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Tuesday, November 16, 2010

Bachmann Supports Compromise on Tax Cuts, If Not Tied Unemployment Extension

WASHINGTON - NOVEMBER 05:  Rep. Michele Bachma...Image by Getty Images via @daylife
Representative Michelle Bachmann
 (D-MN)supports tax cuts compromise 
with Democrats, if it is not tied to
Tea Party favorite Congresswoman Michelle Bachmann (R-MN), told Anchor of Good Morning America and ABC News Chief Political Correspondent George Stephanopoulos on November 16th, that she would support a compromise on extending the Bush era tax cuts if, they are not tied to an extension of the unemployment benefits.

The “Unemployment Compensation Act of 2010”, HR-4213, expires on November 30th. Democrats have floated the idea of attaching an extension of the benefits to the tax cuts, as an option to gain additional Republican support in the House and Senate.
“I would like to get the current tax policy extended as far into the future as we possibly can. If we can only get it extended for two years I think that is great but I don’t think that the American people should have to pay for   that by  having to have some new massive spending tied to it,” Rep. Michele Bachmann of Minnesota told Stephanopoulos. “If that’s the case I don’t think you are going to see the Republicans go along with it.”
Bachmann, who supports giving a tax cut to taxpayers making over $250,000 a year. The 2001 and 2003 Tax cuts, both signed former President George Bush, remain the single largest cause of America's structural deficit; as the Federal Government is paying out more revenue, than it replaces, by taxing wealthier Americans.

Still, Congresswoman Bachmann believes that most Americans really do not understand the meaning of wealthy.
“These are people who are carpet layers who maybe employ two or three other guys. Or a plumber maybe himself and his brother and, it’s $250,000 in gross sales for the business", Congresswoman Bachmann told Stephanopolous. “They’re the ones that are looking at massive tax increases. This is a job killer if we raise taxes on the job creators,” she added.
Bachmann herself, it turns out, was confused on the difference between the definition between gross income and taxable income. 

During the interview with ABC, the Congresswoman stated that that the $250K taxable rate would apply to gross income. But an ABC News Fact Check of Bachmann’s statement, concluded she was incorrect, as the taxable rate would only apply to taxable income revenue and/or wages. It would not apply to the taxpayers' gross income or, total income earned during a tax year.

What are your thought on this article? Does Congresswoman Bachmann position on tying the unemployment extension to tax cuts makes any sense? Feel free to leave your comments on this article, below!
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