The Republicans are playing a cynical political game with hugely high economic stakes

[Sean88gt]

It is impossible to trust any of the politicians because their concern is reelection.

[GhostTX]

...

The tax reform outline would set up three income tax rates – a bottom rate of 8-12 percent, a middle rate of 14-22 percent and top rate of 23-29 percent – to replace the current system, which has a bottom rate of 10 percent with five additional rates, topping out at 35 percent. It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings and families with children.

Well, hell, there's a tax increase right there. Bastids!

I'm curious where the new salary-tax rate lines will be drawn. I'm really hoping those that currently don't pay taxes will be put in the 8-12% range, but I doubt that'll happen.

[Cannonball996]

here is the gang of six plan:

The Gang of Six plan promises almost $4 trillion in deficit cuts, including an immediate 10-year, $500 billion down payment that would come as Congress sets caps on the agency budgets it passes each year. It also requires an additional $500 billion in cost curbs on federal health care programs, cuts to federal employee pensions, curbs in the growth of military health care and retirement costs, and modest cuts to farm subsidies.

Congress overhauls the loophole-choked U.S. tax code. It calls for getting rid of myriad tax loopholes, preferences and deductions and using the savings to sharply lower income tax rates.

"On the positive side, the tax rates identified in the Gang's plan – with a top rate of no more than 29 percent – and the president's endorsement of them are a positive development and an improvement over previous discussions," House Majority Leader Eric Cantor, R-Va., said. "That said, I am concerned with the Gang of Six's revenue target."

The tax reform outline would set up three income tax rates – a bottom rate of 8-12 percent, a middle rate of 14-22 percent and top rate of 23-29 percent – to replace the current system, which has a bottom rate of 10 percent with five additional rates, topping out at 35 percent. It would reduce but not eliminate tax breaks on mortgage interest, higher-cost health plans, charitable deductions, retirement savings and families with children.

[sc281]

Did you notice how they got that tax increase in there? In two or three years when the economy is humming along, they'll go ahead and change the budget to remove the spending cuts but they'll leave that tax increase right where it is so they can buy more votes with handouts.

Ding ding ding

[Broncojohnny]

Looks like details of the "gang of six" bill have been released. Just caught a brief part of an interview that FOX had with Saxby Chambliss about it. Didn't pay attention as I was about to walk out of the door, but the screen said "24% tax increase, 76% spending cuts." I'll believe that when me shit turns purple and smells like rainbow sherbet.

Did you notice how they got that tax increase in there? In two or three years when the economy is humming along, they'll go ahead and change the budget to remove the spending cuts but they'll leave that tax increase right where it is so they can buy more votes with handouts.

[Geor!]

Looks like details of the "gang of six" bill have been released. Just caught a brief part of an interview that FOX had with Saxby Chambliss about it. Didn't pay attention as I was about to walk out of the door, but the screen said "24% tax increase, 76% spending cuts." I'll believe that when me shit turns purple and smells like rainbow sherbet.

[bubbaearl]

obama is the most successful terrorist of all time. he has taken down the usa without a single shot.

[Forever_frost]

Hell, he's spent 4.3 trillion in 2 1/2 years thus far.

[mikec]

That fact burns the skin of liberals everywhere....

How so? From what I've seen they can't grasp the concept...

[Broncojohnny]

Has it occurred to anyone that if he didn't spend the 1.2 trillion at the start of his reign that we'd not be here yet

That fact burns the skin of liberals everywhere....

[Forever_frost]

Has it occurred to anyone that if he didn't spend the 1.2 trillion at the start of his reign that we'd not be here yet

[Broncojohnny]

This just in: Obama will veto any bill requiring a balanced budget.

What a complete waste these 4 years of him in office are going to be. Setting us back decades, undoubtedly.

Of course he will, the only chance he has of getting re-elected at this point is to go out and buy votes with handouts. If this thing keeps going like it is, Ron Paul will be able to beat him on a "legalize all drugs" platform!

[Geor!]

This just in: Obama will veto any bill requiring a balanced budget.

What a complete waste these 4 years of him in office are going to be. Setting us back decades, undoubtedly.

[Denny]

with a 1.4 trillion deficit, there is no single entity you can cut to save that much money. to reach that number cuts are going to have to come from all around the spending spectrum.

Right. Roughly 40% of total Federal spending and no tax hikes... now we're talking!

[Cannonball996]

with a 1.4 trillion deficit, there is no single entity you can cut to save that much money. to reach that number cuts are going to have to come from all around the spending spectrum.