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Dec 21, 2010 2:17 PMPublication: The East Hampton Press

Tax Cuts Pass Both Houses Of Congress

Dec 21, 2010 2:17 PM

The U.S. House of Representatives on Friday joined the Senate in approving a package of tax cuts and unemployment benefits that is estimated to add $858 billion to the nation’s deficit, according to U.S. Representative Tim Bishop, the Democrat from Southampton who represents eastern Long Island.

The package, which was unveiled earlier this month as a deal between congressional Republicans and the White House, continues tax cuts that were enacted under President George W. Bush while extending unemployment benefits for 13 months. A bipartisan majority supported the bill in the House, according to Mr. Bishop, who said he voted in favor of the package. President Barack Obama signed it into law on Friday, according to the White House.

“This legislation will create jobs by putting more money in the hands of middle class families and small businesses,” Mr. Bishop is quoted as saying in a press release. “While there are elements of the legislation that I do not support, I appreciate that we were able to come together across party lines and agree that we cannot raise taxes on middle class families.”

In an interview last week, Mr. Bishop raised concerns about the cost of allowing wealthy Americans to continue to enjoy the tax breaks, as well as the cost of lowering the rate of the estate tax.

But had the tax cuts been allowed to expire at the end of the year, a family with a combined income of $75,000 and two young children would have seen a tax hike of $2,600 next year, according to the congressman. Additionally, he said the extension of the unemployment benefits will benefit 4,700 families in his district, which spans from Montauk to Stony Brook.

“The American people voted for problem solving, as opposed to brinksmanship,” Mr. Bishop said. “If we have two parties worried more about solving problems than the next election, we can make real progress for the people we represent.”

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Just goes to prove the old addage:

"He who has the gold, makes the rules."

Cutting the tax breaks for the "rich", could have reduced that debt total by half very easily. It has been vehemently proven that "trickle down" economics does not work, via the current condition of our nation's fiscal health. Allow them to keep more, they pocket more, spend more on themselves, and jack the cost of living up for everyone without such "fortune".

Nobles, indeed...
Dec 17, 10 7:15 PM appended by Mr. Z
The only thing that actually trickles down, is an increased cost of living across the boards.
By Mr. Z (10415), North Sea on Dec 17, 10 7:15 PM
When they spend the $, it helps the economy. Vehemnetly?, really? You need to study a little more beyond your current example. But why would you?, it would only serve to prove you wrong.
By dnice (2340), Hampton Bays on Dec 18, 10 1:17 PM
If I am wrong, as you say, why has the degree of disparity in this country more than doubled in the last thirty years? Why did inflation rise more than 320%, between 1970, and 2000?

Do you have an answer for that?

Or would you be afraid I'm onto something?
Dec 18, 10 8:08 PM appended by Mr. Z
Also, would you care to explain how in the mid to late '80's, major corporations in this country not only posted billions in profits, but declared bankruptcy? In the process laying off thousands of workers, and giving "golden parachute" packages to departing executives for running the company into Chapter 11? Probably because our economy, and regulatory agencies are structured so well, right?
By Mr. Z (10415), North Sea on Dec 18, 10 8:08 PM
Or, maybe you could also explain how high end salaries have increased over 500% in the last thirty years, while "middle class" salaries have remained stagnant as pond scum?

Because "trickle down" economics work so well, RIGHT?
By Mr. Z (10415), North Sea on Dec 18, 10 8:26 PM
GLBA - FAIL
Modernization Act of 2000 - FAIL
Mortgages as a marketable security - FAIL
CDO - FAIL
CSO - FAIL
CSO squared - FAIL
Default credit swap - FAIL
Synthetic rate swap - FAIL

"Hedging Risk" - Fabricated way to NOT lose gambling in the Wall St. casino- BIG 'OL RED F
Dec 18, 10 12:59 AM appended by Mr. Z
Stealing billions from the Treasury (American Taxpayer), hijacking Democracy, TARP rewarding FAILURE - SUCCESS
By Mr. Z (10415), North Sea on Dec 18, 10 12:59 AM
Even a little greed, and selfishness turn strength into weakness, knowledge into ignorance, care into cruelty, and purity into defilement, thus ruining one's character. Therefore, people of old deemed freedom from greed precious, and this is how they got beyond the world.

~Huanchu Daoren (Hong Yingming)
By Mr. Z (10415), North Sea on Dec 18, 10 1:11 AM
LOLLL
By joe hampton (3166), south hampton on Dec 18, 10 1:10 AM
I am very pleased with President Obama this week It looks like he is doing a much better job and has learned from the mistakes of the old congress. Keep up the good work Mr president now your talking.
By joe hampton (3166), south hampton on Dec 18, 10 3:25 PM
I agree also. He has to move away from Pelosi and Reed and find himself in the job. They used him for their own agenda pretending to be heroic for supporting the first African American president. On a certain level, I find them far more racist than the Republicans they condemn.

I hope Tim Bishop can separate himself from Pelosi. He's a good local man and she's a total loser who thinks she knows what's good for everyone.
By Steven (113), Westhampton on Dec 18, 10 7:55 PM
Bravo Joe LOL ! I think you confused them with that one.
By 27dan (2420), Southampton on Dec 20, 10 2:27 PM
New Jersey governor Chris Christie summarized that problem perfectly: "We spent too much on everything. We spent money we didn't have. We borrowed money just crazily. The credit card's maxed out, and it's over. We now have to get to the business of climbing out of the hole. We've been digging it for a decade or more. We've got to stop the big gov.programs and union favors and climb out before its to late.
By 27dan (2420), Southampton on Dec 20, 10 4:07 PM
Hey, your party, with the help of their teabagger friends, just added 700 billion to the deficit by giving tax cuts to the rich. Christie did the same thing, stole from the poor to give to the rich. He cut millions from public schools and gave huge tax breaks to corporations.

Let's remember, who brought down this country - Republicans. Let's remember who drove up the biggest deficits in American history - republicans, including your man Ronnie.

Hypocrites.
By razza5351 (551), East Hampton on Dec 20, 10 5:26 PM
Who invented worthless capital, out of the aether, with no real collateral, to back it up?

Who invented the "synthetic rate swap", so crooked politicians could operate with relative job security, and pass the collateralized debt to a future generation?

Who pushed the most sweeping deregulation in History, thereby repealing key Depression Era legislation designed to prevent a fiscal catastrophe?

Too much of ANY good thing, including freedom, is a BAD thing.
By Mr. Z (10415), North Sea on Dec 20, 10 8:29 PM
Answer Barney Frank. And just for the record I could get a job by January 10th using your qualifications ... guaranteed Thats Right ! Guaranteed! Do you want me to say it again? Guaranteed. Now get to work.
By joe hampton (3166), south hampton on Dec 20, 10 10:59 PM
No sir, Your president was the one who did that or did Stanley gruoch and little Paulie Thugman not explain the details to you clearly enough
Dec 20, 10 11:12 PM appended by joe hampton
For 5351
By joe hampton (3166), south hampton on Dec 20, 10 11:12 PM
Your right Dan and now they go and extend unemployment entitlements for 13 more months, Disgusting.It is truly perverted logic to believe that continuing to pay people not to work, with other taxpayer's dollars, is somehow going to stimulate the economy.
"We're proceeding 13 months at a time," said Jason Furman , deputy director of the National Economic Council, at a briefing with regional newspapers Thursday. It wont end until we relive them of their duty in 2 more years.
By They call me (2421), southampton on Dec 20, 10 7:20 PM
If you had sent out hundreds of resumes in the last six months, and still had no job, though qualified, you'd be kissing the ground the postman who delivered your check walks on.

A$$wipe...

(This will probably be deleted...)
By Mr. Z (10415), North Sea on Dec 20, 10 8:32 PM
1 member liked this comment
Please Mr. Editor do not delete his comments. He has a right to think that our money is his indefinitely.As for the profanity we are big boys and girls and can take a little abuse. It just cracks me up Z that you called me out last week for much less of an offense.
By joe hampton (3166), south hampton on Dec 20, 10 11:04 PM
Well, you see joe, this is where you prove you have such a narrow mind, and lack of touch with the world, sequestered here in this little Galapagos called the East End.

I would love to put you in the shoes of a steel worker in the '80's, or an early 20th century coal miner, and that's just for starters.

You really are one of the "geniuses" out there who thinks he knows his "History", sans the bulk of it, which was the daliy life of the milions who were not in the fabricated History ...more
Dec 22, 10 6:36 PM appended by Mr. Z
And, just for reference, I always claimed "0" since I was eighteen, and filed for a refund. I never took one single deduction, until the economy tanked. Fiscal year 2008 was the first time I filed a yearly document OTHER than a 1040-EZ. I have paid into the system, and would be "entitled" to almost $1500 a month, should I no longer be able to work. And, oh yeah, that's exactly how a lazy man, who sits on the couch in this country earns something like that....
By Mr. Z (10415), North Sea on Dec 22, 10 6:36 PM
You honestly have NO understanding of the integration, of our current global economy, do you?
Dec 22, 10 6:48 PM appended by Mr. Z
And, as far as "calling you out", nicknaming someone "philth", and denoting someone and "a$$wipe" for their shortsighted opinion, are "apples, and oranges". Methinks you don't know how to graft, and your apples are quite bitter...
By Mr. Z (10415), North Sea on Dec 22, 10 6:48 PM
ah yes... but Mr Edison never gave up, Tesla was an anomaly that I for one believe was not of this world. And you, you live on this Galapagos called the East End yourself but you have evolved in a kapooka of self pity.
By joe hampton (3166), south hampton on Dec 22, 10 9:47 PM
There you go again, assuming too much about another's character. Haven't given up, not in my character. Edison DID give up. He gave up on enlightening his brutish mind, with knowledge. Had he educated himself, and not been a "part swapper", he would have done the math, and seen AC power was superior, for it's transmission capablity alone. But, he was a greedy, self-centered, self important man who could not surpass his own ego. Not surprising that you would defend him in some way. Did I mention ...more
By Mr. Z (10415), North Sea on Dec 23, 10 1:37 PM
And your right TCM we will finish the job in less then 2 years at the voting booth.
By joe hampton (3166), south hampton on Dec 20, 10 11:06 PM
Those workers already got a settlement
By joe hampton (3166), south hampton on Dec 21, 10 7:00 PM
50k per annum @ 20 years = $1,000,000
By Mr. Z (10415), North Sea on Dec 22, 10 6:43 PM
I am not your father let him pay for you to sit on the couch
By joe hampton (3166), south hampton on Dec 21, 10 7:01 PM
"You are as free, as the number of dollars you are able to earn."

~Anonymous
By Mr. Z (10415), North Sea on Dec 22, 10 6:39 PM
The Tea party has clearly won a major battle, but they still have not completely won the war for limited government and fiscal sanity. They now have a House majority, but still confront a Dem. Senate and a Socialist president. Given these constraints, and given their new opportunities, we must remain vigilant when the 112th Congress begins? we now have resources at our disposal to address the looming economic and fiscal challenges the country now faces, while also restoring government to its proper ...more
By 27dan (2420), Southampton on Dec 21, 10 7:15 PM
A few words came to mind, after reading this passage:

1. Anthropophobia

2. Centophobia / Cainophobia

3. Gnosiophobia

4. Optophobia
By Mr. Z (10415), North Sea on Dec 22, 10 7:35 PM
Whats that Mr editor he forgot what, oh yes... Hedonophobia and Plutophobia. Yes I suppose he did.
By joe hampton (3166), south hampton on Dec 22, 10 10:00 PM
Plutophobia. Interesting choice.

An irrational fear of wealth, and not being tolerant of the creation, and acquistion of it damaging your society are two very different things.

Hedonophobia. Irrational fear of pleasure is one thing. Not to be confused with abstinence.
By Mr. Z (10415), North Sea on Dec 23, 10 1:47 PM
Mr Z you think I have an issue with you and that is a mis-perception. I simply want you to stop and listen to yourself. Your clearly not stupid, yet you seem defeated from the start. You have your whole life ahead of you... if you would just allow it to unfold. Please, don't start about resumes or lighting strikes again. Imagine if Edison had your attitude. It would be a different world we live in. (Maybe one you would like better) The journey has just begun, take the first step. There is nothing ...more
By joe hampton (3166), south hampton on Dec 22, 10 10:20 PM
When have I ever quit?

When did I ever let ANY of that stop me?

Slow me down, knock me flat on my ass, sure it did.

All I will say is what I "seem" to be to you, is a misperception on your part. I firmly feel that this country has done very little to mature as a society in 234 years. After all, we are the "newest kids on the block" by comparison, and founded by a bunch of people so stiff, the English kicked them out.

OK, the last sentence was a meager attempt ...more
By Mr. Z (10415), North Sea on Dec 23, 10 1:42 PM
I see trickle down economics: Our dollars and jobs trickling to India and China and they aren't coming back this way!
By artizt101 (28), Hampton Bays on Dec 23, 10 9:00 AM
Yes yes and Ward Churchill is not aggressive or intolerant.... or you for that matter. Besides I am a more Libertarian than republican and from my point of view It sounds like your professor has described Mr Obama to a tee
By joe hampton (3166), south hampton on Dec 23, 10 10:45 AM
to Captn America:

Gimme a break. Rossiter published himself via a vanity press. That's where traditional publishing houses who absorb the costs of production don't think the book is worth publishing, so the author has no choice but to bear those costs himself and hope that enough people buy the book so that he can make some money or, at least, break even.

I can't find a single authoritative review of this book (i.e. either peer or magazine or newspaper).

Citing this ...more
By highhatsize (3701), East Quogue on Dec 23, 10 11:48 AM
I know a psychiatrist who is a schizophrenic but, nevertheless, an academically qualified psychiatrist. I wouldn't as HIS opinion about anything.

Funnily enough, Rossiter's book was a response to "Political Conservatism as Motivated Social Cognition" a government-funded study that cost $1.2 million and was supervised by the National Foundation as well as the National Institutes of Health. It found that conservatism is essentially a set of neuroses rooted in "fear and aggression, dogmatism ...more
By highhatsize (3701), East Quogue on Dec 23, 10 1:52 PM
Merry Christmas
By joe hampton (3166), south hampton on Dec 24, 10 3:04 PM
"Christmas bells, those Christmas bells
Ring out from the land.
Asking peace of all the world
And good will to Man."
By Mr. Z (10415), North Sea on Dec 24, 10 6:46 PM
QUESTION; HOW CAN MAINTAINING THE SAME TAX RATE THAT'S BEEN IN EFFECT FOR THE LAST 10 YEARS CAUSE A DEFICIT??!!
By bigfresh (3677), north sea on Dec 29, 10 8:44 AM
Because it is NOT paid for! Don't forget, the rethugs, led by Bush the Dummer, placed an expiration date because they knew we could not afford it. Those tax breaks are the BIGGEST contributor to the deficit after the wars in Iraq and Afghanistan and the very reason why we are effed today!
By razza5351 (551), East Hampton on Dec 29, 10 9:58 AM
Do you have any intellectual integrity, or do you just enjoy making a fool of yourself on a public forum?

What percentage of the deficit is caused by the lower marginal rates on incomes over $250,000?

Despite your strident assertion, I'll bet you don't even

Stick to juvenile name calling and word play, and leave the critical thinking to others.
By RealityFirst (597), Bridgehampton on Dec 29, 10 11:05 AM
That sentence should have read "I'll bet you don't even know."
By RealityFirst (597), Bridgehampton on Dec 29, 10 11:06 AM
Yo Einstein: The amount of tax monies to the govt. stayed relatively stable. They government spent more than it took in. That's where the deficit came from. It's a problem of too much spending and not of too little revenue.
By bigfresh (3677), north sea on Dec 29, 10 8:02 PM
Here is a "Letter to the Editor" I enjoyed recently. Maybe a second opinion, besides my own, will help you to see how the slashing of taxes for the "wealthy", has allowed disparity to increase to a never before seen level in "Modern History". 91% years ago, and the lower it went over time, the larger the gap between the "haves", and "have nots" became, until we are where the middle class now kneels.

"Less Than Insane"

Dear Rick,

We keep hearing the same sing-song from ...more
By Mr. Z (10415), North Sea on Dec 30, 10 8:45 PM
1 member liked this comment
Same old class envy BS Z Man. I wish you and yours a peaceful, healthy and PROSPEROUS New Year.
By bigfresh (3677), north sea on Dec 31, 10 6:58 AM
1 member liked this comment
I've got a question, bigfresh.

Have you ever lived anywhere but here?

Yet again, this is NOT about class envy, and it's painfully obvious you haven't the ability to wrap your mind around that. It's fortunate for us that you most likely do not hold public office. Reading your opinions, you most likely would have made Greenspan's destructive behavior look like TNT, versus a nuke.
Dec 31, 10 11:49 AM appended by Mr. Z
And, by the way, we took in FAR more revenue under Eisenhower, and Kennedy in real dollars. Which is an economic term I remember you don't grasp. It's dollars adjusted for the current time period, adjusted for inflation by comparison. Maybe you can wrap your mind around that...
By Mr. Z (10415), North Sea on Dec 31, 10 11:49 AM
Z Man: As a matter of fact I have lived in a few other places during my adult years. Our area has, IMHO, the finest quality of life. Additionally, due to our wealthy second home owners, we have economic opportunities here not available in many other places. I have no problem with or envy or wealthy individuals or families.
By bigfresh (3677), north sea on Dec 31, 10 3:39 PM
That's exactly where you fall short.

It's not just about HERE. It's about the state of our country, and the distribution if it's wealth. Did you put in your bid for the Pennsylvania Turnpike when it was for sale? It didn't sell, the PA state legislature shot it down, but it was almost sold to foriegn investors. The city of Chicago DID sell all of it's parking meters, and they are now owned by foreign investors.

I'll guarantee you there is a s**tload of other things like that, ...more
By Mr. Z (10415), North Sea on Dec 31, 10 7:06 PM
1 member liked this comment
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By Mr. Z (10415), North Sea on Jan 1, 11 6:10 AM
harbor hot tubs,