Insanity continues: Tax cuts package extends ethanol incentives

[boutons_deux]

http://www.bloomberg.com/news/2010-1...ncentives.html

and other ethanol news:

Automakers group files appeal over EPA's approval of E15

http://reviews.cnet.com/8301-13746_7...#ixzz18l9B9PWs

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Just another example of how industry governs government. And of course, most of these corn ethanol states are deep red, tea-bagging states that say they hate govt.

[admiralsnackbar]

Insanity has nothing to do with it -- it's just greed, plain and simple.

[DarrinS]

For the last time,

Not raising taxes <> tax cuts

[Spurminator]

Extending temporary tax cuts = tax cuts.

[DarrinS]

Extending temporary tax cuts = tax cuts.

Extending temporary tax cuts = not raising taxes

[fyatuk]

Extending temporary tax cuts = not raising taxes

Extending temporary tax cuts = tax cuts.

It all depends on what perspective you want to take.

If you look at it one way, tax rates are unchanged, therefore it's not a tax cut, it's just not raising them.

However, from the other perspective, you see that they passed legislation to extend the cuts, meaning tax rates are lower than they would have been had Congress not taken action. That would qualify this as a tax cut.

Both are valid interpretations of the events.

Oh, and ethanol subsidies/tax breaks SUCK.

[Spurminator]

Extending temporary tax cuts = not raising taxes

That's correct. Similarly, a chicken is not a pig.

But still, if you extend temporary tax cuts, you are cutting taxes.

[spursncowboys]

Since the Dems say they are extending the tax cuts because they don't want to take money from the middle class, are they finally saying that the tax cuts weren't just for the rich?

[angrydude]

That's correct. Similarly, a chicken is not a pig.

But still, if you extend temporary tax cuts, you are cutting taxes.

but not in absolute terms. only relative to what they would have been.

[Spurminator]

but not in absolute terms. only relative to what they would have been.

Any deviation from what "would have been" is, by definition, change. If "what would have been" was higher, then making it lower is a cut. Absolutely.

Anyway, we can all agree to thank Baby Jesus that American millionaires avoided a return to the socialist 1990's tax rates.

[spursncowboys]

Our defecit comes from the money we spend, not the money we could have had.
does anyone know how they estimate the money lost from the tax hike. Do they just go by what the federal govt was getting at the rates right now? Do they adjust what they estimate they would get. Since we haven't had much growth in the past few years, do they estimate it with the idea that the taxes have to get better because they expect us improving?

[Wild Cobra]

This ethanol thing is different yet. I would love to see the subsidies removed, but some corn farmers have too many congressman in their pockets.

[boutons_deux]

"corn farmers"

not farmers, but BigFood agricorops like ADM, etc. The tiny %age of independent farmers get screwed like everybody else when the go to sell the produce to the food corps.