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Thread: Alan Simpson Slams Fellow Republicans For Unwillingness To Compromise

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    Re: Alan Simpson Slams Fellow Republicans For Unwillingness To Compromise

    Quote Originally Posted by Bob Blaylock View Post
    There's that cliché about the definition of insanity.
    I know you're not suggesting I'm insane.

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    Re: Alan Simpson Slams Fellow Republicans For Unwillingness To Compromise

    Quote Originally Posted by lpast View Post
    I absolutely agree with him...

    Former Sen. Alan Simpson (R-Wyo.) lashed out at members of his party on Sunday, slamming them for their unwillingness to compromise on proposed tax increases.



    Former Sen. Alan Simpson (R-Wyo.) lashed out at members of his party on Sunday, slamming them for their unwillingness to compromise on proposed tax increases.
    In his characteristically colorful style, Simpson told CNN's Fareed Zakaria that Republicans' rigid opposition to new tax revenues has hampered productivity and diminished the chances of reaching an agreement with Democrats on debt reduction.


    Simpson continued: "If you want to be a purist, go somewhere on a mountaintop and praise the east or something. But if you want to be in politics, you learn to compromise. And you learn to compromise on the issue without compromising yourself. Show me a guy who won’t compromise and I’ll show you a guy with rock for brains."

    Alan Simpson Slams Fellow Republicans For Unwillingness To Compromise
    The tax rates proposed by Alan Simpson in his work on the Presidents Debt Reduction Committee that he co-chaired with Democrat Erskin Bowles:

    The Zero Plan in the Bowles-Simpson “Chairmen's Mark” would:

    Eliminate all tax expenditures—for both income and payroll taxes—except for the child credit, the earned income tax credit, foreign tax credits, a few less common preferences (retain reduced preferences for mortgage interest, employer-sponsered health insurance and reitrement savings in the third variant listed above).
    Eliminate the alternative minimum tax (AMT).
    Eliminate the phaseout of personal exemptions and the limitation of itemized deductions.
    Replace the current six-bracket individual tax rate schedule with a three-bracket schedule with rates of 9, 15, and 24 percent (12, 20, and 27 percent in the third variant listed above).
    Tax capital gains and dividends as ordinary income.
    Index tax parameters using the chained Consumer Price Index.
    Increase the Social Security wage base by 2 percent per year more than the growth in the average wage (making the FICA cap $140,100 in 2015).
    Phase in an increase in the federal excise tax on gasoline of 15 cents per gallon (13.5 cents per gallon on average in 2015).
    Eliminate corporate tax expenditures and reduce the corporate tax rate to 26 percent (27 percent in the third variant listed above).

    ...

    The third variant would retain tax benefits for mortgage interest, employer-sponsored health insurance, and retirement saving, but restructure them and reduce their costs to 80 percent of their current levels. It would set higher tax rates to make up the revenue lost by those changes and the changes would apply only to income taxes.

    Specifically this option would:

    Convert the mortgage interest deduction to a 15 percent refundable interest credit.
    Replace the exclusion from income of employer-sponsored health insurance with flat credits of $1,058 for single coverage and $2,433 for family coverage offered by employers.
    Reduce the limits on contributions to employer-sponsored qualified retirement plans and individual retirement accounts to 43 percent of their current level.
    Cap the amount of tax-free accruals within both defined benefit and defined contribution retirement accounts.
    Replace the current six-bracket individual tax rate schedule with a three-bracket schedule with rates of 12 percent, 20 percent, and 27 percent.

    Republicans not compromising? Boehner offered Obama $800 Bn in tax increases and Obama tried to change the deal at the last minute. Let me know when Democrats agree to get serious about entitlement reform.
    Last edited by cpwill; 06-05-12 at 10:44 AM.

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