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Thread: White House Concedes on Upper Income Tax Cuts

  1. #21
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by The Prof View Post
    that's nuts, the home interest mortgage deduction can be worth more than $500 per month

    it is housing that brought us here and we can never recover until the market finds its bottom and begins to turn

    eliminating the deduction will explode foreclosures (there are already millions more on the horizon) and depress the already miserable market immeasurably

    meanwhile, concerning the bush tax cuts---the white house ONLY TODAY surrenders

    LOL!

    ie, what has it been waiting for?

    the electoral ass kicking?

    this duck is wholly lame

    leadership NEVER had a plan, provided NO direction on this question so central between every american and INTERNAL REVENUE

    they're TRANSPARENTLY making up their minds ON THE FLY

    NO VISION

    all the party in power has accomplished from its pusillanimous punt two months before TAXES INCREASE MASSIVELY on ALL americans is to MAGNIFY resentment and UNCERTAINTY

    you're STILL not embarrassed by incontrovertible and ubiquitous INCOMPETENCE?

    all but the fringe recognize

    meanwhile, those who SURRENDER can't even do that right

    NationalJournal.com - Axelrod Denies Obama Would Concede Tax Cuts - Thursday, November 11, 2010

    Democrats angry over Obama tax deal talk - Carrie Budoff Brown - POLITICO.com

    i surrender...

    i surrender not

    we tax the rich...

    we tax the rich not

    pathetic, progressives
    The mortgage deduction is not being axed by the fiscal commission in any scenario. However, it does limit the deduction in all three tax reform options. Just thought I'd put the facts out there.

    Option 2: Wyden-Gregg Style Reform

    Individual Tax Reform

    Repeal AMT, PEP, and Pease

    Establish 3 rates 15%, 25% and 35%

    Triple standard deduction to $30,000 ($15,000 for individuals)

    Repeal state & local tax deduction, cafeteria plans, and miscellaneous itemized deductions

    Limit mortgage deduction to exclude 2ndresidences, home equity loans, and mortgages over $500,000
    Limit charitable deduction with floor at 2% of AGI

    Cap income tax exclusion for employer-provided healthcare at the amount of the actuarial value of FEHBP standard option

    Modify and repeal several other tax expenditures

    Dedicate portion of savings to deficit reduction

  2. #22
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by haymarket View Post
    I thought you folks were concerned about the deficit and debt?
    Do you honestly believe any additional taxes collected will be applied to the deficit? C'mon.

  3. #23
    Sage

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    Re: White House Concedes on Upper Income Tax Cuts

    Equally controversial, it would eliminate the current tax deduction that homeowners receive for the interest they pay on their mortgages and impose a 15 cent-a-gallon tax on gasoline.
    The co-chairmen proposed a $3.8 trillion deficit-cutting plan yesterday that would trim Social Security and Medicare, reduce income-tax rates and eliminate tax breaks including the mortgage-interest deduction.
    To meet that goal, Bowles and Simpson are proposing to slay a herd of sacred cows, including the tax deduction for mortgage interest claimed by many homeowners, the tax-free treatment of employer-provided health insurance and the practice of letting retirees claim Social Security benefits starting at age 62.
    Commission leaders say cutting deficit will hurt - Politics - msnbc.com

    Deficit Plan Matches $3.8 Trillion Math With Tough Politics - Bloomberg

    Deficit panel leaders propose curbs on Social Security, major cuts in spending, tax breaks

    according to msnbc this morning, bowles-simpson also end the deduction for state and local taxes

  4. #24
    Professor

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Whovian View Post
    Score one for adding $4 TRILLION to the defecit!

  5. #25
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    Re: White House Concedes on Upper Income Tax Cuts

    Honestly reading some of the posts, I am surprised people seem to be that surprised by this. Especially after the election.

  6. #26
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Erod View Post
    The White House had better concede with its idea to end mortgage interest deductions, too, or we're going to have massive foreclosures in the near future.
    Never mind breaking His promise to not raise taxes on anyone making under $250K.

    That's -inarguably- breaking his promise, just to be clear.

  7. #27
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by haymarket View Post
    This is very sad that the WH has conceded this important point. Very very sad for the nation.
    Yeah - it kills me, knowing that my taxes arent going to go up.
    The rates, anyway.

  8. #28
    User Taboon's Avatar
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    Re: White House Concedes on Upper Income Tax Cuts

    http://assets.nationaljournal.com/pd...11.10.2010.pdf

    Would you like your news spin artists giving you the "facts" or would you rather look at the actual proposal (linked above).

  9. #29
    Banned Goobieman's Avatar
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Erod View Post
    Do you honestly believe any additional taxes collected will be applied to the deficit? C'mon.
    Every extra dollar in tax revenue will be met by the Dems proposing we spend an additional $1.50

  10. #30
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Erod View Post
    Do you honestly believe any additional taxes collected will be applied to the deficit? C'mon.
    It just might prevent it from growing. Progress sometimes comes slowly - one step at a time as they say.
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