Now lets see what the lame ducks in the House do.

Do they have the balls to obstruct this bill and allow taxes for the 53% of Americans that actually pay income taxes go up or do they hold them hostage in order to play class warfare pandering to the 47% that pay ZERO in income taxes? We shall see..



A deal struck by President Barack Obama and Republicans to extend expiring tax cuts for millions of Americans and stimulate the sluggish U.S. economy got the needed majority of votes for passage in the Senate on Wednesday.

The House could start debate on the bill as early as Wednesday.

The legislation now goes to the House of Representatives, where many of Obama's fellow Democrats are still angry with him for cutting the deal with Republicans without them. A bid by some Democrats to tighten an estate tax provision to make it less generous for the wealthy is expected to fail, which would clear the way for likely final passage of the tax deal this week.

The House could start debate on the bill as early as Wednesday, though House Majority Leader Steny Hoyer (D-Md.) said a vote in the House would not happen until Thursday at the earliest.

The plan extends for two years all Bush-era induvidual tax rates, prevents a spike in taxes on capital gains and dividends and renews long-term jobless insurance, while providing new tax relief for students, working families and businesses.

http://www.cnbc.com/id/40672357

Just in case any of you question the validity of my comments this is for you..


WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.

About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.

In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.

Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.

The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners -- households making an average of $366,400 in 2006 -- paid about 73 percent of the income taxes collected by the federal government.

The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.

"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.

The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property.


http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1

They are just being silly if they don't pass it immediately.

This is no time for idle posturing, finger pointing and name
calling. Enough already. Vote. Get on with it.

The fact that 47% pay no taxes is because they are impoverished
compared to the most wealthy 1% of Americans. It is a symptom
of the incredible disparity between the haves and have nots of
our society. If there were less extreme wealth gap then there
would be less extreme tax differences.

If only the top 0.5% of the population make any real income then
they will have to be taxed to pay for some of the basic human
needs of the remaining 99.5% and this is what is happening.

But the current tax deal has been negotiated. There is no point
in holding the rest of the country hostage while House Dems whine
and complain about not being consulted enough.

Just wait til next year.

Quack! clump... Quack! clump ... Quack! clump.