The media has counted Democrats down and out for so long that meme has taken hold. Apparently there is some life left, Small-business tax breaks clear a hurdle in the Senate
After the 61-37 vote on the small business bill yesterday, senators are expected to give it final approval, which requires a simple majority. House Democratic leaders have said they would quickly pass an identical version of the bill for Obama’s signature.
“Today’s vote brings us one step closer to ending the months-long partisan blockade of a small business jobs bill that was written by both Democrats and Republicans,’’ the president said in a statement. “This is a bill that would cut taxes and help provide loans to millions of small business owners who create most of the new jobs in this country.’’
The new $30 billion fund would be available to community banks with fewer than $10 billion in assets to encourage lending to small businesses. The bill would combine the fund with about $12 billion in tax breaks aimed at both large and small businesses.
The tax cuts in the bill include breaks for small restaurant owners and retail store owners who remodel or build stores. Also, larger businesses could more quickly recover the costs of capital improvements through depreciation. And the measure would allow small-business owners to deduct costs of health insurance for themselves and their families from self-employment taxes for the 2010 tax year.
Just last week some of my favorite pundits were saying this small business bill has a snow ball’s chance. I tended to think they were right. It’s nice to be wrong once in a while. Now can Democrats get the message out. To be fair and balanced Republicans – who we know from history can always trust with the nation’s finances – have their own plan to cure everything from warts to the deficit – Senate Republicans unveil a plan to make Bush tax cuts permanent
Even as they hammer Democrats for running up record budget deficits, Senate Republicans are rolling out a plan to permanently extend an array of expiring tax breaks that would deprive the Treasury of more than $4 trillion over the next decade, nearly doubling projected deficits over that period unless dramatic spending cuts are made.
The measure, introduced by Senate Minority Leader Mitch McConnell (R-Ky.) this week, would permanently extend the George W. Bush-era income tax cuts that benefit virtually every U.S. taxpayer, rein in the alternative minimum tax and limit the estate tax to estates worth more than $5 million for individuals or $10 million for couples.
Aides to McConnell said they have yet to receive a cost estimate for the measure. But the nonpartisan Congressional Budget Office recently forecast that a similar, slightly more expensive package that includes a full repeal of the estate tax would force the nation to borrow an additional $3.9 trillion over the next decade and increase interest payments on the national debt by $950 billion. That’s more than four times the projected deficit impact of President Obama’s health-care overhaul and stimulus package combined.
Something else we all know is these facts don’t matter. You could yell them in a tea nut’s ear while showing them a big screen Powerpoint presentation of the numbers and they would still deny the truth. We’re way beyond having any kind of civil national debate. Conservatives have become like a two year old crying and throwing toys, They don’t care about reason, they just care about getting what they want. Anything less and they’ll throw another temper tantrum.
McConnell’s plan is not crazy enough for Kentucky senatorial candidate Rand Paul , Rand Paul doesn’t understand how budgets, the Senate, math work
But that’s not radical enough for rebel libertarian Rand Paul. Should Kentucky voters send Paul to the Senate, he promises not just to vote against, but to actively filibuster every budget bill that’s not balanced.
OK! Good on you, Rand. That’s true fiscal conservatism. Of course, that means you’ll have to single-handedly close a $1.3 trillion budget gap in one year. So … good luck with that one, I guess. You’ll need to get rid of like 10 Departments of Agriculture.
Oh, wait, there’s one other very small problem: Senators can’t filibuster budgets.