Posted on 07/30/2011 7:20:45 AM PDT by bobsunshine
Senate Majority Leader Harry Reid has said that his debt ceiling bill, in a bow to Republicans, includes no tax increases. But does it really?
An analysis from the Republican Senate Budget Committee staff shows that Reids bill includes gimmicks that, if passed, would account for approximately $3.8 trillion in revenue or tax increases.
The maneuvering is complicated; but when explained properly, it becomes clear.
Reids proposal includes a provision that deems budget resolutions for fiscal years 2012 and 2013, but Senate Democrats have not yet produced a 2012 budget proposal, much less one for 2013.
Within those anticipated budget resolutions lie the tax increases, according to the analysis, and here is where it gets tricky.
When the Congressional Budget Office scores a proposal, it uses either current policy or current law as its baseline. Reids bill is based on current law, which assumes certain tax breaks will expire according to pre-determined scheduled. That is a big deal.
The 20012003 Bush tax cuts are set to expire at the end of 2012. And some business tax breaks, death tax cuts, and the patch for the Alternative Minimum Tax expire at the end of 2011. Reids proposal assumes that Congress will not act to renew or extend those expiring tax breaks.
(Excerpt) Read more at dailycaller.com ...
I am prepared to face higher tax bills, which will stop virtually all of my discretionary spending and probably also cut into essentials. Life will change, Maybe that is OK if it proves once and for all, certain economic realities
It will be a grim satisfaction to watch these progressive fools totally ruin the economy.
Maybe Boehner should have faced down obama and invited him to to abolish the Bush tax cuts. Now. Just do it. Separate addendum, to be signed if the President chooses to do it.
The “Obama Fair Tax Amendment”
I am so sick of the democrats campaigning against the “Bush Tax cuts for the rich”
I challenge the left wing of the democrat party to just stay in control of the US economy. Do it your way. Drop the “Bush Tax rates” and go back to the tax tables for 2000.
Please progressives, Raise taxes. Just do it.
Do it NOW, while unemployment is over 9% and the economy is “growing” at less than 1% a quarter.
RAISE TAXES. If that's the progressive solution, then let's just try it, shall we? GOP, stand back. Let obama take full credit for the outcome. There is not a more deserving man in the uSA, for what will be the result of higher taxes in a recession/depression
Reid is an out right liar and should be called on it.
>>Cavuto still fears everyone will drop their securities if they are not AAA.<<
A lot of brokerages have rules that they cannot invest in anything lower than AAA.
Was there ever any doubt?
They’re dimocRATs.
COULD contain gimmicks that would raise taxes???
Ya DON’T say...
A Democrat? Doing ANYTHING possible to raise taxes? Why, that’s practically unheard of! ;-P
Obamacare contains scheduled tax increases and scheduled new spending. The 'Bush Tax Cuts' are scheduled to expire in 2012. Social Security & Medicare spending increase dynamically with Baby Boomers reaching their 60s.
Avoiding new taxes and spending in the 2012 budget will accomplish nothing. The new taxes and spending are already in the laws.
Not increasing the debt limit is the same as a 'Balanced Budget'. If the government can't borrow, it must live on current revenue flow. So, stall!! Don't pass an increase in the debt limit.
Harry POS Reid ALERT! “Everything about socialism is sham and affectation.” 23.11 Ch23; Evil; Economic Harmonies; Frederic Bastiat 1801-1850
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