American Morning

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December 10th, 2010
08:10 AM ET

Obama and Republicans' tax package explained

Yesterday, Democrats in the House of Representatives rejected a 900 billion dollar tax plan that President Obama negotiated with Republicans.

Wondering what exactly is in the tax plan?

Chrystia Freeland, global editor-at-large with Reuters, joins American Morning's John Roberts and Kiran Chetry to break down the plan.

Filed under: Economy • Tax cuts
soundoff (3 Responses)
  1. Dan

    I agree with Average American.

    If God calls us to give 10% to him, then 10% is more than enough for our Government. I figured out the % of taxes I pay (Federal, SS, Medicare, State), and it is well over 20%.

    Let's go to the flat tax (7% for federal and 3% for state), and do away with the IRS, and no one gets a refund. I would be happy with that.

    December 10, 2010 at 9:07 am |
  2. Mike Wells

    I am so frustrated over this whole discussion. It is the wrong discussion. Of course taxes should not be increased for ANYONE right now. If your household budget were an absolute mess, you had spent money like a bleeding pig and were in trouble, would you go to your employer and demand a pay increase to fix your problem? If you did, would you get it?

    Any congressman who refuses to raise taxes right now is a hero. But, no one is talking about the issue at hand – spending, spending, spending. Demand that the government fix current spending AND spending policy going forward. Put a budget together and live by it. And then if they need money, raise taxes. Raise them now, and we just play into their hands. THEY work for us.

    And, I don't want to hear about unemployment benefits. Of course we need to extend them, and suggesting any democrat or republican does not agree is ludicrous. It's just posturing. If we demand they get paid for out of current revenues, everyone wins.

    Stay tough, stay true. Eliminate the waste. Save our country. And, if you don't think it's that important, you are wrong.

    December 10, 2010 at 8:45 am |
  3. Average American

    Stupid Democrats. Stupid Republicans. Keep putting bandaids on a broken system instead of trashing the whole system and installing a fair and honest flat tax system and raising the money the country needs to pay its bills. Politician are idiots by and large.

    December 10, 2010 at 8:36 am |