Posted on 07/09/2011 2:55:49 PM PDT by Qbert
The media accounts of the tax reform deal being cooked up by President Obama and House Speaker Boehner aren’t all that clear. But it is looking like a big tax increase:
– The White House is insisting that as part of any deal the current tax rates on the middle class—the child tax credit, etc.—would be made permanent, while the lower rates on capital gains, dividends and the higher income brackets would expire after 2012. Taken by itself this would be a tax increase pure and simple and violate the GOP’s campaign pledge.But here’s what we’re told is Mr. Boehner’s political kicker: The proposed deal would also include some kind of “trigger” device, so far undefined, that would compel House and Senate negotiators to complete tax reform discussions over the next several months. We’re told the White House has said it is open in principle to a top rate of 35% on individuals and something like 26% or 27% on corporations—in return for closing various loopholes.
More troubling than these details is the staggered timing. Republicans would be putting their fingerprints on a tax increase in return for spending cuts as a first order of business, which would raise the dividend and top income tax rates to 39.6% (from 35%), or 41% if you include the phase-out of deductions. (Plus the 3.8% payroll tax hike baked into ObamaCare.) Only then would Mr. Obama and the Democrats negotiate the details of tax reform and lower overall rates. (Wall Street Journal editorial)
[Snip]
All very confusing, but the best I can make of it is this: higher taxes now in exchange for a promise of tax cuts later to be “paid for” by reducing tax breaks/deductions/loopholes with perhaps some of that money going toward deficit reduction.
(Excerpt) Read more at blogs.reuters.com ...
Yes.
Sounds like a typical bait and switch job, using poisoned bait to boot. Give us the “meet us halfway enhancements” up front and trust us to meet our side of the bargain later. We can both advertise success!
Boehner is ready to be snookered.
Rooters reporting on this has been less then factual.
Speaker Boehner needs to take a lesson from history: you can’t trust Democrats because they are liars and tricksters.
President George Herbert Walker Bush trusted the Democrats in Congress when he agreed to raise taxes in exchange for a balanced budget.
They stabbed him in the back!
Don’t ever trust the Democratic Party.
Boehner is just another Trent Lott.
“al Reuters wouldn’t know the truth if it jumped up and punched them in the nose.”
The author’s always been pretty reliable. Heard him on Mark Levin’s show last week.
President George Herbert Walker Bush trusted the Democrats in Congress when he agreed to raise taxes in exchange for a balanced budget.
They did it to Reagan to.
Don’t jump to conclusions. Reuters lied last week and had to retract a story regarding remarks by Sen. Kyle.
I can tell you this: Democrats need a lot more tax revenue to make their long-term budget plans works. This is why Obama has not offered a long-term budget plan. The need for massive tax increases would then be clear to all. In private, liberal economists all talk about a need for a value-added tax to raise the additional revenue.
But a liberal think with close ties to the White House, the Center for American Progress, recently released a budget plan that goes out to 2035. It shows taxes as a share of the economy rising dramatically to nearly 24% of GDP vs. around 18-19 percent historically. And I am guessing they would go even higher if the table went beyond 2035. If Boehner and the Republicans don’t hold the line now on taxes, this is the American future
Boehner is ready to snooker the conservatives in the GOP
Is there anybody who COULDN’T snooker Boner??
and Boner will fall for it and then cry about it. “It’s the best we could get”
Of course, no deal is a win for the GP
RINOs are Cavemen.
There is no Democratic Party. It has been the communists party for many years. Bonehead is a nitwit and wouldn't take much to fool this as@. As for the GOP, it is filled with communists like thinking for years. America is screwed and will never recover unless at least half of federal employees are dumped and restoration of the Constitution is back. Half of all judges from local up to the SC as as@es.
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