Should Obama Extend Obama's Tax Cuts ?

[gdogslim]

He is flip flopping on raising income and inheritance taxes so the government can spend more and more.

I say he won't. Why do I say that?
Because Obama did not give any tax cuts to anyone.
[[except for his car company, Government Motors) with a $45 BILLION tax credit in coming years. A tax-loss carry-forwards and other provisions

General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion. tax-loss carry-forwards and other provisions
http://online.wsj.com/article/SB2000...149103202.html

[ejames01]

What the heck???!?!?!

He is flip flopping on raising income and inheritance taxes so the government can spend more and more.

I say he won't. Why do I say that?
Because Obama did not give any tax cuts to anyone.
[[except for his car company, Government Motors) with a $45 BILLION tax credit in coming years. A tax-loss carry-forwards and other provisions

General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion. tax-loss carry-forwards and other provisions
http://online.wsj.com/article/SB2000...149103202.html

[Papasito]

See the benefits of having your Union vote as a block for Obama in 2008?
$$

[gibran]

I am glad for whatever the reasons why GM was not allowed to crash...now they can pay back the debts and create jobs... tax breaks as long as production stays here ..good... I would like see cuts in taxes for middle class. I would like to see taxes for corporations who send jobs over seas... I would like to see less loop holes for the rich..especially those whose wealth is tied to foriegn manufactoring but I support a tax incentive for business to create jobs here.

[1KielsonDrive]

Obama doesn't have the balls to extend his tax cuts. He'll be in the apologizing mode for the next two years.

[Zacha341]

Either apologizing or lecturing mode [[his preferred style).... Taxes are going up whatever he says or 'promises'.

Obama doesn't have the balls to extend his tax cuts. He'll be in the apologizing mode for the next two years.

[Zacha341]

Lots of luck on the middle class catching any break! This house of cards is BUILT ON THEIR BACKS!! They are the shrinking tax bearing the weight, especially the 'upper' middle class. You know, the perceived er-umm 'rich' folk........ The upper, upper rich elite [[DEMOCRAT and REPUB) will remain primarily unaffected by whatever policy dictated by our grand leaders.

I am glad for whatever the reasons why GM was not allowed to crash...now they can pay back the debts and create jobs... tax breaks as long as production stays here ..good... I would like see cuts in taxes for middle class. I would like to see taxes for corporations who send jobs over seas... I would like to see less loop holes for the rich..especially those whose wealth is tied to foriegn manufactoring but I support a tax incentive for business to create jobs here.

[Detroitej72]

General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion.

Just by saving GM and Chrysler, the president took a bold step and saved thousands, perhaps half a million jobs. Now, he should stand up and take credit for stopping the unemployment rate from skyrocketing even further.

[oladub]

Just by saving GM and Chrysler, the president took a bold step and saved thousands, perhaps half a million jobs. Now, he should stand up and take credit for stopping the unemployment rate from skyrocketing even further.

It is difficult to say exactly what would have happened without bailouts. To prove something that didn't happen would have happened because a bailout is a bit like saying I saved the corn crop because I prayed for rain. If I hadn't prayed for rain, the crops would be ruined. It is difficult to prove otherwise. Consumers might also have purchased more Fords or other interests, such as Fiat, might have stepped up and purchased Chrysler and empty GM factories otherwise. Buying more Fords would have increased employment at Ford. I can't prove that either, but it makes as much sense as assuming troubles at GM would result in American consumers would stop buying cars. To extend you logic, should the US government have bailed out Hudson and American Motors too? I have an Uncle who lost all of his seniority at Hudson Motors, yet the world rolls on.

We do know though that officially unemployment has risen from 5.7% to 9.6% in the two years in which Obama has been President. We also know that the up to $45B in GM tax breaks will be offset with up to $45B in some other form of government spending. We don't know if that money would otherwise have gone to health care, military needs, high speed rail projects, etc. but we do know that something else in the budget will have to take a corresponding hit resulting in, at best, a pyhrric victory for the administration.

[gdogslim]

Let's see now
- Obama did not lower taxes to anyone. He might raise taxes to everyone, because most ALL taxes to the producers are passed on to consumers.
- Obama not only did NOT save 1 job, OBAMA LOST 4.3 MILLION JOBS since taking office. unemployment rate over doubled since taking office.

- What would have happened if Obama did what Reagan would have done?
The economy would be taking off now, not the FED printing 500 Billion in
inflationary and currency lowering funny money to buy back bonds.

GM and Chrysler SHOULD have gone bankrupt, the resulting entity would be stronger, leaner and more competitive and not have the taxpayers subsidize
the government deciding what kind of car should be built and what kind of transportation should be taken to a meeting.

How about Obama's 3,000 entourage to the far east and billions spent on it
while you in Detroit are struggling to fill your gas tank and refrigerator?

[Zacha341]

Hmmmn, it can be argued that the government WANTS control over what kind of car you drive... after all the masses should be happy to drive an approved mini car or do mass transit to and from their employment bee-hives [[those so fortunate to have a hive). In the mean time the elite and replete [[repubs AND DEMS) will always 'exempt' themselves from prescribed policy.

GM and Chrysler SHOULD have gone bankrupt, the resulting entity would be stronger, leaner and more competitive and not have the taxpayers subsidize the government deciding what kind of car should be built and what kind of transportation should be taken to a meeting...

[gdogslim]

That's about it, you get the picture.

[Detroitej72]

It is difficult to say exactly what would have happened without bailouts. To prove something that didn't happen would have happened because a bailout is a bit like saying I saved the corn crop because I prayed for rain. If I hadn't prayed for rain, the crops would be ruined.

Apples and oranges.

It is difficult to prove otherwise. Consumers might also have purchased more Fords or other interests, such as Fiat, might have stepped up and purchased Chrysler and empty GM factories otherwise. Buying more Fords would have increased employment at Ford.

Do you really believe that if GM and Chrysler had closed shop that Ford and the foreign auto makers would have provided jobs for all the displaced workers? Not to mention, how many auto suppliers would have gone belly up as a result of less auto companies.

Even the president's worst critics have to give him credit for providing loans to the automakers.

[ghettopalmetto]

Apples and oranges.



Do you really believe that if GM and Chrysler had closed shop that Ford and the foreign auto makers would have provided jobs for all the displaced workers? Not to mention, how many auto suppliers would have gone belly up as a result of less auto companies.

Even the president's worst critics have to give him credit for providing loans to the automakers.

LOANS that are turning a PROFIT for the taxpayers.

[Detroitej72]

LOANS that are turning a PROFIT for the taxpayers.

Shh, don't tell the cons, they can't handle the truth.

[johnsmith]

LOANS that are turning a PROFIT for the taxpayers.

My profit sharing check must have got lost in the mail.

[ghettopalmetto]

How DARE the government tell General Motors what to do!!!

GM: Best quarter in 11 years

By Chris Isidore, senior writer
November 10, 2010: 9:48 AM ET

NEW YORK [[CNNMoney) -- General Motors reported its best quarter since 1999 Wednesday, setting the stage the automaker to begin selling shares to the public once again.

GM reported it earned $1.96 billion in the quarter, compared to a loss a year earlier when it was still in the process of emerging from bankruptcy. It's the third straight quarter that the automaker has reported a profit.

http://money.cnn.com/2010/11/10/news...cnn=yes&hpt=T2

[oladub]

Detroitej72: Apples and oranges.

Actually, just different belief systems.

Do you really believe that if GM and Chrysler had closed shop that Ford and the foreign auto makers would have provided jobs for all the displaced workers? Not to mention, how many auto suppliers would have gone belly up as a result of less auto companies.

Even the president's worst critics have to give him credit for providing loans to the automakers.

As you know, Ford is not a foreign company. I don't know if Ford would have provided jobs for laid off GM and Chrysler workers as Ford sales rose. It would depend a lot on what was written in UAW contracts. Obama's largesse did not provide "jobs for all the displaced workers" either. The auto parts suppliers volume of business has more to do with how many cars are produced in this country and at what percentage of domestic content rather than how many corporate headquarters are still located here. I think that Fiat is, in fact, providing some jobs to laid off Chrysler workers as it became a part owner of Chrysler. Like I said, whatever taxpayer aid was provided to GM and Chrysler is now unavailable for health care, building infrastructure, or whatever else the federal government would otherwise spend money on.

Extending your logic, how would our country be a better place if the federal government had stepped in to save Hudson and American Motors?

[GOAT]

The tax cut is a dumb idea on a good day. How about quit spending fucking money the gov't doesn't have and slash and burn the rest of the budget [[it has to happen sometime and time is running out)...then realign the priorities the USA electorate needs. it is the only way to save what little there is left.

[Detroitej72]

Like I said, whatever taxpayer aid was provided to GM and Chrysler is now unavailable for health care, building infrastructure, or whatever else the federal government would otherwise spend money on.?

I guess you haven't heard that GM has been paying back the loans, with interest, earlier than expected. So the government hasn't lost any money there. In fact, both GM and Chrysler plan to start selling stock to the public in the next 12 months.

I guess your hatred of the president runs so deep, that you can't give the president credit where credit is due.

Extending your logic, how would our country be a better place if the federal government had stepped in to save Hudson and American Motors?

Seeing as how both of those companies were bought out/merged with another, once again, you are comparing apples to oranges.

[oladub]

Detroitej72" "I guess you haven't heard that GM has been paying back the loans, with interest, earlier than expected. So the government hasn't lost any money there. In fact, both GM and Chrysler plan to start selling stock to the public in the next 12 months.

I guess your hatred of the president runs so deep, that you can't give the president credit where credit is due."

The dealership where I bought my my previous Chevy S-10 was shut down by the government. All the mechanics and everyone else working there had to scramble for other jobs. The fact remains, that every dollar the government sunk into GM and Chrysler is money the government cannot spend on health care, military needs, infrastructure, or anything else. The measure of success is what it did for GM and Chrysler minus subsequent potential sales losses by Ford and the value of what else could have been done with money sunk into GM.

I actually like the President a bit. He is witty and can speak in whole sentences. I don't like the way he has maintained and sometimes accelerated much of what Bush did wrong. He's an ok guy but a poor President.

Seeing as how both of those companies were bought out/merged with another, once again, you are comparing apples to oranges.

I see what you mean. Fiat has taken over 35% of Chrysler and hopes to take over another 20% if the relationship works out. When Hudson and American Motors went out of business it didn't cost taxpayers much [[apples). When Obama pumped huge amounts of taxpayer money into Chrysler, it merged with foreign company. [[oranges)

[jiminnm]

I guess you haven't heard that GM has been paying back the loans, with interest, earlier than expected. So the government hasn't lost any money there. In fact, both GM and Chrysler plan to start selling stock to the public in the next 12 months.

Yes, GM did repay about $6.5 billion to the Feds for a loan, but where did that money come from? It came from unused TARP funds held in escrow, not from earnings.

The Feds [[i.e., all of us) still have about $60 billion invested in GM. The Feds hope to recover that through the upcoming IPO and later sales of the stock. Indications now, however, are that the IPO price setting would result in a value of about $50 billion for the Feds' stock [[the IPO will reduce the Fed's ownership from 61% to 43%). The real value of GM won't be known until the stock trades for some time.

[ejames01]

This guy is just making up crap!!!!

Let's see now
- Obama did not lower taxes to anyone. He might raise taxes to everyone, because most ALL taxes to the producers are passed on to consumers.
- Obama not only did NOT save 1 job, OBAMA LOST 4.3 MILLION JOBS since taking office. unemployment rate over doubled since taking office.

- What would have happened if Obama did what Reagan would have done?
The economy would be taking off now, not the FED printing 500 Billion in
inflationary and currency lowering funny money to buy back bonds.

GM and Chrysler SHOULD have gone bankrupt, the resulting entity would be stronger, leaner and more competitive and not have the taxpayers subsidize
the government deciding what kind of car should be built and what kind of transportation should be taken to a meeting.

How about Obama's 3,000 entourage to the far east and billions spent on it
while you in Detroit are struggling to fill your gas tank and refrigerator?

[1KielsonDrive]

Bailout loans are turning a profit? Why don't they offer me one? The banks sure as f*#k won't.

[Detroitej72]

When Hudson and American Motors went out of business it didn't cost taxpayers much [[apples). When Obama pumped huge amounts of taxpayer money into Chrysler, it merged with foreign company. [[oranges)

Quick history lesion, free of charge!

AMC was bought outright, by the Chrysler Corporation, and had never gone out of business. I guess your right wing source's failed to teach you that.

The Hudson Motor Car Company merged with Nash-Kelvinator Corporation to form American Motors Corporation, later bought out by Chrysler.

When Chrysler was given a government loan in the late 70's, it was saved from collapsing, and re-payed the loans back earlier than expected, with interest[[thus giving the government a hefty return on investment).

Now, GM and Chrysler are poised to do the same, while preserving thousands of jobs, and all cons do is whine because the conservative media tells them to!