Topic: Deficit Reduction Panel's Preliminary Proposal
started by: TheCatt
Posted by TheCatt on Nov. 10 2010,18:49
< I love it. >QUOTE
OVERHAUL TAX CODE
- Would eliminate all of the $1.1 trillion exemptions currently in the tax code, such as the mortgage-interest deduction and the earned-income tax credit
- Lower and simplify individual income-tax rates: 8 percent for those with annual incomes below $70,000; 14 percent for those with incomes up to $210,000; and 23 percent for incomes above that level
- Lower corporate tax rate from 35 percent to 26 percent
- Would eliminate all of the $1.1 trillion exemptions currently in the tax code, such as the mortgage-interest deduction and the earned-income tax credit
- Lower and simplify individual income-tax rates: 8 percent for those with annual incomes below $70,000; 14 percent for those with incomes up to $210,000; and 23 percent for incomes above that level
- Lower corporate tax rate from 35 percent to 26 percent
Posted by GORDON on Nov. 10 2010,18:56
So will that raise or lower the tax burden for the middle class?
Posted by TheCatt on Nov. 11 2010,04:37
(GORDON @ Nov. 10 2010,21:56)
QUOTE
So will that raise or lower the tax burden for the middle class?
Don't know/Don't care. Just get rid of the deficit, please.
Posted by GORDON on Nov. 11 2010,04:57
I'm firmly on the side of CUT THE FUCKING SPENDING rather than taking more money out of the economy.
Posted by TPRJones on Nov. 11 2010,06:19
Honestly, it doesn't matter if that is less tax or more tax. The huge difference that would make would be cutting the many billions of dollars spent on creating, interpreting, enforcing and complying with the ass-rapingly monstrous tax code.It'll put a whole lot of tax accountants and IRS agents out of work. But frankly, I don't care. The amount of money that would free up to spend on more useful endeavors would be very much worth a small spike in unemployment.
Posted by thibodeaux on Nov. 11 2010,06:53
Since it's never going to happen, why worry about it?
Posted by Leisher on Nov. 11 2010,07:09
That story is being reported on Yahoo's front page, but their headline is that the panel is urging a reduction in military spending. It's actually in their headline, and was the topic for at least the first 7 paragraphs before I stopped reading.
Funny how the same news story gets reported in different ways.
Posted by TheCatt on Nov. 11 2010,07:38
The Reuters article above was my favorite of the ones I saw on it, mainly because it's basically just a list of details, and nothing more (they even called it a factbox - to distinguish between this and their regular reporting?)But yes, if you read the article:
* Significant spending cuts
* Massive simplification of tax code (don't know if this is revenue neutral or not)
* Reduce farm subsidies, reduce health care benefits, minor tweaks (reductions) to social security.
The proposal is completely full of win.
Meanwhile, < Democrats are trying to shoot it down already >, and Obama is actually saying the right things (so far).
Seriously: This is the one thing I want these fuckers to do. *sigh*
Posted by TheCatt on Nov. 11 2010,10:48
QUOTE
Overall, the chairs propose $1 in new revenues for each $3 in spending cuts
So yes, taxes will rise, but 3x more spending cuts. I like it.
< From here >
Posted by TheCatt on Nov. 11 2010,15:45
ELIMINATE ALL EARMARKS - I think I just peed a little.
Posted by thibodeaux on Nov. 11 2010,15:53
"Cut government workforce by 10%" ROFL. Good luck, suckers.
Posted by GORDON on Nov. 11 2010,16:25
So between being forced to pay for Obamacare and a rise in taxes, I will personally be fucked.