"Why do I always let the Democrats do this to me? Why can't I learn?"
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
THIS STORY IS FALSE, I ASKED THE MODS TO PULL IT BUT THEY DIDN’T, THERE IS NO TRUTH TO THIS POST, OR THIS STORY.
They should all just stop racing around trying to do anything....no matter what it is and just stay with the CCB bill that was passed.....forget B1-2-? and concentrate on a prioritizing spending bill that actually does something instead of trying to please the Senate or Pres.....Do What Is Right For The Country and Forget everyone else!!!
And tell the Senate to deal with it!
Don’t they know that you can’t make a deal with the devil?
Representatives or spectators in the gallery?.......................
Well, surrrpise, surrprise! McCain and McConnell screwed the Republic again?
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Requesting your input and opinions:
Filibuster w/ Lee, West Needs TEA, Rubio Quote, Expose Default Scare Fraud, End Dems Ponzi Economics
http://keithhennessey.com/2011/08/01/bca-understanding/
This bill does not raise taxes.
The $917 B of spending cuts that immediately take effect are just that, spending cuts. No tax increases there.
It gets complex when you look at the new Joint Committee. I think it’s easier if I break it into four questions:
If the Joint Committee process fails, could the automatic sequester mechanism raise taxes?
Is the Joint Committee allowed to raise taxes?
Can the Joint Committee count tax increases toward hitting its deficit reduction target?
What does the bill do to efforts to raise taxes outside of this process?
As I read the bill text, the answers are:
No. The automatic triggered sequester cuts spending. It cannot raise taxes.
Yes, the Joint Committee is allowed to raise taxes. Nothing forbids the Committee from including any tax increase they like, if they have 7 or more votes to do so. But to become law that bill would also need the support of a majority of the House.
No for any taxes already scheduled to increase in the next 10 years under current law (e.g., the Bush-Obama tax rates, AMT, or any expiring tax extenders). Yes for any other proposed tax increase (e.g., corporate jets, Big Oil, carried interest, LIFO, capping itemized deductions for high income tax filers, or any other “new” tax increase). See below for more details.
The bill creates a 60 vote Senate budget point of order against legislation that would extend any of the Bush-Obama tax rates or patch the Alternative Minimum Tax. Then again, those bills already face a 60 vote filibuster threshold, and last year such a point of order existed against extending the top tax rates, so practically speaking, this isn’t a new or higher hurdle.
Oh Maxine, you dumb skank.
I agree...starting with the poster...guess he thought the Bush tax cuts would never expire.
I stand corrected. So I WAS hallucinating. (/sarc)
“They were going to go up, by law, already. They were not a part of any deal. We all knew this. You say Boehner knew it?? You’re blaming Boehner for not speaking about it in context of the deal?? We all knew it. Completely separate and apart from the debt ceiling issue.”
Right. Obama wanted new taxes on top of the expired Bush cuts. He doesn’t get what he wants with this, and won’t, if the Tea Party keeps holding feet to the fire. Boehner’s power is limited. If people want conservative government, elect enough conservatives to tilt the balance.
No, current law provides that the Bush tax cuts will expire so their expiration (and resulting increase in revenues) is part of the baseline. From everything I have read, that is very clear.
Hmm
No shit Little Beaver!
I love deviled ham. Not that easy to find these days.
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