Help Keep the
"Conservative News and Views"
on FR coming by "Clicking Here"!!
Sponsoring FReepers are contributing
$10 Each time a New Monthly Donor signs up!
Get more bang for your FR buck!
Click Here To Sign Up Now!
Posted on 07/20/2011 4:49:02 PM PDT by Kaslin
There are a lot of known unknowns about the new "Gang of Six" budget proposal. But conservatives should hold back from trashing it.
Why? There's a large, pro-growth tax-reform piece in the plan that would lower tax rates across-the-board. This is a stunning reversal of the Obama Democrats' soak-the-rich, class-warfare campaign.
The best part of the Gang of Six plan is a reduction in the top personal tax rate from 35% to a range of 23% to 29%. For businesses, the rate would drop in the same manner. And the corporate tax would be territorial rather than global, thereby avoiding the double tax on foreign earnings of U.S. companies.
Finally, the plan would abolish the $1.7 trillion alternative minimum tax. That's huge. It's another pro-growth tax reform.
In a more perfect world, the Congressional Budget Office would score the pro-growth incentives of lower marginal tax rates in terms of a tax-revenue increase. That's the history stretching back to JFK, Reagan, and George W. Bush circa 2003.
And right now, the Gang of Six package is the first real pro-growth tax reform of all the debt-ceiling plans. It acknowledges the need for a growth element in order to solve our budget bankruptcy and limit spending, deficits, and debt. It would boost the economy and broaden the base (by reforming or limiting numerous deductions).
As a result, more income would be taxed at lower rates in a rising economy, throwing off a hell of a lot more revenues than we're getting today. Rising revenues from lower tax rates are a good thing.
(Excerpt) Read more at investors.com ...
Sorry, anything proposed by a “gang” in Washington can’t be good.
We need to cut spending across the boards NOW!
More like gang banging six. Every time they get together, they always find a way to screw the American tax payer.
Yeah right.
A bunch of hardcore liberals and “moderates” have created something that isn’t in the leftist handbook.
If it was really new, they wouldn’t have wrote it in secret.
I think Larry’s lost his mind again.
And, capital gains would increase by 119%...and that’s ridiculous, Larry.
The only thing they are going to grow is the deficit.
Return spending back to 2006 levels, eliminate the EITC scam, and repeal Obamacare, and before you know it, the budget will be in balance.
The House already passed the cap,cut,balance bill. They should tell the Dem. Senate that’s their final compromise offer. If they don’t like it then we just won’t raise the debt limit at all and let the chips fall where they may.
I’d rather the latter option anyway.
Oh don’t be too hard on them, they’ll probably be able to quintuple the illegal alien population as well.
Ha! Another idiot old Statist fool spouting lies. The only thing that will grow will be the government.
The solution is so simple but the arrogant, parasitic elites can't stop worshiping at the alter of the State. Kudlow has show himself to be an enemy of Liberty, Capitalism and our Constitution.
Government at all levels must be drastically reduced (>70%) Vast numbers of government workers (i.e. parasites on the productive) must be fired and have their pensions revoked. Unfortunately, the only way this will happen is by a total economic collapse.
(see tagline)
Why the heck do we need any increase in the capital gains tax? That would surely hurt the securities and real estate markets, for starters.
Who made up this “Gang of six” name? I hear all of the time that “the adults” are in charge and then we have a group of Senators calling themselves a gang. Is there any reference of the word gang that’s respectful or proper? Crips, bloods, motorcycle gang, gang of thieves?
This sounds like low-class democrat drivel...and the programs they’re recommending are commensurate. Let’s use a better slogan than being a gang member.
What do you say to those who aren’t in the top bracket, Larry?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.