On a quick read through, I see nothing that would directly impact me or clients other than the age increase. Hmmmm. I don't like the limitation on mortgage interest deduction even if it is $500,000. I think this is bad tax policy.
Thoughts?
Gwjack
We need some significant spending reductions in FY 2012.
balance the budget now... not in 10 yr. plan is crap...
If things were handled correctly by the government, I don’t believe people of this country would mind some of the required changes, if and only if, it helped this country get back to where we want it.
The average American has the concentration of an ant these day's.
The 10 year balanced budget plan would be historical fodder in a year.
We need to cut NOW to see any effective salvation of our economic stature.
Lower the rates(preferably a one rate flat tax) and eliminate ALL deductions, even the sacred cow mortgage interest. You want to buy a big house, God bless you, just don’t ask my tax dollars to subsidize it.
US$ 9 Trillion is LITERALLY THE ROUNDING ERROR IN THE CURRENT CBO PROJECTION FOR REVENUES AND OUTLAYS over the next 10 years.
US$ 9 Trillion in reductions over a 10 year period is a victory in battle that will cause the loss in the wider war.
US$ 39 Trillion is a bare minimum requirement to actually "Balance the Budget over a 10 year period."
This macabre dance over the gravesite of the US socioeconomic order is the end of the Republic.
There are hundreds of pundits trying to point out the obvious, the System as a whole, the two parties, the MSM, the elite institutions and the controlling interests in the US are doing their best to create this false dichotomy to distract the American People to make it through the next 17 months until the elections.
http://www.freerepublic.com/focus/f-news/2738714/posts
The housing and construction markets need a cap gains tax reduction in the worst way, again, this would have the effect of increasing economic activity and revenues. It is not clear if one of the corporate "tax breaks" that is being eliminated is depreciation. This needs to be left alone, also LIFO inventory accounting. Removing these two things would simply cause the price of everything we buy go up, and in the end we the consumers would foot the bill.
There's a lot to like here, but for me these are glaring omissions.
The numbers are half-fast on their face. Maybe it would be a good start but there’s no arguing the current federal spending level is 40% borrow. A reduction in Gov’t of 25% over ten years is closer to a joke than a real solution. The older Rand plan-—half a trillion$ in cuts three years in a row is even short but is still the best proposal so far. Obamuzzie’s new spending MUST be rolled back immediately to keep the spending level from going exponential.
Although it may not be perfect, I give Sen. Coburn & his staff credit for at least doing their homework. With the exception of Paul Ryan, no else in DC seems to be coming up with any concrete ideas on how to tackle the problem.
Here’s the link to the pdf of Coburn’s plan. It’s very detailed and 621 pgs: http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=c6590d01-017a-47b0-a15c-1336220ea7bf
I am no longer fooled by these “10 year” plan budgets. They are bogus. They are a lie. They are fraud. They are deciet.
Caps the home mortgage tax deduction to $500,000 in home value.
This would be a serious problem for some areas of the U.S. A modest 1,200 sq ft, 40 year old home in San Diego was over $500,000 just a few years ago.
$500,000 homes might be mansions in Coburn's midwest but it's an old tract house in places like Southern California.
Any cuts past this year are meaningless. Does anyone care what Congress agreed to do in 2001?
Cut them off. Put them in rehab. Enough is enough. Cut it all off.
The voters can't remember what was happening last month! Congress has never left anything alone for 10 years. 10 years from now, the U.S. may be a third world country.
Even the Soviet Union used the '5 year plan'.
If Washington can't get the job done within 2 years, they're stalling and passing the buck!!!
How many billions in new spending would we save if the entire light rail system (trains to no where) were scrapped?
How many billions would be saved if all school kids brown bagged it and ate at their desk, with the teacher over seeing them, instead of using a school lunch room, with crappy food they just throw away and no supervision?
Until they put themselves under Medicare, term limits, and where they won’t take home 3/4th of their salary even if they only serve 1 term, we get no where.
Until they ‘fix’ the 40+ years of back room donor palm greasing in each entitlement program we get no where.
Congress must live under the SAME laws they force on us SERFS.
“Would reduce the size of government by 25 percent over 10 years. “
This by itself is an immensely GOOD thing.
It is superior to any plan that keeps Government larger than that.
Bravo to Senator Coburn for putting it out there.
As for things like the mortgage interest deduction, I can tell you right now it rewards debt and punishes thrift. Do we want that incentive in our tax code?
Cutting workforce by 15% is probably not enough, but it beats the pants off of Obama’s grow the government ideas.
Thoughts? We lost Coburn. He’s for tax increases, just like all the rest of the old pols.
How does this save $1 trillion in interest?