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"The GOP plan would essentially swap lower tax rates — ending the long-running debate over the expiring President George W. Bush-era tax breaks — for new limits on itemized tax deductions used primarily by wealthier households, such as the mortgage interest deduction on second homes."
"The GOP plan would essentially swap lower tax rates — ending the long-running debate over the expiring President George W. Bush-era tax breaks — for new limits on itemized tax deductions used primarily by wealthier households, such as the mortgage interest deduction on second homes."
Since we are talking about reducing the deficit, I'm glad Republicans want to limit deductions, but we should at the minimum keep their rates the same. From the same article it also said "eliminating the mortgage deduction for second homes would generate about $15 billion, while every 1 percentage point reduction in the income tax rate costs about $100 billion over 10 years, budget experts said."
Lowering the deficit some and then expanding it is not a good idea, since the idea is to reduce debt. That's why the idea should be dismissed.
Since we are talking about reducing the deficit, I'm glad Republicans want to limit deductions, but we should at the minimum keep their rates the same. From the same article it also said "eliminating the mortgage deduction for second homes would generate about $15 billion, while every 1 percentage point reduction in the income tax rate costs about $100 billion over 10 years, budget experts said."
Lowering the deficit some and then expanding it is not a good idea, since the idea is to reduce debt. That's why the idea should be dismissed.
Of course the Republicans offered to close $300 billion in loopholes. Instead of negotiating the Dems ran away. They simply have no interest in negotiating for two reasons. 1, if they reach an agreement, they can no longer claim Republicans are obstructionists. 2, they want the automatic triggers to kick in, tax rates will soar for all Americans. They know they have to raise taxes on all Americans or a combination of deep cuts and tax increases. They do not want to cut spending. This way they can blame the Republicans, while at the same time, minimize the cuts to their constituents.
Of course the Republicans offered to close $300 billion in loopholes. Instead of negotiating the Dems ran away. They simply have no interest in negotiating for two reasons. 1, if they reach an agreement, they can no longer claim Republicans are obstructionists. 2, they want the automatic triggers to kick in, tax rates will soar for all Americans. They know they have to raise taxes on all Americans or a combination of deep cuts and tax increases. They do not want to cut spending. This way they can blame the Republicans, while at the same time, minimize the cuts to their constituents.
They didn't run away as shown by the fact they are still negotiating. They dismissed the GOP offer because their proposal actually increased debt. That's not the goal of the deficit reduction committee.
They didn't run away as shown by the fact they are still negotiating. They dismissed the GOP offer because their proposal actually increased debt. That's not the goal of the deficit reduction committee.
Of course it doesn't increase the debt, even Drbin knows that. The Dems tan away. They want negotiations to fail. Obama's only shot at re-election is to run against Congress. An agreement makes that very difficult.
"But the Democratic argument was hampered to a degree by comments Wednesday from Senate Democratic Whip Dick Durbin (D-Ill.), who said it was a “breakthrough” that Republicans were willing to put tax revenues on the table.
“The fact that some Republicans have stepped forward to talk about revenue, I think, is an invitation for Democrats to step forward and talk about entitlement reform as well as spending cuts. Therein lies the core of an agreement,” Durbin said."
Of course it doesn't increase the debt, even Drbin knows that. The Dems tan away. They want negotiations to fail. Obama's only shot at re-election is to run against Congress. An agreement makes that very difficult.
"But the Democratic argument was hampered to a degree by comments Wednesday from Senate Democratic Whip Dick Durbin (D-Ill.), who said it was a “breakthrough” that Republicans were willing to put tax revenues on the table.
“The fact that some Republicans have stepped forward to talk about revenue, I think, is an invitation for Democrats to step forward and talk about entitlement reform as well as spending cuts. Therein lies the core of an agreement,” Durbin said."
The article you just linked me says it will increase debt. Yes, the GOP put 300 billion in new revenue on the table over ten years, but they also want to reduce rates which adds to the deficit more than the savings they are offering.
The article you just linked me says it will increase debt. Yes, the GOP put 300 billion in new revenue on the table over ten years, but they also want to reduce rates which adds to the deficit more than the savings they are offering.
Conservatives politicians do not care about reducing the deficit. Their primary goal is more money for the rich and corporate bankers. They have written laws that benefit disproportionately the rich. The Democrats have gone along with a lot of the laws because some also help their base but completely disproportionately like the bush tax cuts. Lets get rid of the Bush tax cuts for the rich and stop giving welfare and subsidies to the rich.
Of course the Republicans offered to close $300 billion in loopholes. Instead of negotiating the Dems ran away. They simply have no interest in negotiating for two reasons. 1, if they reach an agreement, they can no longer claim Republicans are obstructionists. 2, they want the automatic triggers to kick in, tax rates will soar for all Americans. They know they have to raise taxes on all Americans or a combination of deep cuts and tax increases. They do not want to cut spending. This way they can blame the Republicans, while at the same time, minimize the cuts to their constituents.
This is not running this is round one of negotiating. The Dems have learned a few things from the Repub. They will not move till the end and then the Repub. will run away.
here's the thing about taxing our way to "recovery".
maybe people need to sit down and realize what the average household income is in this country.
only 34% of households make more than 65,000 dollars.
only 10% make more than 118,200 dollars.
only 2.67% make more than 200,000 dollars. (my budget 360)
now who thinks we are going to tax our way out of this economic mess than we are in?
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