NO EXCUSE TO PASS THIS BILL OTHER THAN THE FACT THAT IT HAS UNEMPLOYMET BENEFIT EXTENTION.

TOO HIGH A PRICE.

O should know better than to sell this to us. Don't blame the repugnants either because the dems could have voted NO ACROSS THE BOARD.

A SELLOUT ONCE AGAIN.

[JoeMentia]

12:51 AM on 12/17/2010

I can't remember my Baggerese. Is this considered Socialism or not?

[normalintexas]

12:49 AM on 12/17/2010

Anyone who has studied Paul Ryan's Roadmap knows the dismantling of social security and medicare is the top priority on the republican agenda. So, now the way has been cleared.

[JCurley]

12:46 AM on 12/17/2010

Why didn't the tax cut meet in the middle. a 2% hike

[horhay]

12:45 AM on 12/17/2010

Pathetic. If Congress really cared about the national debt they should have at least attached a rider to the bill stating that in order for the tax break to continue, immediate withdrawal of troops from Iraq & Afghanistan must begin once the bill is passed. We simply can't afford to wage these wars. We've already wasted over $1trillion on them.

[jimpager]

12:41 AM on 12/17/2010

Nancy, Nancy, Nancy..
for a minute I thought you were a hero. Alas, you're just like the rest.

Thanks for selling out social security for another tax break for the rich. Perhaps we should take capital gains to zero and pay for it by eliminating medicare? Then the rich wouldn't have to pay taxes at all. If the top 1% in America controlled more wealth than the bottom 90% BEFORE
this tax plan, what will the super-rich control now? The Democrats have a new economic plan for America...Slavery worked so well in this country, we're gonna move beyond minorities and enslave everyone.

This new plan is brought to you by the party that's "bi-partisan"...the Democrats. Its a true collaboration. The rich tell us what to do...and we do it.