Happy days are here again (right?)
There was a malfunction in the Associated Press wire service feed today, and we accidentally got news for late January 2011 instead of December 2010, including the following:
WASHINGTON (AP) - The Republican-led House of Representatives celebrated what they hope to be the beginning of a new era of American prosperity as it passed a bill cutting taxes to their lowest level ever.
The measure reduces all personal and corporate income taxes, as well as estate taxes, to zero percent. House members noted that since December’s tax cuts were intended to aid the economy by pumping more money in the free market, these new cuts should accelerate the process.
“It’s our kind of stimulus,” House Speaker John Boehner (R-Ohio) said.
To bring House Democrats on board, and ensure the bill’s passage in the Senate, the bill includes features based on the compromises that brought about the passage of 2010’s extension of the Bush tax cuts. Funds for education, infrastructure and Medicare will get a boost, and there will be a small increase to the federal unemployment fund.
“Just a little, we don’t want to spoil people,” Boehner said. “In fact, it’s this kind of irresponsible spending by Democrats that put us in the sad position we’re in.”
GOP members were concerned that increased spending would only add to record deficits and national debt, but relaxed their opposition after considering this would make an excellent campaign issue in the 2012 elections.
Members of both houses, on both sides of the aisle, have pledged that this will not affect annual increases in defense spending, ensuring that war efforts in Afghanistan and elsewhere will be fully funded.
Debates raged in the media among economic experts on the wisdom of enacting such deep tax cuts. But the bill also has high-profile defenders. Former Alaska Gov. Sarah Palin reiterated the Republican Party’s position recently on Fox News.
“Everybody knows that tax cuts lead to prosperity,” she said. “And a prosperous economy leads to increased government revenues. So by simply reducing the taxes to zero, we’ll quickly eliminate the deficit and national debt. It’s simple math.”
Polling by the network found that viewers approved of the measure by a large margin. Tea Party organizations nationwide have also been enthusiastic in their approval.
Sensing the public’s support, President Obama said he would likely sign the bill. He added he hoped the final version could include more relief for lower-income taxpayers, including an increase in the earned-income tax credit. He also hinted that if the predictions of prosperity came to pass, any surplus generated could result in additional taxpayer refunds in 2012.
Numerous state governors expressed interest, stating they would consider similar measures to help cash-strapped state budgets. Democratic California Gov. Jerry Brown, however, balked at the idea, calling it “ludicrous.” As a result, his approval numbers have plummeted and various organizations throughout the state are backing a vote on a Proposition to reduce all state tax rates to zero.
Indiana Gov. Mitch Daniels, a possible 2012 GOP presidential candidate, announced his Republican-led state legislature is already working on a bill to reduce state income taxes to zero percent, and to eliminate property taxes. An Indianapolis Star editorial called his initiative “visionary” and his approval numbers statewide have soared.
WASHINGTON (AP) - The Republican-led House of Representatives celebrated what they hope to be the beginning of a new era of American prosperity as it passed a bill cutting taxes to their lowest level ever.
The measure reduces all personal and corporate income taxes, as well as estate taxes, to zero percent. House members noted that since December’s tax cuts were intended to aid the economy by pumping more money in the free market, these new cuts should accelerate the process.
“It’s our kind of stimulus,” House Speaker John Boehner (R-Ohio) said.
To bring House Democrats on board, and ensure the bill’s passage in the Senate, the bill includes features based on the compromises that brought about the passage of 2010’s extension of the Bush tax cuts. Funds for education, infrastructure and Medicare will get a boost, and there will be a small increase to the federal unemployment fund.
“Just a little, we don’t want to spoil people,” Boehner said. “In fact, it’s this kind of irresponsible spending by Democrats that put us in the sad position we’re in.”
GOP members were concerned that increased spending would only add to record deficits and national debt, but relaxed their opposition after considering this would make an excellent campaign issue in the 2012 elections.
Members of both houses, on both sides of the aisle, have pledged that this will not affect annual increases in defense spending, ensuring that war efforts in Afghanistan and elsewhere will be fully funded.
Debates raged in the media among economic experts on the wisdom of enacting such deep tax cuts. But the bill also has high-profile defenders. Former Alaska Gov. Sarah Palin reiterated the Republican Party’s position recently on Fox News.
“Everybody knows that tax cuts lead to prosperity,” she said. “And a prosperous economy leads to increased government revenues. So by simply reducing the taxes to zero, we’ll quickly eliminate the deficit and national debt. It’s simple math.”
Polling by the network found that viewers approved of the measure by a large margin. Tea Party organizations nationwide have also been enthusiastic in their approval.
Sensing the public’s support, President Obama said he would likely sign the bill. He added he hoped the final version could include more relief for lower-income taxpayers, including an increase in the earned-income tax credit. He also hinted that if the predictions of prosperity came to pass, any surplus generated could result in additional taxpayer refunds in 2012.
Numerous state governors expressed interest, stating they would consider similar measures to help cash-strapped state budgets. Democratic California Gov. Jerry Brown, however, balked at the idea, calling it “ludicrous.” As a result, his approval numbers have plummeted and various organizations throughout the state are backing a vote on a Proposition to reduce all state tax rates to zero.
Indiana Gov. Mitch Daniels, a possible 2012 GOP presidential candidate, announced his Republican-led state legislature is already working on a bill to reduce state income taxes to zero percent, and to eliminate property taxes. An Indianapolis Star editorial called his initiative “visionary” and his approval numbers statewide have soared.