Weathly or balancing MY budget
September 13th 2010 22:01
Some interesting information I am sharing as today the House and the Senate started back to work after the emergency meeting in August that Nancy Pelosi called. Though most of us get back to work after a vacation by reviewing emails and checking up with what happened why we were away. As CBS reports on the web site – “The House Republican leader on Sunday suggested he may be willing to concede to Democrats who want to let the Bush tax cuts lapse for the wealthiest Americans, but the Senate Republican leader today said he is standing his ground.
Senate Minority Leader Mitch McConnell (Ky.) said on the Senate floor today that he is introducing legislation "that ensures that no one in this country will pay higher income taxes next year than they are right now."
Meanwhile, a spokesperson for McConnell said today that every Senate Republican has pledged to oppose any attempt to extend the Bush tax cuts that doesn't include an extension of the tax cuts for the wealthy. McConnell himself has given similar remarks.
"That's the kind of debate that unifies my caucus, from Olympia Snowe to Jim DeMint," McConnell said, the Washington Post reports, referring to one of the most moderate and one of the most conservative Senate Republicans.
On the Senate floor today, McConnell said, "Only in Washington could someone propose a tax hike as an antidote to a recession."
The Bush tax cuts are set to expire at the end of the year, and Mr. Obama has strongly urged Congress to extend them for everyone except for Americans making more than $200,000 or households making more than $250,000. Republicans, by contrast have called for an extension of all the tax cuts.
However, House GOP leader John Boehner -- whom the White House has in recent days portrayed as their primary adversary -- said Sunday on CBS' "Face the Nation", "If the only option I have is to vote for some of those tax reductions, I'll vote for it."
Boehner's remarks changed the nature of the showdown over the Bush tax cuts, but McConnell's firm opposition speaks to the challenges that remain for the White House.
President Obama has taken a firm stance on the issue, arguing the nation cannot afford to extend the tax cuts for the wealthy.
"The president does not believe that we should be borrowing $700 billion, most likely from overseas, to extend tax cuts for folks, quite frankly, that weren't asking for them and don't particularly need them," White House Press Secretary Robert Gibbs said on the CBS "Early Show" this morning. The White House has refrained to say whether the president would veto a plan that includes more tax cuts for the wealthy -- saying that they are confident Republicans will come around on the issue.
Yet while Mr. Obama digs his heels in, Senate Republicans are also holding firm. Perhaps more critically, five senators who caucus with the Democrats -- Joe Lieberman (I-Conn.), Ben Nelson (D-Neb.), Evan Bayh (D-Ind.), Kent Conrad (D-N.D.) and Jim Webb (D-Va.) -- have voiced support for the Republican proposal to extend all the tax cuts.
Furthermore, Boehner's flexibility on the issue complicates the Democrats' midterm election communications strategy -- which portrays the Republicans as the "party of No" -- while shifting pressure to moderate Democrats.
A number of politically vulnerable moderate Democrats in the House have also come out in favor the Republican position. Four House Democrats are currently collecting signatures for a letter they will send to House Democratic leaders this week, Politico reports, urging them to support a tax extension for all Americans, including the wealthy.
One Democrat who supports the Republican position -- Rep. Gerry Connolly -- represents the Northern Virginia district where Mr. Obama will travel today to meet with local families and talk about the economy.”
Now I would not call Mr. Boehner a sell out after his interview on Meet the Press, I thought he carefully worded his comments in that getting something was better than nothing but he wanted more. Also I thought that at least being open to these tax cuts trying to have the Republicans be more open to discussion and exchanging ideas. Not a bad move since the main stream media keeps highlighting that the Republican Party is the party of “no”. I am not saying that Mitch McConnell is wrong calling for a filibuster of letting the tax cuts expire. I am not calling them the “Bush Tax Cuts” because this is the current tax code. Not only is it the current tax code, but they were made law by the representatives who are currently bad mouthing them. That is funny enough but the other thing that I have noted in this article is the dollar figure that CBS is reporting.
The article states that “Mr. Obama has strongly urged Congress to extend them for everyone except for Americans making more than $200,000 or households making more than $250,000. Republicans, by contrast have called for a extension of all the tax cuts.” Really Long Link
Wealthy are those families making $200,000.00 dollars however if you decided to take part of in the ‘Cash for Clunkers program, the new home rebate and the rebate for better energy efficient appliances then you better be making more than $200,000.00 or you are going to run the risk of not being able to pay for these items. Many of us making that kind or money are working several jobs to make ends meet as the cost of food and clothing goes up - “Compared with a year ago, the farm-level price of soft red wheat grown in the Midwest is up 91%, the price of hogs in Iowa and southern Minnesota is up 52%, the price of eggs is up 32% and the price of con in central Illinois is up 15%.” Yikes! Read more: Dodging the Rising Cost of Food Really Long Link
We are reading daily that Healthcare Costs are rising and that according to the Christian Science Monitor Money Editor By Laurent Belsie on September 9, 2010 “Watch out for those health insurance costs in 2014.
Under America's new health-care reform act, health-care spending will rise slightly faster than it would have otherwise, according to a new government study. But Americans will have to brace for a big jump in spending, especially on health insurance, in 2014, when major parts of the reform law go into effect.
Health spending will jump 9.2 percent that year, according to the report from Medicare's Office of the Actuary published Thursday in the journal Health Affairs. But spending on private health insurance will bump up 12.8 percent that year as uninsured Americans gain coverage, much of it government-subsidized (Belsie, 2010).
In order to cover these costs most of us are working long hours getting paid overtime, taking on second jobs that we are overqualified for, or selling our excess gold, cutting coupons, eating out less , taking our lunch to work in order to save money or cut corners. I am one of those people I understand but now with this threshold being a family making $200,000.00 I need to evaluate whether it is in my best interest to take or hold the second job? Is the overtime worth it (It isn’t when it comes to the fact that my family time is suffering) but I do not want a government hand out that is why I have chosen to make the choice to take another job and now I make too much. Wow talk about them having you by the *****. What a sad state of affairs when people chose to pay their debts (I have student loans, a mortgage and some minor credit card debt because I help aging parent make ends meet but doing this means I have to pay more taxes something is wrong, it is really wrong.
So if either approach Rep. Boehner's or Senator McConnell's works then for me that is the bottomline for balancing my budget. That is my desire to live and spend within my means. Man I wish the congress and senate thought the same way.
References:
Really Long Link
Dodging the Rising Cost of Food Really Long Link
Really Long Link
Senate Minority Leader Mitch McConnell (Ky.) said on the Senate floor today that he is introducing legislation "that ensures that no one in this country will pay higher income taxes next year than they are right now."
"That's the kind of debate that unifies my caucus, from Olympia Snowe to Jim DeMint," McConnell said, the Washington Post reports, referring to one of the most moderate and one of the most conservative Senate Republicans.
On the Senate floor today, McConnell said, "Only in Washington could someone propose a tax hike as an antidote to a recession."
The Bush tax cuts are set to expire at the end of the year, and Mr. Obama has strongly urged Congress to extend them for everyone except for Americans making more than $200,000 or households making more than $250,000. Republicans, by contrast have called for an extension of all the tax cuts.
However, House GOP leader John Boehner -- whom the White House has in recent days portrayed as their primary adversary -- said Sunday on CBS' "Face the Nation", "If the only option I have is to vote for some of those tax reductions, I'll vote for it."
President Obama has taken a firm stance on the issue, arguing the nation cannot afford to extend the tax cuts for the wealthy.
"The president does not believe that we should be borrowing $700 billion, most likely from overseas, to extend tax cuts for folks, quite frankly, that weren't asking for them and don't particularly need them," White House Press Secretary Robert Gibbs said on the CBS "Early Show" this morning. The White House has refrained to say whether the president would veto a plan that includes more tax cuts for the wealthy -- saying that they are confident Republicans will come around on the issue.
Yet while Mr. Obama digs his heels in, Senate Republicans are also holding firm. Perhaps more critically, five senators who caucus with the Democrats -- Joe Lieberman (I-Conn.), Ben Nelson (D-Neb.), Evan Bayh (D-Ind.), Kent Conrad (D-N.D.) and Jim Webb (D-Va.) -- have voiced support for the Republican proposal to extend all the tax cuts.
Furthermore, Boehner's flexibility on the issue complicates the Democrats' midterm election communications strategy -- which portrays the Republicans as the "party of No" -- while shifting pressure to moderate Democrats.
A number of politically vulnerable moderate Democrats in the House have also come out in favor the Republican position. Four House Democrats are currently collecting signatures for a letter they will send to House Democratic leaders this week, Politico reports, urging them to support a tax extension for all Americans, including the wealthy.
One Democrat who supports the Republican position -- Rep. Gerry Connolly -- represents the Northern Virginia district where Mr. Obama will travel today to meet with local families and talk about the economy.”
Now I would not call Mr. Boehner a sell out after his interview on Meet the Press, I thought he carefully worded his comments in that getting something was better than nothing but he wanted more. Also I thought that at least being open to these tax cuts trying to have the Republicans be more open to discussion and exchanging ideas. Not a bad move since the main stream media keeps highlighting that the Republican Party is the party of “no”. I am not saying that Mitch McConnell is wrong calling for a filibuster of letting the tax cuts expire. I am not calling them the “Bush Tax Cuts” because this is the current tax code. Not only is it the current tax code, but they were made law by the representatives who are currently bad mouthing them. That is funny enough but the other thing that I have noted in this article is the dollar figure that CBS is reporting.
The article states that “Mr. Obama has strongly urged Congress to extend them for everyone except for Americans making more than $200,000 or households making more than $250,000. Republicans, by contrast have called for a extension of all the tax cuts.” Really Long Link
Wealthy are those families making $200,000.00 dollars however if you decided to take part of in the ‘Cash for Clunkers program, the new home rebate and the rebate for better energy efficient appliances then you better be making more than $200,000.00 or you are going to run the risk of not being able to pay for these items. Many of us making that kind or money are working several jobs to make ends meet as the cost of food and clothing goes up - “Compared with a year ago, the farm-level price of soft red wheat grown in the Midwest is up 91%, the price of hogs in Iowa and southern Minnesota is up 52%, the price of eggs is up 32% and the price of con in central Illinois is up 15%.” Yikes! Read more: Dodging the Rising Cost of Food Really Long Link
We are reading daily that Healthcare Costs are rising and that according to the Christian Science Monitor Money Editor By Laurent Belsie on September 9, 2010 “Watch out for those health insurance costs in 2014.
Under America's new health-care reform act, health-care spending will rise slightly faster than it would have otherwise, according to a new government study. But Americans will have to brace for a big jump in spending, especially on health insurance, in 2014, when major parts of the reform law go into effect.
Health spending will jump 9.2 percent that year, according to the report from Medicare's Office of the Actuary published Thursday in the journal Health Affairs. But spending on private health insurance will bump up 12.8 percent that year as uninsured Americans gain coverage, much of it government-subsidized (Belsie, 2010).
In order to cover these costs most of us are working long hours getting paid overtime, taking on second jobs that we are overqualified for, or selling our excess gold, cutting coupons, eating out less , taking our lunch to work in order to save money or cut corners. I am one of those people I understand but now with this threshold being a family making $200,000.00 I need to evaluate whether it is in my best interest to take or hold the second job? Is the overtime worth it (It isn’t when it comes to the fact that my family time is suffering) but I do not want a government hand out that is why I have chosen to make the choice to take another job and now I make too much. Wow talk about them having you by the *****. What a sad state of affairs when people chose to pay their debts (I have student loans, a mortgage and some minor credit card debt because I help aging parent make ends meet but doing this means I have to pay more taxes something is wrong, it is really wrong.
So if either approach Rep. Boehner's or Senator McConnell's works then for me that is the bottomline for balancing my budget. That is my desire to live and spend within my means. Man I wish the congress and senate thought the same way.
References:
Really Long Link
Dodging the Rising Cost of Food Really Long Link
Really Long Link
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