Obama to take another look at Simpson-Bowles

[kyzr]

This might be a great first step toward fiscal sanity. Will both sides agree to it?

TPC Tax Topics | Bowles-Simpson Plan Summary

The Zero Plan in the Bowles-Simpson “Chairmen's Mark” would:

Eliminate all tax expenditures—for both income and payroll taxes—except for the child credit, the earned income tax credit, foreign tax credits, a few less common preferences (retain reduced preferences for mortgage interest, employer-sponsered health insurance and reitrement savings in the third variant listed above).

Eliminate the alternative minimum tax (AMT).

Eliminate the phaseout of personal exemptions and the limitation of itemized deductions.

Replace the current six-bracket individual tax rate schedule with a three-bracket schedule with rates of 9, 15, and 24 percent (12, 20, and 27 percent in the third variant listed above).

Tax capital gains and dividends as ordinary income.

Index tax parameters using the chained Consumer Price Index.

Increase the Social Security wage base by 2 percent per year more than the growth in the average wage (making the FICA cap $140,100 in 2015).

Phase in an increase in the federal excise tax on gasoline of 15 cents per gallon (13.5 cents per gallon on average in 2015).

Eliminate corporate tax expenditures and reduce the corporate tax rate to 26 percent (27 percent in the third variant listed above).

 

[Trajan]

election year horse hockey, like the econ. council that told him to drill baby drill, he will make like hes listening, tell everyone its a valuable idea, BUT, won't do shit.

 

[The T]

election year horse hockey, like the econ. council that told him to drill baby drill, he will make like hes listening, tell everyone its a valuable idea, BUT, won't do shit.

^The only reason...he knows he's in trouble.

 

[occupied]

No tax reform plan will ever be implemented unless it shifts the tax burden downward.

 

[Remodeling Maidiac]

This will just sit in a Senate wast basket along with all the other fiscally sane bills.

 

[Trajan]

election year horse hockey, like the econ. council that told him to drill baby drill, he will make like hes listening, tell everyone its a valuable idea, BUT, won't do shit.

^The only reason...he knows he's in trouble.

absolutely, the fact that hes even trotting this out, says something, like maybe hes desperate and he knows what has to be done and knows what will sell on a bi partisan platform....but...........


he used the comm. for 10 months as the answer to everything, we have a commission doing this, studying that, we await their recommendations etc etc. trying to get past an election he got hammered in anyway, all the while he followed his plan- spend spend spend.......(kind a like Bush eh ), then promptly ignored it when they came back with the recommendations/plans.

He didn't say squat, didn't attempt to mend, compromise or build a coalition- nothing, he has zero idea how to do it for one thing, and there's that old ideology thing too.

 

[kyzr]

So if Obama wins and we have a split government, nothing changes. Medicare goes bankrupt in 2017 on-schedule, SS keeps losing money, Obamacare kicks-in, and the Debt keeps exploding.

If the GOP (say Mitt as an example) wins, and wins control of the House and Senate (<60-votes) WTF will they do? Cut taxes? Not one debate question asked anyone for specifics on their Budget. The Bush tax cuts expire at the end of 2012, will the cuts be reinstated? Mitt whines about the military, but how will he pay for it? What will he cut?

 

[Toro]

election year horse hockey, like the econ. council that told him to drill baby drill, he will make like hes listening, tell everyone its a valuable idea, BUT, won't do shit.

I agree.

Obama dropped it almost immediately when it first came out, so why would we believe him now?

The only reason why I think he would is because after being re-elected, he won't have to worry much about the liberal wing of the party, which was very much against Simpson-Bowles.

 

[kyzr]

election year horse hockey, like the econ. council that told him to drill baby drill, he will make like hes listening, tell everyone its a valuable idea, BUT, won't do shit.

I agree.

Obama dropped it almost immediately when it first came out, so why would we believe him now?

The only reason why I think he would is because after being re-elected, he won't have to worry much about the liberal wing of the party, which was very much against Simpson-Bowles.

What does the liberal wing want to do when Medicare goes bankrupt? Then hospitals go bankrupt, and no Obamacare.... its pay your own way....