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Thread: White House Concedes on Upper Income Tax Cuts

  1. #31
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Goobieman View Post
    Never mind breaking His promise to not raise taxes on anyone making under $250K.

    That's -inarguably- breaking his promise, just to be clear.
    was that promise what got your vote for him?
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  2. #32
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    Re: White House Concedes on Upper Income Tax Cuts

    ask 50 million others

  3. #33
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Taboon View Post
    http://assets.nationaljournal.com/pd...11.10.2010.pdf

    would you rather look at the actual proposal (linked above).
    you failed to paste the link until now

    look at option one, the zero option, as reported by the spin artists (LOL!) from abc:

    The President's Debt Commission Proposal

    One, called the zero option, would:

    •Consolidate the tax code into three individual rates and one corporate rate;
    •Eliminate the AMT, Pease, and PEP;
    •Eliminate all $1.1 trillion of tax expenditures -- requiring income tax to be paid on the money you spend on health insurance coverage, charitable contributions, mortgage interest deductions and employer contributions to employee 401(k)/pension plans;
    •Dedicate a portion of savings to deficit reduction and apply the rest to reduce all marginal tax rates; and
    •Add back in any desired tax expenditures, and pay for them by increasing one or all of the rates from their zero-expenditure low.
    either way, touching the mortgage deduction, especially in times like these, with this housing market, is non starter

    as is the limiting of write offs for charitable giving

    as is a 15 cent increase in the federal gas tax

    as is the elimination of the deduction for state and local taxes

    why, catch the uptake from the palsied speakeress and the afl-cio's trumka, again, via tapper:

    "This proposal is simply unacceptable," said outgoing House Speaker Nancy Pelosi, D-Calif. "Any final proposal from the Commission should do what is right for our children and grandchildren’s economic security as well as for our nation’s fiscal security, and it must do what is right for our seniors, who are counting on the bedrock promises of Social Security and Medicare. And it must strengthen America's middle class families--under siege for the last decade, and unable to withstand further encroachment on their economic security.”

    AFL-CIO chairman Richard Trumka said that “the chairmen of the Deficit Commission just told working Americans to ‘Drop Dead.’ Especially in these tough economic times, it is unconscionable to be proposing cuts to the critical economic lifelines for working people, Social Security and Medicare…This deficit talk reeks of rank hypocrisy: The very people who want to slash Social Security and Medicare spent this week clamoring for more unpaid Bush tax cuts for millionaires.”
    admittedly, the speakeress and the boss are coming at bowles-simpson from a radically different perspective than you and i

    however...

    it is what it is

    even undoing deductions for home equity borrowing is a bust

    sorry

  4. #34
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by soccerboy22 View Post
    Honestly reading some of the posts, I am surprised people seem to be that surprised by this. Especially after the election.
    who's surprised?

    outside of leadership, that is?

  5. #35
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by roughdraft274 View Post
    Yes, it will definately extend this time of peace and proseperity that it has led us to...
    libs think tax cuts are the problem because all wealth belongs to the government

    they ignore that it is spending that is the problem but spending other peoples' money is how dem politicians gain wealth, power and office



  6. #36
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Taboon View Post
    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.
    Limit mortgage deduction to exclude 2ndresidences, home equity loans, and mortgages over $500,000
    Not sure how that's supposed to work. Most of those affected (the upper middle class) will simply choose to buy a cheaper home to avoid the massive tax penalty. The very rich are unaffected - if they want a house they buy it outright. This leaves what must be a very small segment of people who take out $1,000,000 mortgage loans but who have no real wealth.

    And talk about unintended consequences... If people tend to borrow 80-90%, won't demand plummet for homes in the 600-800 range? And won't that depress values of cheaper homes? What's it going to do to the economy and real estate in places like San Francisco, where even the crappy houses cost over 500k?

  7. #37
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    Re: White House Concedes on Upper Income Tax Cuts

    the caucus cracks

    Democrats pulled in different directions on taxes, deficits - TheHill.com

    Axelrod Comments on Taxes - NYTimes.com

    complete chaos, clueless incompetence

    it's a disgrace

  8. #38
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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?

    Former Ronald Reagan (remember him) money man David Stockman talked about this on Sunday and nobody else has said it better.

    Mr. STOCKMAN: Utterly disingenuous. I find it unconscionable that the Republican leadership, faced with a 1.5 trillion deficit, could possibly believe that good public policy is to maintain tax cuts for the top 2 percent of the population who, after all, have benefited enormously from this phony boom we've had over the last 10 years as a result of the casino on Wall Street.
    $1.5 million? Ain't that about how much Obama has spent on dumb **** in the past couple of years?

    Gee whiz and the tax cuts are the problem???
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  9. #39
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by haymarket View Post
    was that promise what got your vote for him?
    My vote... for The Obama?
    You -clearly- haven't been here long enough.

  10. #40
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by TurtleDude View Post
    libs think tax cuts are the problem because all wealth belongs to the government
    I think you have it backwards. Spending is completely free, it's the tax cuts we can't afford.

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