Posted on 07/20/2011 5:38:26 PM PDT by Kaslin
National Debt: No wonder President Obama has so heartily endorsed the "Gang of Six" deficit plan. Just like everything Obama has offered so far, it's short on details and long on tax hikes.
Soon after the "Gang of Six" — a bipartisan group of senators that has been trying for months to put together a deficit reduction plan — issued its new proposal, President Obama praised it as "a very significant step" that represents "the potential for bipartisan consensus."
What it really represents is Washington at its worst.
The "plan" Obama was praising isn't a plan at all, but a few pages of bullet points with vague concepts, promises of future cuts, and confusing, and at times contradictory, numbers.
And what details it does contain show that the gang has employed some of the most egregious budget tricks available to make the spending cuts look bigger and tax hikes smaller than they actually are.
The best example of this is the plan's tax proposal, which alternately boasts that it cuts taxes by $1.5 trillion and raises them by $1 trillion, but which more likely will result in taxes going up by more than $3 trillion.
According to the outline, the $1.5 trillion in "tax relief" is how the Congressional Budget Office would score the plan.
But what the gang conveniently leaves out is that the CBO's forecast has $4.6 trillion in tax hikes already baked into it. That's because the CBO baseline assumes all the Bush tax cuts get repealed, that every other temporary tax cut is left to expire, and that the alternative minimum tax continues to entrap millions more middle-class families each year.
(Excerpt) Read more at investors.com ...
Details to fuzzy, and still will be when they try to shove this down our throats. It’s one of those “We have to pass it before we’ll tell you what’s in it” deals.
Interesting since you had an IBD commentary earlier by Larry Kudlow advising conservatives to consider this bill.
“Bush tax cuts get repealed...”
My understanding is that they expire at the end of 2012 and the tax rates of 2000 are reinstated. That is, by doing nothing, taxes on the wealthy automatically rise.
Is this correct? If not, please enlighten me.
Gang of $6 trillion.
I will be calling his office........
Ain’t happening.
“”Dirty thieving rats is more like it.””
I think we ran out of appropriate words for the likes of them a long time ago!! I still haven’t run out of exclamation points tho’...
We all know how bad it’s going to get and some of us are more worried about our kids and grandkids than we are worried about ourselves as we won’t be here when this whole thing collapses. We worried about the direction of the country in the ‘70’s and that nightmare has come to pass - will our destruction come sooner than that or not? I think so. This time we actually have someone as president of the country who is going to make it his goal!!!
My wife was told by her accountant today that her business will be paying a quarterly special assesment tax which is an unemploment insurance tax to pay for all who are unemployed. They are slowly putting us out of business, let us do the right thing come November, the criminals must be stopped and most of all they must be prosecuted and jailed
Nope. La Cosa Nostra was tied to the P4 Masonic Lodge of Messina, Italy, wherein lies the tie to the international banking cartel. Capone would do no less than our communist thug, and for exactly the same reasons: Picking up the pieces after a financial collapse is immensely profitable, especially because one made money on preferential regulations on the way there.
*like*
For the first time in 2010 tax year, we are paying 10% on leased equipment...
Well, when I’m wrong, I always go whole hog ;-)
I changed mine the day mccain won the nomination in 2008.
Tax increases are by statute and can be changed only by statute.
Budgets are, by the constitution, annual. A tax increase lasts forever, a budget cut is valid only in that fiscal year.
A tax increase now balanced by a plan of budget cuts over ten years, is a tax increase with no budget cuts, ever.
We saw this in the “read my lips” tax increases that Bush I gave us- the balancing cuts somehow never materialized!
I did not read the article. I was noticing that the media are not blatting about who exactly these um tent pegs are, just about their marvelous plan.
Who is the gang of six?
Just think, when they dilute assets with more money the drug lords effectively pay too.
A Kentucky Ping.
...for those interested. :D
This “Gang of 6” proposal is a sham. Any Pubbie who votes for this should be defeated in his/her GOP Primary in 2012.
Gang of three liberals and three RINO’s..
______________________________________________________________I don’t think Tom Coburn (R-OK) is a RINO.
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