This guest post from Jacq Jolie is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes. You can read more about Jacq’s story at Single Mom Rich Mom.
On 31 December 2009, I finished what I hope will be my last full-time, permanent job. I’ve worked a bit here and there over the past year, but it’s on my own terms, and not because I have to. I’m now semi-retired at the age of 45. But what does that mean?
About nine years ago, after reading Your Money or Your Life, I changed from an under-earning, confused woman to a woman with a mission: to never have to work again (unless I wanted to). In November of last year, I reached the Crossover Point, where the income from investments exceeded my expenses. (I think it actually happened sooner than that, but I hadn’t been paying attention.) At last, nine years after first figuring out what I wanted to work hard and save money for, I’d reached Financial Independence.
I’m fortunate that in the last few years, I’ve managed to raise my income so that I can work a few months a year and earn the same amount as I have working full-time (and overtime!) in previous jobs. I’m also fortunate that my wants remain relatively small and I never succumbed to lifestyle inflation. I’ve never wanted a big house, a fast car, or exotic travel.
In a “normal” year, I can easily live on about $36,000, including mortgage payments of about $15,000 per year (that I’m prepaying). So I knew that my Crossover Point was somewhere around $20,000/year with a paid-off house. In the next year, I intend to downsize and move to a (mortgage-free!) townhouse that will be close to public transit for those times I choose to work, and, more importantly, be low maintenance to allow for periods of long travel during the summers.
I’m trying not to plan too far in advance. I want to be flexible. My hope is that I can continue to work part-time or a few months a year for the next 5-10 years until a part of my pension is eligible for withdrawal. My net worth is somewhere around the $500-600k mark, not including pensions. Since I don’t have any intention of touching my savings for the next ten years, I’m hopeful that it will last as long as I need it. If not, I’ll go back to work full-time for a couple of years.
I think what Financial Independence has given me has been a confidence in life itself — that I can handle anything that comes up. If life is difficult, sometimes throwing a bit of cash at a problem resolves it. It’s also given me the freedom that I first dreamed of when reading Your Money or Your Life — that I could work because I enjoyed working, and that I could have my life be about more than work. I have the flexibility to leave any work situation that doesn’t contribute to my overall happiness.
Having lived very frugally for long periods in the past, I experienced frugality burnout earlier this year. I’ve consciously been spending more lately on the things that I’ve “deprived” myself of over the last almost 30 years I’ve been working. For example, my bed was over 50 years old and desperately in need of replacement. A new bed is being delivered this week, and I couldn’t be happier. I’ve also stopped thinking that I should DIY everything; I’ve had house cleaners come in this last month — something I would never have considered doing just six months ago.
Part of me still worries about the future:
- What is it like to be looking for a job and networking once I get over 50?
- Will it be hard — or impossible — to find work if I stay out of the job market too long?
- What if the stock market falls again?
- Are my investments too aggressive or not aggressive enough given that I hope not to draw down on them for quite some time?
- Am I jumping too fast? Should I keep working full-time for a few years and get to that magical million and give myself even more of a buffer?
I only have a year of semi-retirement under my belt, so I’m not sure if that’s necessarily a “success”; I’m still just learning what works. I do know I’ll never go back to a regular job again though and definitely not go back to driving myself as hard as I have in the past again. My hope is that my approach is flexible enough and that I’m resourceful enough to survive and thrive through whatever lies ahead.
Rep. Jim Jordan: ‘I Don’t Know If I’d Be Willing’ To Extend Tax Cuts For 95 Percent, Even With Cuts For Rich
As Congress considers extending the Bush tax cuts, Republicans have made it explicitly clear that they are prepared to go to the mat to extend the cuts for the wealthiest Americans. Now, White House officials are floating the possibility of including an extension of the so-called “Obama tax cuts” — middle-class cuts included in the economics stimulus package — as part of any larger tax deal. These cuts, such as The Making Work Pay tax credit, which reduced payroll taxes on 95 percent of working families, will expire in January unless Congress acts.
Asked about this potential deal yesterday by Fox News host Neil Cavuto, Rep. Jim Jordan (R-OH), who sits on the Budget Committee, suggested that congressional Republicans would not be willing to extend these middle-class tax cuts — which he called “much less effective” — even if the Bush cuts for rich are also extended:
CAVUTO: I know that extending it for everyone. But even if it included this provision that the White House, I guess, is now pushing?
JORDAN: Oh, the Making Work Pay and the tax credit? I think those are not near as effective, but I’d be willing to look for that if we keep all the Bush tax cuts in place–
CAVUTO: So that’s what they just did. I think they offered you a negotiating point. And you would be willing to take it?
JORDAN: I have not seen that. Well, I don’t know if I would be willing to take it. I’d be willing to look at it.
Watch it:
Congressional Republicans have already been holding hostage the Bush tax cuts for those making less than $250,000 a year, threatening to let all Americans’ taxes go up if the cuts for wealthiest two percent are not extended as well. Yesterday, “Republicans were furious” that the House passed an extension of just the Bush cuts for the middle class, and Senate Minority Leader Mitch McConnell (R-KY) has threatened to filibuster a similar bill in the Senate.
But Jordan’s comments yesterday bring the GOP’s brinkmanship in defense of the rich to a new level. The Making Work Pay credit boosted paychecks for 110 million families and were “designed exclusively as a middle-class benefit.” These cuts only applied to payroll taxes, meaning people had be employed and earning a living to enjoy them. Yet these too will apparently be taken hostage so the rich can get their share.
And Jordan is wrong in suggesting these cuts were “not near as effective” as the Bush tax cuts for the rich. As the Center for American Progress’ Michael Ettlinger noted, the Bush tax cuts simply “didn’t deliver” on their promise to stimulate the economy. “The economy did not add a single new job during three years under the Bush tax cuts.” However, as Center on Budget and Policy Priorities’ Chuck Marr explained about the Obama tax cuts, “Most people may have no idea they received it and no idea that it’s going away. But what you can be certain of is that they’ll have less money and they’ll spend less — and this is a terrible time for the economy to lose $60 billion of spending.”
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
Esta semana en la tarjeta de crédito <b> Noticias </ b> - MoneyBuilder - sentido de lo que <b> Siempre ...</ b> por LowCards.com más de ocho millones de personas abandonan la tarjeta de crédito utilizar más de ocho millones de consumidores dejaron de usar las tarjetas de crédito durante el año pasado, según un nuevo estudio de TransUnion. El uso de propósito general ...
<b> Noticias </ b> - Justin Bieber Cancela televisión alemana concierto tras Stunt sale mal <b> ...</ b> La cantante adolescente restos de su actuación después de que un hombre está gravemente herido en la popular serie Wetten Dass.
Exclusiva: el general Petraeus no ' ' Claro victoria en Afganistán en 2014 <b> ...</ b> En mi entrevista exclusiva con el general David Petraeus se sentía alentado por los progresos realizados desde el aumento del Presidente Obama de las fuerzas en Afganistán, pero que confía en que el ejército afgano puede asumir el liderazgo de las fuerzas de EE.UU. en la OTAN.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This guest post from Jacq Jolie is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes. You can read more about Jacq’s story at Single Mom Rich Mom.
On 31 December 2009, I finished what I hope will be my last full-time, permanent job. I’ve worked a bit here and there over the past year, but it’s on my own terms, and not because I have to. I’m now semi-retired at the age of 45. But what does that mean?
About nine years ago, after reading Your Money or Your Life, I changed from an under-earning, confused woman to a woman with a mission: to never have to work again (unless I wanted to). In November of last year, I reached the Crossover Point, where the income from investments exceeded my expenses. (I think it actually happened sooner than that, but I hadn’t been paying attention.) At last, nine years after first figuring out what I wanted to work hard and save money for, I’d reached Financial Independence.
I’m fortunate that in the last few years, I’ve managed to raise my income so that I can work a few months a year and earn the same amount as I have working full-time (and overtime!) in previous jobs. I’m also fortunate that my wants remain relatively small and I never succumbed to lifestyle inflation. I’ve never wanted a big house, a fast car, or exotic travel.
In a “normal” year, I can easily live on about $36,000, including mortgage payments of about $15,000 per year (that I’m prepaying). So I knew that my Crossover Point was somewhere around $20,000/year with a paid-off house. In the next year, I intend to downsize and move to a (mortgage-free!) townhouse that will be close to public transit for those times I choose to work, and, more importantly, be low maintenance to allow for periods of long travel during the summers.
I’m trying not to plan too far in advance. I want to be flexible. My hope is that I can continue to work part-time or a few months a year for the next 5-10 years until a part of my pension is eligible for withdrawal. My net worth is somewhere around the $500-600k mark, not including pensions. Since I don’t have any intention of touching my savings for the next ten years, I’m hopeful that it will last as long as I need it. If not, I’ll go back to work full-time for a couple of years.
I think what Financial Independence has given me has been a confidence in life itself — that I can handle anything that comes up. If life is difficult, sometimes throwing a bit of cash at a problem resolves it. It’s also given me the freedom that I first dreamed of when reading Your Money or Your Life — that I could work because I enjoyed working, and that I could have my life be about more than work. I have the flexibility to leave any work situation that doesn’t contribute to my overall happiness.
Having lived very frugally for long periods in the past, I experienced frugality burnout earlier this year. I’ve consciously been spending more lately on the things that I’ve “deprived” myself of over the last almost 30 years I’ve been working. For example, my bed was over 50 years old and desperately in need of replacement. A new bed is being delivered this week, and I couldn’t be happier. I’ve also stopped thinking that I should DIY everything; I’ve had house cleaners come in this last month — something I would never have considered doing just six months ago.
Part of me still worries about the future:
- What is it like to be looking for a job and networking once I get over 50?
- Will it be hard — or impossible — to find work if I stay out of the job market too long?
- What if the stock market falls again?
- Are my investments too aggressive or not aggressive enough given that I hope not to draw down on them for quite some time?
- Am I jumping too fast? Should I keep working full-time for a few years and get to that magical million and give myself even more of a buffer?
I only have a year of semi-retirement under my belt, so I’m not sure if that’s necessarily a “success”; I’m still just learning what works. I do know I’ll never go back to a regular job again though and definitely not go back to driving myself as hard as I have in the past again. My hope is that my approach is flexible enough and that I’m resourceful enough to survive and thrive through whatever lies ahead.
Rep. Jim Jordan: ‘I Don’t Know If I’d Be Willing’ To Extend Tax Cuts For 95 Percent, Even With Cuts For Rich
As Congress considers extending the Bush tax cuts, Republicans have made it explicitly clear that they are prepared to go to the mat to extend the cuts for the wealthiest Americans. Now, White House officials are floating the possibility of including an extension of the so-called “Obama tax cuts” — middle-class cuts included in the economics stimulus package — as part of any larger tax deal. These cuts, such as The Making Work Pay tax credit, which reduced payroll taxes on 95 percent of working families, will expire in January unless Congress acts.
Asked about this potential deal yesterday by Fox News host Neil Cavuto, Rep. Jim Jordan (R-OH), who sits on the Budget Committee, suggested that congressional Republicans would not be willing to extend these middle-class tax cuts — which he called “much less effective” — even if the Bush cuts for rich are also extended:
CAVUTO: I know that extending it for everyone. But even if it included this provision that the White House, I guess, is now pushing?
JORDAN: Oh, the Making Work Pay and the tax credit? I think those are not near as effective, but I’d be willing to look for that if we keep all the Bush tax cuts in place–
CAVUTO: So that’s what they just did. I think they offered you a negotiating point. And you would be willing to take it?
JORDAN: I have not seen that. Well, I don’t know if I would be willing to take it. I’d be willing to look at it.
Watch it:
Congressional Republicans have already been holding hostage the Bush tax cuts for those making less than $250,000 a year, threatening to let all Americans’ taxes go up if the cuts for wealthiest two percent are not extended as well. Yesterday, “Republicans were furious” that the House passed an extension of just the Bush cuts for the middle class, and Senate Minority Leader Mitch McConnell (R-KY) has threatened to filibuster a similar bill in the Senate.
But Jordan’s comments yesterday bring the GOP’s brinkmanship in defense of the rich to a new level. The Making Work Pay credit boosted paychecks for 110 million families and were “designed exclusively as a middle-class benefit.” These cuts only applied to payroll taxes, meaning people had be employed and earning a living to enjoy them. Yet these too will apparently be taken hostage so the rich can get their share.
And Jordan is wrong in suggesting these cuts were “not near as effective” as the Bush tax cuts for the rich. As the Center for American Progress’ Michael Ettlinger noted, the Bush tax cuts simply “didn’t deliver” on their promise to stimulate the economy. “The economy did not add a single new job during three years under the Bush tax cuts.” However, as Center on Budget and Policy Priorities’ Chuck Marr explained about the Obama tax cuts, “Most people may have no idea they received it and no idea that it’s going away. But what you can be certain of is that they’ll have less money and they’ll spend less — and this is a terrible time for the economy to lose $60 billion of spending.”
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This guest post from Jacq Jolie is part of the “reader stories” feature at Get Rich Slowly. Some stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes. You can read more about Jacq’s story at Single Mom Rich Mom.
On 31 December 2009, I finished what I hope will be my last full-time, permanent job. I’ve worked a bit here and there over the past year, but it’s on my own terms, and not because I have to. I’m now semi-retired at the age of 45. But what does that mean?
About nine years ago, after reading Your Money or Your Life, I changed from an under-earning, confused woman to a woman with a mission: to never have to work again (unless I wanted to). In November of last year, I reached the Crossover Point, where the income from investments exceeded my expenses. (I think it actually happened sooner than that, but I hadn’t been paying attention.) At last, nine years after first figuring out what I wanted to work hard and save money for, I’d reached Financial Independence.
I’m fortunate that in the last few years, I’ve managed to raise my income so that I can work a few months a year and earn the same amount as I have working full-time (and overtime!) in previous jobs. I’m also fortunate that my wants remain relatively small and I never succumbed to lifestyle inflation. I’ve never wanted a big house, a fast car, or exotic travel.
In a “normal” year, I can easily live on about $36,000, including mortgage payments of about $15,000 per year (that I’m prepaying). So I knew that my Crossover Point was somewhere around $20,000/year with a paid-off house. In the next year, I intend to downsize and move to a (mortgage-free!) townhouse that will be close to public transit for those times I choose to work, and, more importantly, be low maintenance to allow for periods of long travel during the summers.
I’m trying not to plan too far in advance. I want to be flexible. My hope is that I can continue to work part-time or a few months a year for the next 5-10 years until a part of my pension is eligible for withdrawal. My net worth is somewhere around the $500-600k mark, not including pensions. Since I don’t have any intention of touching my savings for the next ten years, I’m hopeful that it will last as long as I need it. If not, I’ll go back to work full-time for a couple of years.
I think what Financial Independence has given me has been a confidence in life itself — that I can handle anything that comes up. If life is difficult, sometimes throwing a bit of cash at a problem resolves it. It’s also given me the freedom that I first dreamed of when reading Your Money or Your Life — that I could work because I enjoyed working, and that I could have my life be about more than work. I have the flexibility to leave any work situation that doesn’t contribute to my overall happiness.
Having lived very frugally for long periods in the past, I experienced frugality burnout earlier this year. I’ve consciously been spending more lately on the things that I’ve “deprived” myself of over the last almost 30 years I’ve been working. For example, my bed was over 50 years old and desperately in need of replacement. A new bed is being delivered this week, and I couldn’t be happier. I’ve also stopped thinking that I should DIY everything; I’ve had house cleaners come in this last month — something I would never have considered doing just six months ago.
Part of me still worries about the future:
- What is it like to be looking for a job and networking once I get over 50?
- Will it be hard — or impossible — to find work if I stay out of the job market too long?
- What if the stock market falls again?
- Are my investments too aggressive or not aggressive enough given that I hope not to draw down on them for quite some time?
- Am I jumping too fast? Should I keep working full-time for a few years and get to that magical million and give myself even more of a buffer?
I only have a year of semi-retirement under my belt, so I’m not sure if that’s necessarily a “success”; I’m still just learning what works. I do know I’ll never go back to a regular job again though and definitely not go back to driving myself as hard as I have in the past again. My hope is that my approach is flexible enough and that I’m resourceful enough to survive and thrive through whatever lies ahead.
Rep. Jim Jordan: ‘I Don’t Know If I’d Be Willing’ To Extend Tax Cuts For 95 Percent, Even With Cuts For Rich
As Congress considers extending the Bush tax cuts, Republicans have made it explicitly clear that they are prepared to go to the mat to extend the cuts for the wealthiest Americans. Now, White House officials are floating the possibility of including an extension of the so-called “Obama tax cuts” — middle-class cuts included in the economics stimulus package — as part of any larger tax deal. These cuts, such as The Making Work Pay tax credit, which reduced payroll taxes on 95 percent of working families, will expire in January unless Congress acts.
Asked about this potential deal yesterday by Fox News host Neil Cavuto, Rep. Jim Jordan (R-OH), who sits on the Budget Committee, suggested that congressional Republicans would not be willing to extend these middle-class tax cuts — which he called “much less effective” — even if the Bush cuts for rich are also extended:
CAVUTO: I know that extending it for everyone. But even if it included this provision that the White House, I guess, is now pushing?
JORDAN: Oh, the Making Work Pay and the tax credit? I think those are not near as effective, but I’d be willing to look for that if we keep all the Bush tax cuts in place–
CAVUTO: So that’s what they just did. I think they offered you a negotiating point. And you would be willing to take it?
JORDAN: I have not seen that. Well, I don’t know if I would be willing to take it. I’d be willing to look at it.
Watch it:
Congressional Republicans have already been holding hostage the Bush tax cuts for those making less than $250,000 a year, threatening to let all Americans’ taxes go up if the cuts for wealthiest two percent are not extended as well. Yesterday, “Republicans were furious” that the House passed an extension of just the Bush cuts for the middle class, and Senate Minority Leader Mitch McConnell (R-KY) has threatened to filibuster a similar bill in the Senate.
But Jordan’s comments yesterday bring the GOP’s brinkmanship in defense of the rich to a new level. The Making Work Pay credit boosted paychecks for 110 million families and were “designed exclusively as a middle-class benefit.” These cuts only applied to payroll taxes, meaning people had be employed and earning a living to enjoy them. Yet these too will apparently be taken hostage so the rich can get their share.
And Jordan is wrong in suggesting these cuts were “not near as effective” as the Bush tax cuts for the rich. As the Center for American Progress’ Michael Ettlinger noted, the Bush tax cuts simply “didn’t deliver” on their promise to stimulate the economy. “The economy did not add a single new job during three years under the Bush tax cuts.” However, as Center on Budget and Policy Priorities’ Chuck Marr explained about the Obama tax cuts, “Most people may have no idea they received it and no idea that it’s going away. But what you can be certain of is that they’ll have less money and they’ll spend less — and this is a terrible time for the economy to lose $60 billion of spending.”
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
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This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
bench craft company rip off
This Week in Credit Card <b>News</b> - MoneyBuilder - making sense of <b>...</b>
Provided by LowCards.com More Than Eight Million People Drop Out of Credit Card Use More than eight million consumers stopped using credit cards over the past year, according to a new study by TransUnion. The use of general purpose ...
<b>News</b> - Justin Bieber Cancels German TV Gig After Stunt Goes Awry <b>...</b>
The teen singer scraps his performance after a man is severely injured on the popular series Wetten Dass.
Exclusive: Gen. Petraeus Not 'Sure' Victory in Afghanistan by 2014 <b>...</b>
In my exclusive interview with General David Petraeus he was encouraged by the progress made since President Obama's surge of forces into Afghanistan, but is he confident that the Afghan army can take the lead from US forces by NATO's.
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