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The white house is confident they can make this case because they are not just talking about taxes per se, they are talking about fairness. they are talking about being play and playing by american values. most of the american people think that the current tax tables are unfair. they think they are skewed towards the rich. they think they are onerous and unfair. i think it s smart. they are also taking the tax issue and putting it in a larger context. and, frankly, changing the subject a little bit merely from the current mediocre state of the economy and saying, look, we ve made improvements here but if we go back to the republican theory of things, which is symbolized by the tax code, we re going to go right back into the recession that we had under george w. bush. it s been very, very clever on their part. they are confident that they have the blueprint to keep this ....
I am an upper income taxpayer and i don t notice that my taxes are particularly low. they re frighteningly high and unfortunately they have to be higher to make up for excess spending, but right now, right now, if the economy, em treem economy teetered let s not have any changes, let s keep it steady as she goes until things settle down a little bit. neil: in the meantime, adam lashinsky, i think it s important in the argument who pays what on what. the average income. 250,000 and over crowd, by the irs tax tables themselves, still paying a rate that is double, that is double what those in lower rates are paying. and leaving aside who is getting what with capital gains, the average rate is doubled. not just the intake, it s the rate itself, then what point is it to argue about fairness when you know, and this is anyone arguing this, that close to half of american households pay no income taxes at all, leaving where is the fairness in ....
Electronic filings. if you itemize deduction on schedule a including charitable donation and mortage interest . deduction of 4,000 and k-12 teacher deduct for out of expensions. i.r.s. has an updated copy of the schedule a and tax tables. the majority of the taxpayers am not be affected by thes. one-third itemize and two-thirds take the standard deduction. midterm late filing is s estimate. wait until the i.r.s. said it is ready. carroll lin, good advice. thank you so much. back to the 112th congress and what we expect this year. joining us is our political panel heading up the republican party and a officer with the democrat national committee. welcome to both of you and ....
Guess you could call it, on the part of the administration who, mine, the president ran on eliminating those bush era tax cuts for the highest income earners and letting that go for two years. isn t this something the republicans should go for including a lot of sweeteners, things that republicans wanted? it s a good question but two things that go with this. again, ramps up spending in a big way and it also ramps up deficits. and we are seeing a real difficulty with selling the treasury bonds and so when you have that kind of a problem that s not good in the financial markets so we need certainty. here s the real problem. we ve known this was going to come for a long, long time. and we re literally just weeks. way from january 1st and there s no tax tables. there s no tax tables. congress hasn t passed a budget. we haven t passed spending bills or a tax bill. that s not a good record for the congress right now. we have to get the work done. the president s plan as he ....
Their nose at that but democrats can extend that out. at the same time given the economic distress we re in right now with democrats really go home and tell constituents more money is coming out of your paycheck. even if you have a job. there will be a lot of political pressure for some kind of deal for the democrat to cut. this is someone really criticizing everyone, republicans and democrats. one more member of congress i want you to hear from because republican michele bachmann seems to think the lack of action is a blat on this congress. there s no tax tables. congress hasn t passed a budget. we haven t passed spending bills and we haven t done a tax bill. that s not a good record for the congress right now. we have to get the work done. all right. so, listen, mark, even if they do get it done and the tax cuts are extended another two years, it puts it squarely in the middle of a presidential election year. what i m wondering, who does this benefit? the president? does it ben ....