GOP Pushes New Cuts

[Trajan]

there already is 'shared sacrifice' built into tax INCREASES in law on the books;


here;

•Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.

• For first time, the bill also applies Medicare’s 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on “the rich.” Oh, and these new taxes aren’t indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?

• Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That’s estimated to raise $20 billion.

• Already underway this year is the new annual fee on “branded” drug makers and importers, which will raise $27 billion.

• Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.

• Starting in 2018, the bill imposes a whopping 40% “excise tax” on high-cost health insurance plans. Though it only applies to two years in the 2010-2019 window of ObamaCare’s original budget score, this tax would still raise $32 billion—and much more in future years.

• And don’t forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.

 

[Woyzeck]

Don't worry, Obama will agree to this too.

I'm sure he will, in exchange for nothing too probably.

In the article, he says he won't do it without some tax increases from the opposing side.

But, anyway, fuck everything about this idea. Seriously. Let's cut from something that will give us insignificant savings, as opposed to the big elephant the Republicans refuse to acknowledge (the military).

 

[Modbert]

Bingo... ones like the OP are so fucking misguided as to thing those who are indeed paying a higher % and the highest total burden are not sacrificing, when close to 50% pay nothing and zero % in terms of income tax...

It is more laughable the more we see this bullshit being spewed

Do you honestly believe on average Corporations pay a 35% income tax rate? Do you honestly believe on average that the top bracket pay 35% in federal income tax?

 

[Trajan]

What happened to all that talk of "shared sacrifice."

Seems only some folks are supposed to sacrifice.

Mainly anyone who makes over $250,000 a year.

Except Cantor wants everyone but the rich and corporations to sacrifice. College students have already taken part in the "shared sacrifice."

how so?

 

[ShackledNation]

And while we are on the topic of Paul Ryan, his budget plan is no good. It raises the debt ceiling repeatedly, doesnt balance the budget until 2063, and adds trillions to the debt before then. Also, who can say that over the span of nearly 75 years the budget he sets forth will remain intact? The numbers may sound big, but remember his budget runs through the 2080s when most people alive today will be dead or in convalescent homes.

 

[Sallow]

Who are those who take student loans? The middle class and working poor.
This is just another attack on the working class by the tools of the top percentile.
I guess only rich kids are supposed to go to college, while kids from the lower classes are designated to be just worker drones.

Yep.

Just what this country needs. More kids without the skill set to compete with other high tech countries.

Yay evil conservatives!

 

[Modbert]

Sure. Just as soon as the Dems and Obama do the same.

President Obama has put Medicaid, Social Security, and Medicare concessions on the table. Or have you not been paying attention?

 

[Wry Catcher]

Don't worry, Obama will agree to this too.

I'm sure he will, in exchange for nothing too probably.

Send the White House a short note. One paragraph, letting The President know he will not get your support again, unless he leads on the issues he campaigned to support. Let him know you feel he has already given too much to too few to warrant another term.

The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500

Don't print a copy, send a hand written note, be polite, be concise and provide an example of what you expect.

 

[Article 15]

What happened to all that talk of "shared sacrifice."

Seems only some folks are supposed to sacrifice.

Mainly anyone who makes over $250,000 a year.

Bingo... ones like the OP are so fucking misguided as to thing those who are indeed paying a higher % and the highest total burden are not sacrificing, when close to 50% pay nothing and zero % in terms of income tax...

It is more laughable the more we see this bullshit being spewed

How did that come about?

 

[Robert]

there already is 'shared sacrifice' built into tax INCREASES in law on the books;


here;

•Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.

• For first time, the bill also applies Medicare’s 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on “the rich.” Oh, and these new taxes aren’t indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?

• Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That’s estimated to raise $20 billion.

• Already underway this year is the new annual fee on “branded” drug makers and importers, which will raise $27 billion.

• Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.

• Starting in 2018, the bill imposes a whopping 40% “excise tax” on high-cost health insurance plans. Though it only applies to two years in the 2010-2019 window of ObamaCare’s original budget score, this tax would still raise $32 billion—and much more in future years.

• And don’t forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.

All of which is nothing more then pocket change in term of the size of the total debt and all of which will directly impact the Poor and Middle Class the most.

 

[Claudette]

What happened to all that talk of "shared sacrifice."

Seems only some folks are supposed to sacrifice.

Mainly anyone who makes over $250,000 a year.

The words shared sacrifice aren't in the vocabulary of the tools of the top percentile.

Since they pay the lions share of the Fed taxes in this country I think they sacrifice quite nicely thanks.

 

[ShackledNation]

there already is 'shared sacrifice' built into tax INCREASES in law on the books;


here;

•Starting in 2013, the bill adds an additional 0.9% to the 2.9% Medicare tax for singles who earn more than $200,000 and couples making more than $250,000.

• For first time, the bill also applies Medicare’s 2.9% payroll tax rate to investment income, including dividends, interest income and capital gains. Added to the 0.9% payroll surcharge, that means a 3.8-percentage point tax hike on “the rich.” Oh, and these new taxes aren’t indexed for inflation, so many middle-class families will soon be considered rich and pay the surcharge as their incomes rise past $250,000 due to tax-bracket creep. Remember how the Alternative Minimum Tax was supposed to apply only to a handful of millionaires?

• Also starting in 2013 is a 2.3% excise tax on medical device manufacturers and importers. That’s estimated to raise $20 billion.

• Already underway this year is the new annual fee on “branded” drug makers and importers, which will raise $27 billion.

• Another $15.2 billion will come from raising the floor on allowable medical deductions to 10% of adjusted gross income from 7.5%.

• Starting in 2018, the bill imposes a whopping 40% “excise tax” on high-cost health insurance plans. Though it only applies to two years in the 2010-2019 window of ObamaCare’s original budget score, this tax would still raise $32 billion—and much more in future years.

• And don’t forget a new annual fee on health insurance providers starting in 2014 and estimated to raise $60 billion. This tax, like many others on this list, will be passed along to consumers in higher health-care costs.

And this will lower health costs how, Mr. Obama?

 

[Article 15]

Don't worry, Obama will agree to this too.

I'm sure he will, in exchange for nothing too probably.

In the article, he says he won't do it without some tax increases from the opposing side.

But, anyway, fuck everything about this idea. Seriously. Let's cut from something that will give us insignificant savings, as opposed to the big elephant the Republicans refuse to acknowledge (the military).

Well that's what he said.

What I expect is for him to cave in exchange for tax increases which will be pulled off the table 4 hours later while what Cantor wanted stays on the table.

Then the GOP will set the football up again.....

 

[Modbert]

how so?

Numerous grants have decreased or been cut completely. Meanwhile, students who attend public colleges are now paying a more significant amount in tuition because state governments are cutting that.

Compare the situation for a student entering college three to five years ago and today. There is a vast difference in several significant ways.

 

[Claudette]

Sure. Just as soon as the Dems and Obama do the same.

President Obama has put Medicaid, Social Security, and Medicare concessions on the table. Or have you not been paying attention?

Sure its on the table but has anyone heard exactly what he's going to do?? What cust he and the Dems are willing to make??

I haven't and talk is cheap. The doing is what counts.

Its just to bad that all these hearing are going on behind closed door. I would like to see exactly what the Dems and Reps are pushing.

What happened to the most transparant administration in history??

Its anything but transparant.

 

[Article 15]

What happened to all that talk of "shared sacrifice."

Seems only some folks are supposed to sacrifice.

Mainly anyone who makes over $250,000 a year.

The words shared sacrifice aren't in the vocabulary of the tools of the top percentile.

Since they pay the lions share of the Fed taxes in this country I think they sacrifice quite nicely thanks.

Since the rich earn the lion share of the income and hold a lion share of the wealth them paying the lion's share isn't much of a sacrifice.

 

[RDD_1210]

What happened to all that talk of "shared sacrifice."

Seems only some folks are supposed to sacrifice.

Mainly anyone who makes over $250,000 a year.

Bingo... ones like the OP are so fucking misguided as to thing those who are indeed paying a higher % and the highest total burden are not sacrificing, when close to 50% pay nothing and zero % in terms of income tax...

It is more laughable the more we see this bullshit being spewed

So are you in favor of raising taxes on the middle class and poor?

 

[Modbert]

I haven't

That's because you're not paying close enough attention.

 

[Avorysuds]

Debt Crisis Deepens as Eric Cantor, GOP Propose New Cuts - The Daily Beast

As Monday’s White House budget talks got down to the nitty-gritty, Eric Cantor proposed a series of spending cuts, one of them aimed squarely at college students.

The House majority leader, who did most of the talking for the Republican side, said those taking out student loans should start paying interest right away, rather than being able to defer payments until after graduation. It is a big-ticket item that would save $40 billion over 10 years.

At one point, sources say, President Obama pushed back against the mounting menu of spending cuts while the tax column on the negotiating sheets remained blank. He asked the Republican leaders how they expected him to take their proposals seriously.

“I’m not going to do that,” Obama said. “I’m not going to take money from old people and screw students,”

Republicans are resisting not just tax increases but significant cuts in defense spending, the sources say.

Obama returned to this theme in the talks, saying everyone is being asked to sacrifice except rich people. The Republicans repeated their belief that any tax increase would damage the fragile economy.

In his quest to save the rich from making sacrifices whatsoever, Cantor is now scraping the bottom of the barrel.

The problem with Cantor's idea to have Students pay the interest right away instead of deferring to graduation is the fact that students won't be able to pay for it.

A.) There's no jobs for said students currently.

B.) If students had the money to pay off the interest on these loans, they wouldn't be borrowing money from the government in the first place.

C.) It's not as if the students are getting free money. They eventually have to pay back said interest and loan payments. And guess what? Unlike the majority other forms of debt, they can't discharge it by declaring for bankruptcy. I wonder if Cantor realizes what this will do to the economy, I doubt he even cares.

D.) This is only going to save $4 billion a year. They already cut the grants that Students receive. Meanwhile, Cantor won't even touch the defense budget among other things including closing tax loopholes.

I don't see how anyone can take Cantor seriously, he has shown that he doesn't actually care about cutting our deficit.

Thanks for proving that shit tons of school is in fact not the answer... Thank you US Government for flooding a market so bad that people have 100k debt with no work, but hey, that's what the Government does... produce as little as possible while spending as much as possible while also borrowing more than possible.

Ops, was that logic to tuff to follow? Better help ten million more children through college and tell them there are jobs Americans just won’t do so we can pay them to sit on unemployment instead.

 

[Modbert]

Since the rich earn the lion share of the income and hold a lion share of the wealth them paying the lion's share isn't much of a sacrifice.

Maybe she expects the poor to pay the lion share of the wealth?