Posted on 08/01/2011 11:06:13 AM PDT by Kevin in California
Edited on 08/01/2011 12:52:01 PM PDT by Admin Moderator. [history]
Just reported that in this debt deal is indeed a BIG TAX HIKE!
This is breaking....:
Tax Hikes 'Impossible' Under Debt Deal? Think Again ...
Published August 01, 2011
| FoxNews.com
The debt-ceiling deal moving toward a vote in Congress could easily pave the way for tax increases despite Republican claims that tax hikes are "impossible" under a deal struck with the White House to reduce spending in exchange for a debt-limit increase.
But as everyone knows, "impossible" isn't really in Washington's vocabulary.
Here's how it could happen:
After Congress enacts more than $900 billion in spending cuts to give President Obama a $900 billion lift in the nation's $14.3 trillion debt ceiling, a bipartisan committee will be formed to find roughly $1.5 trillion in additional deficit savings over the next decade.
To get there, the committee is free to look at virtually anything -- including "revenue" -- even though House Speaker John Boehner said Sunday night that current budgeting guidelines make it "impossible" for the 12-member group to approve tax hikes.
Other officials and analysts beg to differ.
"The suggestion that it is impossible for the joint committee to raise tax revenue simply is not accurate, it's false," White House Press Secretary Jay Carney said Monday.
Tea Party-aligned Sen. Mike Lee, R-Utah, said that's one of the concerns stopping him from supporting the deal.
"Certainly, tax increases could be something that we could face," Lee told Fox News.
Boehner is able to claim no tax hikes are possible because the committee would work off the assumption that the Bush tax cuts -- all of them -- will expire in 2013. Combined with other expiring provisions, that adds up to $3.5 trillion in tax hikes over the next decade, without the committee taking any action
Excerpt, read more: here
Not in the bill. It was announced by Kathleen Sebelius, the Secretary of Health and Human Services. I think it’s a new regulation.
I think I stated that incorrectly, in my rush to answer the doorbell.
I think it’s that the
EXTENSION
of the Bush tax cuts represents a loss to the govt — Something like $5 trillion — and for which this ‘loss’ must be then treated with added taxes indeed.
That’s what’s so despicable about these purposely confusing, confounding mathematical theatrics and gymnastics. Then add the lying and spin to that.
TERM LIMITS for ALL OF ‘EM !!!
Apparently this REALLY IS a well disguised tax hike.
No one not familiar with the way Washington “works” would be able to spot it, but the key is that it uses the existing tax laws as the base. The Bush tax hikes expire at the end of 2012, and this makes sure they do, in fact expire.
In other words, since Obama will be the President at the end of 2012, and until January 20th, 2013, he will be the President at the time this would kick into effect even if he is not re-elected. He would certainly veto any attempt to repeal this.
The only way to stop the tax hike would be to retroactively repeal the hike after the new President and Congress was sworn in. If the dems retain 41 seats or more in the Senate, which is likely, they would be able to block any repeal.
It also messes with the AMT, making it much worse. I haven’t had time to get the details on that.
In other words, this thing raises taxes A LOT. It is, indeed, a very clever trap.
The Bush tax cuts expire in 2012. Not extending them is NOT considered a tax increase/new tax.
Obama wants the Bush tax cuts to expire...and says he will veto any bill that trys to reinstate that....course he needs to get reelected....
I posted what Fox has on THEIR site, Verne.
(I will always remember exactly where I was when Obama made his NCAA picks.)
FANTASTIC!
FoxNews has just learned what Freepers figured out 15 hours ago.
///
not all FReepers.
some have been busy for the past 2 days, saying what a great victory this bill is, and what a great job Boehner did, and that we should be happy with what we can get now, and wait for 2012 for more.
When the Washington Post writes it’s a great victory for the GOP, and a loss for Reid and Obama...
i’d go back and check the fine print.
Here is an idea for you - start a forum, and appoint yourself “chief posting scrutinizer.”
You can ban everyone that links to a blog or posts anything you think does not belong. It will be loads of fun for you.
Why isn’t on the Fox News homepage?
Medicare payments are not cut as a result of this bill. That only goes into effect if the committee cannot deliver other cuts by the end of the year. Dems are not going to let that happen.
They were talking about this last night....on Fox I believe....
No, but the supercongress can recommend tax hikes and this deal says Congress HAS to vote for them or AUTOMATICALLY get defense cut.
The GOP would be voted to be blackmailed.
The GOP is going lose if it does and doesn’t when that happens.
This bill is a set up.
Plouffe is quoted as a source. You really believe Obama's campaign guy?
What happened to Boehner’s promise that a bill will be online for 72 hours before it is voted on for passage? Our rating is going to be downgraded anyway, so what the heck is the rush to pass this turkey without letting the people read it?
Why is this being treated as a real news story?
I have an idea for you, too.. but I'd best not post it here.
You apparently think scrutiny is a bad thing. Nobody should mention things they see as wrong.
I see things differently.
So sorry.
If the deal is based on a baseline that assumes the expiration of the Bush cuts, then Mr. Boehner’s claimed deficit reduction is hugely exaggerated (and not for the first time) because a lot of the deficit reduction is provided by the expected increase in revenues due to the expiration of the Bush tax cuts. That is my understanding — if anyone has a different understanding, please post it, because right now this deal looks like a dog to me.
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