Gang of Six Debt Ceiling Proposal (merged)

#26
#26
volinbham said:
Yes - that's my understanding. It is a broadening and flattening of the tax code while eliminating loopholes and things like the AMT.

@LG - I agree the revenue from growth is speculative. At this point that doesn't bother me because I believe the tax code changes will result in better growth than we currently have and is currently baked into future budget protections.

I believe this also takes a hit at Obama care but I can't recall how
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It repeals some aspect of it, but I forget what.

FWIW, both the far right and the far left hate it, so IMO, that means it's a great starting point.
 
#27
#27
joevol320 said:
as i say, we are way beyond the point of no return.

the debt decrease will end up being a drop in the bucket and if/when obama is elected again and majority changes, those cuts will be nil.

we are borrowing 180 million dollars an our hour. no amount of tax increases will cut this to the point that it will help America.
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No one is saying it should just be tax increases. Obama is/was willing to have three times as much in cuts as in tax increases.

The problem is that the TP wing of the GOP is intransigent on taxes.

And three times zero is zero.


GAVol said:
That's it in a nutshell. It manages to give everyone an out.
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Have to agree. Its a political maneuver.

Both sides will claim victory.

Both will be lying.
 
#34
#34
A couple things bug me about this statement from the plan:

Reform, not eliminate, tax expenditures for health, charitable giving, homeownership,
and retirement, and retain support for low-income workers and families.
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First is the language calling deductions expenditures. They simply are not expenditures.

Second is the vagueness. A phase out of the mortgage interest deduction is okay likely but will take the housing market in the short term.

Third (related to above) - the charity stuff will ultimately put more people at the mercy of govt. programs.
 
#35
#35
volinbham said:
A couple things bug me about this statement from the plan:



First is the language calling deductions expenditures. They simply are not expenditures.

Second is the vagueness. A phase out of the mortgage interest deduction is okay likely but will take the housing market in the short term.

Third (related to above) - the charity stuff will ultimately put more people at the mercy of govt. programs.
Click to expand...

If they put a leaner limit on health expense deductions and charitable giving then I will start to quickly oppose this plan.
 
#36
#36
In the view of some (not me) all deductions are expenditures as are tax cuts. Semantic manipulation at its best.
 
#37
#37
YorkVol said:
In the view of some (not me) all deductions are expenditures as are tax cuts. Semantic manipulation at its best.
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Drives me nuts. A reduction in tax liability is not an expenditure - ever (as far as I can tell).

Now if you end up with negative tax liability I would still say you are receiving government expenditures not tax expenditures.

If I have a list price and provide several discounts those are not expenditures - they are revenue reductions.
 
#41
#41
The thing that bothers me most about this ordeal is the lack of true leadership. True cowardice on both sides, this is all about political posturing getting something done to right the ship is secondary.
 
#42
#42
obamanation94.jpg


varvel.jpg


All the proposals so far, to me, more closely resemble
the politboro passing a five year plan than congress
approving a one year federal budget.
 
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