Posted on 12/20/2012 9:38:52 AM PST by SeekAndFind
Taxes are set to go up by $4.6 trillion on January 1st. That is the law of the land. Yesterday, the official tax scorekeeper of Congress, the Joint Committee on Taxation, released their analysis of Speaker John Boehner’s, R-Ohio, Plan B. According to the JTC, Plan B would cut taxes by $4.1 trillion over ten years.
It should come as no surprise that Minority Leader Nancy Pelosi, D-Calif., whose entire political career has been devoted to enlarging the size and scope of the federal government, is whipping hard against Plan B. “I haven’t seen her work a vote this hard since health care” in 2010, one top Democratic aide told Politico. Pelosi is expected to get every member of her Democratic Caucus to vote against the bill.
To address Republican concerns that Plan B does not undo the scheduled $500 billion cuts to Defense spending, Boehner has also scheduled a vote on a bill from House Budget Committee Chairman Paul Ryan, R-Wis. Ryan’s bill not only replaces the Defense spending cuts with other cuts to domestic spending, but also shrinks government even more. “This bill replaces the sequester for one year with responsible spending cuts, that protect our national security, and provides an additional $200 billion in savings over ten years, Majority Whip Eric Cantor spokesman Rory Cooper told Politico. “This is yet another step House Republicans have taken this year to address the real fiscal problem in Washington, which is spending.”
So not only does Plan B cut taxes by $4.1 trillion, but it also now preserves the $1.2 trillion in cuts Republicans fought for last year. And it cuts another $200 billion in spending. “The speaker’s plan is the best we are going to do and I think people recognize that,” Rep. Bob Turner, R-N.Y., told National Review.
If the House passes Plan B, Senate Democrats will then be forced to either amend the bill, thus putting what were previously back room negotiations out into the open, or they will have to own the $4.6 trillion tax hike on the American people. If Plan B fails, then House Republicans will own the tax hike. Why would any conservative want that?
because this spending cut is all smoke and mirrors and will never be actually enacted.
I’m not stupid enough to fall for lies over 10 years.
Republicans are apparently stupid enough, but I’m not.
Cut it right now. Even trade.
Anything else, go to Hell.
Why is Boehner’s Bill and Ryans Bill two separate Bills. Why haven’t they incl;uded both into the one bill.
Yes, smoke & mirrors. And part of the smoke is the huge numbers & the failure to talk about the time period. They keep referring to numbers ‘over ten years’. Let’s deal with one year at a time, please.
And the R’s should really be putting up something substantial for cutting - like the Dept of Education. If they aren’t really willing to cut big gov’t, they’re just playing games.
Think again.
This is a trial balloon for the GOPe to sell out.
If the conservatives rollover for the Plan B tax hike plan, things will spiral completely out of control from there.
If passed, the House can wash its hands and go home.
If it's all mashed together he can lie about the details.
If tax cuts aren't included in discussions about the sequester, he will be forced to discuss ONLY cuts.
teh senate will pass it and obama will sign it and we’ll get the shaft.
Why is it a shaft?
Change the game completely. Pass a 30% across the board tariff on all imported goods. It will raise $600 billion per year. Importers will demand their overseas factories slash prices which will hurt Chinese economy. Union workers will love it and begin thinking about their bosses slavish devotion to Democrats. Multinational corporations will have to reconsider investment plans and will reallocate capital to the US. US small business will greatly benefit, particularly small manufacturing firms. Put Obama in the uncomfortable position of siding with big business and the Chicoms.
I like that.
One of the early things that the radical Left accomplished was to convince everyone that tariffs were evil and that Smoot-Hawley caused the Great Depression. Tariffs have their place — and we haven’t had anything like “free trade” in a long, long time. The tariff idea you suggest seems long overdue to me.
It is not a shaft. It is just not good policy. But, we don’t have the branches of Government needed to implement our right policy. So, this is the best we can do for now and we should. I like Plan B as the last resort.
Spending cuts can be handled as part of debt ceiling negotiations.
The best we’re going to get, is already in place.
Hitting the edge of the fiscal clif, will be much like watching Greece on the big screen and in slow motion.
The fall will be majestic, if inevitably tragic in the end.
The sequester is in place and is the applicable law as of this minute. The tax rates, which seemed to be good enough for the Clinton years, are somewhat more onerous, but not unbearable, at least on the short term. The big roadbloack, and one that the Current Regime is trying desperately to keep eyes averted from, is the bundle of NEW taxes that become effective with the adoption of the “Patient Protection and Affordable Care Act of 2010”, which has been declared a tax package by no less than the US Supreme Court.
That is the real tax increase, and shall impact hiring and general productivity far more than a mere increase in the income tax and capital gains tax increases.
No it doesn’t. The senate has already said there will be no vote. This is an idiotic Kabuki theater dance. Polling on this issue has the republicans upside down. This will not change any minds. On top of wich it is a bad bill.
Bring a specific bill with specific cuts and sell it. Posturing with an unpopular speaker with approvals at 34 against Obama with approvals at 56, how do you think it is going to play? Watching this suicide mission is frustrating as hell!
Hmmm. Seems I've heard that statement when Insane McCain was nominated. And when Romney was nominated. If this is the best--either candidates or policy--that the GOP can come up with, then it is worse than useless.
cos we’ll end up with higher taxes, and no spending cuts. which means more debt and our children will be left holding the bag
Yes, I agree and I prefer that it all be handled separate from the end-of-year tax issues.
Ryan has a good idea in splitting it up.
You mean Reid has said?
And you believe what he says? Of course he's saying that now to get the House to not pass the bill.
Reid is not known for keeping his word.
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