Posted on 07/18/2011 12:38:25 PM PDT by gwjack
Sen. Tom Coburn's deficit-reduction plan
Details of Sen. Tom Coburn's $9 trillion plan to balance the budget
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Sen. Tom Coburn's plan:
Would save about $9 trillion over 10 years, including $3 trillion from entitlements, $3 trillion from government departments and agencies, $1 trillion from defense, $1 trillion from ending or modifying tax breaks and deductions, and $1 trillion in interest on the debt.
Would reduce the size of government by 25 percent over 10 years.
Would balance the budget within 10 years.
Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget/article/3586676#ixzz1SUBIXa8X
(Excerpt) Read more at newsok.com ...
There is no subsidy for a mortgage deduction. Must remember, its the peoples money, not the governments. The deduction only reduces the amount of income.
“Why back anything that does not legitimately cut trillions. I am tired of these fools dicking around.” - freekitty
Coburn’s plan does cut trillions, dude. Nine trillion. A phone-book’s worth of specific cuts.
Coburn is the man. He has Rand Paul's sense of honor, but w/ the knowledge that our system was designed so that both parties have a say.
The idea that Repubs can get what they want w/out concessions to Dems is not courageous. It's a child's “I want a pony” fantasy. The filibuster rule prevents one party from dominating.
People here had better get real. The last time I checked in-trade they were listing Obama’s chances of being re elected at 59%.
His approval rating is consistently in the 45-50% range. Clearly, around 1/2 the people in the country agree w/ what he's doing.
Even if Repubs take the white house and the senate, Dems are likely to retain a big enough minority to filibuster easily (especially since it's likely to be the liberal ones, in the safe seats, who survive a good Republican year).
My solution? Only a balanced budget amendment that literally takes the decisions out of the hands of not only the politicians, but the citizens, will work. They only balanced in the 90s because of enhanced revenues, not tough choices (IMO).
But Grover N., and the club for growth, and everyone else had better realize that a balanced budget amendment will lead to an increase in taxes.
Fiscal conservatives who don't support a balanced budget at all costs (including higher taxes) are a disgrace to the term, and frankly, make me sick to my stomach.
Oops, yes, commercial real estate would benefit greatly from a cap gains tax reduction, and I'm pretty sure "house flippers" always paid the cap gains since they didn't live in them. That would be, when people used to flip houses.
Rush keeps saying that the “Stimulus” is now a part of every year’s budget, iow every budget would include $700+ billion for “stimulus”. If that’s true, wouldn’t that be a good start for cutting? That would be $7 trillion right there.
It would be nice to see Obamacare specifically getting the ax, as well as Planned Parenthood, NPR, ACORN, and going the whole way on EPA, and Depts. of Energy & Education.
I guess some of us only believe that big government handouts are bad when they are for other people.
Every single time government steps in to subsidize something, they drive up the price of that thing. They've driven up the cost of homes, medical care, and education, among other things. But as long as you get your piece of someone else's pie, that's all okay, right?
There really is no reason for the government to favor homeowners over renters, but people have gotten used to having this deduction. That is the problem with all government programs. They are easy to start and almost impossible to end.
I am assuming you can take the mortgage interest paid on homes that would be up to the $500,000 but have to eat the rest of it.
JMHO
Dear Tom Coburn:
EPIC fail. RUN away from this right now, or you will be associated with this monstrosity for years.
Word to the wise.
Wrong.
Coburn caved.
Anyone who offers a 10 year budget is a crook!
Anyone who buys it is a fool!
Instead of liberal sympathizing like Coburn and McConnell, this is what all Republicans should be doing:
Joe Walsh could not be more correct.
Amen! And stop the current services baseline budget bullcrap.
Amen.
Oh, yeah, some will want a welfare program for tax preparers, but our free market will provide some charity for them until they can re-train in something productive...
Who really thinks the next PELOSI run Congress will follow this plan?
Anybody? Bhuellerer?
CUT NOW DAMN IT!
What's also interesting, is when you guys stick to this “no new taxes on anybody ever for any reason” thing, and we're about to bust out (ten or so years from now), and the Dem demagogues insist on raising the top rate by about 25%, and get 2/3 or 3/4 of a fearful American public to go along with them: you're going to be the most surprised people in the world.
So the post is just “wrong”. OK. I only hope you're also in the top 2% so you really feel it too. Maybe Grover will pay your bill.
I’m not sure I can help you.
I don’t even understand what your argument is from what you wrote.
You should strive to express yourself more clearly.
If you really want to understand what’s wrong with Coburn’s plan, you should get the rebroadcast of Mark Levin’s radio show from today (7/19). It’s very clearly stated there.
It’s always available on his web site.
And no, I don’t always support Grover Norquist, some times he is over the top.
But this Coburn plan is a lot of smoke and mirrors, immediate taxes to be followed up with spending cuts down the road. And the Gang of Schmucks plan is not even the nitpicky type of “tax increases” that Norquist opposes, they are actual tax increases.
Again, get the Mark Levin rebroadcast, because Mark Levin is the most plain spoken person in the world about this. I think if you truly disagree with this assessment then you probably are not really a conservative. I’m not trying to insult you, just kind of stating a fact.
Have a nice day.
Cutting the mortgage write-off at tax-time would dump housing prices at least another 10%, which would cause another recession in that market alone.
But this is all moot.
While he’s pushing his budget with one hand, the other hand is “huddling” with the Gang of 6, who are preparing to cave to Obammie the Commie’s demands being pushed through the state-run media.
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