Raise taxes some, across the board.
Eliminate deductions for charitable giving.
Minimize deductions, OK for mortgage interest on 1 house, first half million value.
Cut spending on non-essentials, eliminate all subsidies and let the chips fall where they may.
Give federal lands not actually being used as national parks, military uses, etc. to the states to use for their purposes that taxpayers have to cover now.
No more offshore ownership of corporations, no tax dodges.....corporate tax rate down, but with minimum alternative type tax to preclude what some are doing now, making billions and paying no taxes.
Oracle of Utah
Truth rings hollow in empty heads.
The Senate will not be debating, offering amendments, working toward passage of a plan perhaps based on the Ryan plan. Senator Reid's express motive is to put Republicans on record. Senator McConnell's express motive is to put Democrats on record. Neither Senator is using the debate to actually adopt a piece of legislation. That's the tit-for-tat to which I was referring.
Fiscal contraction that relies on spending cuts tends to have smaller contractionary effects than tax-based adjustments. This is partly because central banks usually provide substantially more stimulus following a spending-based contraction than following a tax-based contraction. Monetary stimulus is particularly weak following indirect tax hikes (such as the value-added tax. VAT) that raise prices.
The two-year multiplier for tax-based consolidation was 1.3. Hence for every increase of 1% of GDP in taxes, GDP was 1.3% lower after two years than it would otherwise have been. For spending-related fiscal consolidation, the multiplier was 0.3. In addition, not surprising given the impact on output, for every 1% of GDP of tax-driven fiscal consolidation, the unemployment rate was raised 0.6 percentage points. For comparable spending-driven fiscal consolidation, the impact on the unemployment rate was 0.2 percentage points. Not surprisingly, the IMF has suggested that the bulk of fiscal consolidation should fall on the spending side (~ two-thirds).
For those who wondering why central banks offer a less accommodative policy following tax-driven fiscal consolidation, that stance has to do with their mandate to maintain price stability. To the extent that higher taxes lead to price increases, central banks typically seek to rein in that additional inflation. Given the abnormally low interest rates in the U.S., barring QE 3 (increasingly less likely given recent inflation issues that may or may not be transitory), the Fed likely won't increase its already historically accommodative policy in the face of fiscal consolidation (spending- and/or tax-driven). However, if inflation proves transitory, it could pursue a more gradual course of tightening than might otherwise have been the case. Of course, the Fed will need to be careful not to create an environment that is conducive to the development of new asset bubbles.
hurryup harry is playing politics, plain and simpleSenator Reid's express motive is to put Republicans on record.
mcconnell is doing all in his power to move the senate towards A BUDGETSenator McConnell's express motive is to put Democrats on record.
the gop has already acted, hr1 and ryan both PASSED the houseNeither Senator is using the debate to actually adopt a piece of legislation.
where's the PLAN from the party in power?
in other words, somethin beats nothin
the dems NAMED by wapo include kent conrad, the BUDGET CHAIR who announced he won't be seeking reelectionA growing number of Democrats are threatening to defy the White House over the national debt, joining Republican calls for deficit cuts as a requirement for consenting to lift the country’s borrowing limit.
The tension is the latest illustration of how the tea-party-infused GOP is driving the debate in Washington over federal spending. And it shows how the debt issue is testing the Obama administration’s clout as Democrats, particularly those from politically competitive states, resist White House arguments against setting conditions on legislation to raise the debt ceiling.
joe manchin, the maverick mountain-stater who put a bullet thru cap and trade and excoriated the epa
mark pryor from arkansas, amy klobuchar from minnesota, mark udall from colorado...
i am personally aware of several others
no spin, lynn
tell it to hurrup harry
seven hundred days and two since the united states senate produced an itemized budget
These taxes that Obama and his minions keep talking about will reduce the deficit by about 5%. So we can fixate on that or look at the total problem.
What I find disturbing about this new democratic party that seems like a mindless cult, determinded to follow their leader in group think. Where is the outcry abut continuing a war in Afghanistan that costs us more money, $100 billion a year, not the to mention the loss of lives. Where is the outrage in an administration that allows for food and gas inflation that hurts the poorest among us.