Posted on 06/27/2011 1:45:09 PM PDT by quesney
WASHINGTON (AP) — The White House said Monday that a "significant" deal with Republicans on cutting government spending and raising the nation's debt limit is still possible, even as the administration hardened its stance on the need for increased tax revenue to be part of any agreement. President Barack Obama made his first direct foray into the deficit negotiations Monday. He met with Senate Majority Leader Harry Reid in the Oval Office for about 30 minutes Monday morning, and planned to meet with Republican Sen. Mitch McConnell in the early evening. White House spokesman Jay Carney said Obama's meeting with Reid was "constructive" and the president concluded that there are still opportunities for a deal to be reached. But he said the only way to achieve that objective would be to include tax increases or the elimination of tax breaks for big companies and wealthy individuals.
"It's the only way to get it done," Carney said. The White House has proposed raising about $600 billion in new tax revenue, including ending subsidies to oil and gas companies, an idea that failed in the Senate.
(Excerpt) Read more at news.yahoo.com ...
Why is it news when Obambi meets with Harry Reid, and they come up with plans for a tax increase?
Exactly. Those are actually real subsidies. I am sick and tired of hearing all this blather from DC and the MSM about "oil company subsidies." Total BS, what they are choosing to label as such, simply are not. For the most part they are talking about across the board research and investment tax credits that are available to all industries. What they are really saying is that they want to implement yet one more inequity in the IRS code to specifically penalize a target (oil & gas companies in this latest example). But hey, with gasoline prices what they are of late, what better target to gin up anger against? (Who cares that various government entities up and down the line are actually extracting substantially more $$$/gallon than oil companies actually record as profits?) It just grinds my gears.
1. stop spending
2. sell assets
3. pay off debt
One does not grow an economy with more taxation UNLESS they think that government central control is what drives the economy and that government knows better than the people what is of value and what is not in the market. Plain and simple, those that give the reason of the economy as reason for more taxation are those that thing government should run things and the economy is just an excuse to retain or accrue more government power.
Raising taxes while reducing the debt (e.g. reducing government spending that generates no capital, creates no wealth, subsidizes failure, and ultimately is only an expense) is nothing more than reducing less what needs to be reduced MORE.
Their approach to spurring the economy has worked so well in the past!
We should listen to them./s
We have the Winner of all quotes
No, no, a thousand times NO NEW TAXES!
Time to bury that chestnut. The generation that grew up during the Great Depression did not enjoy the life their parents had in the Roaring Twenties. Since the twentieth century prosperity has not followed a straight upward track.
One thing we know from history--raising taxes and gubmint spending now will guarantee not only extended misery (stagflation) but destruction of the dollar as well.
I’d add HUD to that list (not sure what department that is under and a host of other departments. But I’m leaning toward wanting to keep the EPA. Not as a force for “green” initiatives, but to make sure we don’t have to drink benzene in our tap water. Call it what you will, but we do need some kind of enforcement on toxic wastes.
Newsflash--there are no oil and gas subsidies. There are certain tax credits, for exploration and depletion, which reduce taxes much as your mortgage deduction reduces the amount of your income subject to taxation, and depreciation helps you afford to buy equipment for your business. Neither one gives you "subsidy revenue."
Obama has tabled a program that he knows is a non-starter. The object behind all this is to allow the debt limit to go into crisis phase so that some paychecks are halted and Democrats can blame the Republicans. It is the old Clinton shell game, but this time it is playing Russian roulette with five bullets loaded.
I am sure that this will help our stalled economy. Just ask Jimmy Carter.
LOL. Yeah, Hussein, you float that trial lead balloon.
moronic in the extreme.
That's about where I am at as well. Further they will definately be taxing in other areas that affect the man on the street. Gas taxes are always a sure sign they are desperate...and any other tax on the average citizen....which is what they are going to do regardless. They are not going to cut expenses...its just not going to happen enough to make a difference...so let the country fall and we'll pick it up and start over again.
Are you nuts! Since when has raised taxes curtailed government spending? It never has and never will. The idea is to get rid of expendatures, that are nothing more than fluff, and stop using them to cushion political gains for politicians. Until this Gov. acts FOR the people again and not themselves there are no taxes that will change the overall spending habits of this government. Look at just Obamacare and the exceptions that flooded from that. That's peanuts compared to those with wealth who can and know how to protect their assets....including moving their companies off shore.
They are unwilling to give up the expendatures and that's all there is to it...it's not going to happen apart from the American citizen taking a huge hit....either way they are going to tax the citizen one way or another regardless of how they tax business or the wealthy. IMO this is just the first hit...they are going to go after the lower class as well...gas tax ...or whatever... he's going to get hit hard...but the wealthy are not going to suffer much...there are just too many loopholes to assist them to retain their wealth.
No More Money for Corruption PERIOD!
Add all politicians to your rich tax, including all of the czars.
So they raise taxes on the rich - then the rich will increase prices on products.
It all spins down to the general public
Politicians will NEVER do the right thing - when will we wake up? Apparently never because nothing in my life has ever changed - it is always the same song and dance - crapliticians
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