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That Duck Can Fly!

by: Bill Orr

Thu Dec 23, 2010 at 09:30:00 AM EST

Give credit where credit is due. Who would have thought that the lame duck congressional session would be so productive and bring important benefits to NJ? Not me. I still wish that several months ago President Obama had drawn a line in the sand against keeping the same low tax rate for the very wealthy and providing them with an unconscionable break on estate taxes. However, look at what in a very short period he has accomplished. After the elections the Republicans remained the party of NO threatening obstruction against all manner of bills. Then we found out that Obama was able to resucitate the duck and it took off in flight.

keep quackin', there's more below the fold

Bill Orr :: That Duck Can Fly!

The tax bill Obama negotiated with Senate Republicans assured not only that our tax rates would not increase but also that unemployment benefits would continue to flow, our AMT income tax surcharge would not grow, and our payroll taxes would be lower. DADT repeal just a few weeks ago appeared to be dead in the water. In spite of unified opposition from NJ Republican Representatives, today gay and lesbian New Jerseyans can serve their country openly. 911 first responders who can not afford their expensive medical care, the second largest contingent being from NJ, will now receive financial help to cope with their failing health. (Lest we forget, it was our former Republican Governor Whitman who in her position as George W. Bush's head of EPA blithely and ignorantly claimed there was no danger for these brave individuals.) Even the Start Treaty which wise people in both parties supported, but Senate Republican leadership did not, will assure us a less contentious relationship with Russia and more security against nuclear annihilation. Not bad for two weeks of Senate work. (And lets not forget to thank the Democratic Representatives who led the way.)

With the midterm elections over, perhaps some Republicans felt freer to ignore the command of NO and decided to vote their conscience. The tax bill, DADT, 911, and START were recognized by the general public as beneficial, but it was Obama's willingness to engage with Republicans which won the day. In the next congressional session in January important appropriations decisions will have to be made, and Republicans will be difficult opponents as they seek to reduce programs, fight the healthcare law, and promote socially conservative causes. Nonetheless Obama, sometimes viewed as the constitutional, aloof professor, has shown he can work with the other party and get results. I only hope that Governor Christie, who started out like a bull in a china shop, but has recently shown some signs of compromise, can find even more ways to collaborate with Democrats to help us through the troubling financial difficulties which still lie ahead.

Tags: featured, Chris Christie, President Obama, lame duck, tax plan, DADT, (All Tags)

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That Duck Can Fly! | 7 comments

The glass is half (full/empty) (0.00 / 0)

Bill, you're a bit more optimistic than I am.

Blog: http://www.deciminyan.org

by: deciminyan @ Thu Dec 23, 2010 at 15:28:31 PM UTC

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Obama didn't lift a finger for DADT repeal (0.00 / 0)

and in fact he appealed a ruling that declared DADT unconstitutional, thereby resuscitating it as the law of the land. But now he's getting credit for its repeal. Craziness.

by: Dennis Hyer @ Thu Dec 23, 2010 at 15:46:12 PM UTC

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Give the Prez some credit (0.00 / 0)

Rep. Hoyer and Senators Lieberman and Collins deserve a lot of credit for the bill's passage. However, Obama during his campaign and as President kept DADT repeal as a priority and wisely sought buy-in from the DOD, including the Chair of the Joint Chiefs of Staff who with clarity and feeling influenced the legislators. Obama also decided that to get DADT repealed he had to arrange for passage of the tax bill first, which then opened the way to DADT, 9/11, and START. In the waning days of this session he and his staff promoted the repeal with wavering senators. Without his strategy and support we would not be enjoying this moment.

"The work goes on, the cause endures, the hope still lives, and the dream shall never die." - Sen. Ted Kennedy

by: Bill Orr @ Fri Dec 24, 2010 at 00:31:45 AM UTC

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Estate Taxes... (0.00 / 0)

I understand and appreciate all the arguments for a progressive tax system. Even being a Republican, I still think the highest rate should yet be higher, and I know there is endless debate on both sides as to what constitutes a 'fair' rate...

That being said, I do have a tough time swallowing the 'estate tax'. It seems to me that people pay taxes all their lives to build their 'estates'. Upon their demise, I don't see what costs governments incur to warrant a tax on estates.

I guess I think there is no moral justifcation for that one other than 'we need the money'. Seems to me the government taxes the same income twice in these cases. (and I understand that there is no estate tax on sums less than 1 million or something)

But if someone can provide the argument on the justifcation of the estate tax, I would love to have my mind/eyes open a little further on the genisis of that practice.

"Where ever you go, there you are." - Buckaroo Bonzai

by: William Weber (WjcW) @ Thu Dec 23, 2010 at 18:42:07 PM UTC

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'We need the money' works for me (4.00 / 1)

If we agree that the incomes of the wealthy are taxed insufficiently, then it is possible to justify the estate tax as a deferred tax on those incomes.

I would be more than happy to see the estate tax repealed completely if annual incomes above $1MM were taxed sufficiently, including but not limited to the creation of new tax brackets on incomes of $500K+, $750K+, $1MM+, $5MM+, $10MM+, $25MM, $50MM+, $75MM+, and $100MM.

I would even be open to giving people in the $250K-999K tax brackets additional rate cuts as there are high cost-of-living parts of the country where tax cuts like these can be somewhat stimulative as long as they are offset by sufficient rate increases on people earning more than $1MM.

by: Bertin Lefkovic @ Fri Dec 24, 2010 at 01:07:37 AM UTC

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I'd buy that to an extent... (0.00 / 0)

but people who spend all their money during their lives end up paying less taxes then...
It's like a penalty for saving, isn't it?

"Where ever you go, there you are." - Buckaroo Bonzai

by: William Weber (WjcW) @ Mon Dec 27, 2010 at 18:48:18 PM UTC

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There is saving and then there is... (0.00 / 0)

...accumulating vast amounts of wealth. I am all for incentivizing the former and disincentivizing the latter.

Spending is exactly what our economy needs right now. Accumulated wealth just floats around the stock market or finds its way into foreign hands, building foreign econmies and doing very little to improve ours.

by: Bertin Lefkovic @ Mon Dec 27, 2010 at 19:16:28 PM UTC

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