Federal Debt Commission Idea Should Be Reworked!

Discussion in 'Politics' started by JimofPennsylvan, Dec 2, 2010.

  1. JimofPennsylvan
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    JimofPennsylvan VIP Member

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    This Federal Debt Commission and their political backers approach is all wrong. Apparently, their report the "Moment of Truth" is supposed to come up for a vote and if it gets something like fourteen of the sixteen to vote for its passage then Congress has to act on the report. This writer hasn't read the report but only heard reports of its content disclosed in the media. If the reports are true this whole Commission idea was a wasted opportunity. Apparently, the report propose something like doing away with all the personal tax deductions, exemptions and credits in the tax code which would enable the Federal Government to lower the highest tax bracket rate to lower than twenty-five percent and apparently their claim is that these lower tax brackets will spur investment and create middle class paying jobs. This proposal is not politically viable and is wrong from the standpoint politicians will never and should never do away with many of the personal tax deductions in the tax code. The deduction for mortgage interest income for principal residences should never be done away with, this helps people to be able to afford a home which allows them to build wealth for their family and it helps deliver on the important American dream of home ownership for Americans; the critics on this deduction have a dull conscience to say the least. The tax credits to help American families pay for college should not be discarded this is critical and vital help for many of these families to pay for college. The tax deduction for charitable contributions should not be scrapped; charities in America do a tremendous amount of good discarding this tax deduction will really hurt their income and significantly reduce the work they do. This Federal Debt Commission should throw this report in the trash can and keep working until the end of January of next year and produce a report that offers a politically viable course for the Congress and the President - the report doesn't necessarily have to wipe out the country's annual budget deficit it need only offer a politically viable piece or legislation that will dramatically reduce the deficit!



    This past week the Senate Republicans really showed their a bunch of character depraved prim donnas; apparently they have come out and publicly said the only thing they are going to work on the balance of this year is extending tax cuts and maybe something extending unemployment benefits because the make-up of the current Congress doesn't represent the will of the American People, the past November elections have ushered in an abundance of new members into Congress and Congress should wait until their seated before they proceed full course ahead. These Republicans are sickeningly self-serving and uncaring about the welfare of the Country. Yes, these past November elections the American people told Washington that it wants the excessive and reckless spending stopped, but, the American people don't want Washington to adopt a light schedule until the new Congress is seated. There is plenty of work the current Congress can do for the American people that will help the country and should try to accomplish. The Senate should try to ratify that nuclear weapon treaty with Russia that will save America money as it can reduce its nuclear weapon arsenal. Congress could pass legislation doing away with that health care law's requirement that business's report to the IRS purchases over something like $300.00 which is very burdensome for business and has bipartisan support. Congress should try to pass the Dream Act, these young men and women this bill will help are innocent victims they could not control that they were brought to this country illegally by their parents, it is against American values to leave these individuals in a very penalized status which they live in currently. It is a joke to think the American People want Congress to take it easy over the next month and a half!
     
  2. WillowTree
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    WillowTree Diamond Member

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    I have an idea? Before we sock it to the 50% of Americans who already pay through their noses trying to carry around the 50% who get a free ride; why don't we ask the free loaders to pay something?
     
  3. Mr. Shaman
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    Mr. Shaman Senior Member

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    You've read the .pdf, right??

    :eusa_eh:
     
  4. The Outsider
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    The Outsider Member

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    tl;dr

    Use paragraphs next time.
     
  5. Flopper
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    Flopper Gold Member

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    I don't expect congress to do anything meaningful with the commission's report. The commission's recommendation as well as the freeze on federal pay and other recommendations are just window dressing to convince holders of US debt that we are taking steps to bring the deficit under control. In other words it's a delaying tactic to give the economy a chance to recover.

    Everything they are considering will be very unpopular with voters. For congress to make deep enough cuts to really reduce the deficit and impress our creditors, it's going to take an event that congress can not ignore such downgrading the ratings of US treasuries or wholesale dumping of treasuries and Notes. That will get their attention.

     
  6. kyzr
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    kyzr Gold Member

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    How about the 10% of incomes that own 90% of everything stop whining, move jobs back here, and let more people pay taxes.
     
  7. Flopper
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    Flopper Gold Member

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    Nice idea, but it ain't gonna happen.

    Starting with the top of food chain, the darlings of the wealthy, tax free municipal bonds, C corporations, business write offs for businesses that aren't really businesses, deductions for 2nd homes, and a host of other write offs allow the wealthy with unearned income, to reduce their taxes to zero, which is just about what the chances are that congress would take away these jewels.

    The darlings of the middle class, mortgage deductions, child tax credits, personal exemptions, medical deductions, retirement deductions, and child care deductions, make it possible for a family of 5 with 2 working adults and a $65,000/yr income to reduce their tax liability to zero. The chance of these tax breaks going away are less than zero.

    Then there are the tax cheats, that don't file, understate and hide their income. The IRS spends billions trying to catch them but IRS estimates that they still lose 300 billion a year due tax evasion.

    Catching those that pay no taxes sounds good but making it happen is whole different ballgame.
     

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