Senate Bipartisan Gang puts forth positive plan

[JimH52]

Support for Senate

AND FOX NEWS LIKES IT!?

 

[Charles_Main]

Seems reasonable to me. That is if they stick to everything they are saying.

Reasonable but not enough. It only cuts roughly 370 Billion a year over 10 years. The Deficit annually is 5 times that much right now. More needs to be done. Good First step though.

 

[The Rabbi]

Seems reasonable to me. That is if they stick to everything they are saying.

Reasonable but not enough. It only cuts roughly 370 Billion a year over 10 years. The Deficit annually is 5 times that much right now. More needs to be done. Good First step though.

Unfortunately when it comes to cutting gov't, the first step is usually the last.

 

[Moonglow]

the govt has already started cutting govt expendatures.

 

[JimH52]

It sounds like the Senate has signed on with this plan. Now, will the house freshmen go with it?

 

[waltky]

Granny says dey should repeal the Bush tax cuts for the rich folks dat own the companies dat outsource American jobs to Mexico an' Asia...

Would 'Gang of Six' hike taxes or cut 'em?
July 20, 2011: The Gang of Six wants to reform the tax code, something fiscal experts have been recommending for years. A better tax code is good for the economy and can help rein in debt. But taxes are a lightening rod.

Many Republicans run screaming at the thought of any tax increase whatsoever. And many Democrats will fight to their last breath to make sure the rich pay more. So how would the Gang of Six proposals affect taxes? It's impossible to say with certainty because the group only put out an outline. But based on that framework, here's what the plan may do.

Total revenue: So would the proposal raise revenue or reduce it? It depends on what you compare it with. There's the status-quo scenario, in which all the Bush tax cuts stay in place and the middle class is protected from the Alternative Minimum Tax. Compared with that, the Gang of Six plan would raise about $2 trillion more over the next 10 years, former Congressional Budget Office acting director Donald Marron estimates.

Then there's the Obama-preferred scenario, which is similar except some of the Bush tax cuts expire for the highest-income households Compared with that, the framework would only raise an additional $1 trillion or so, according to the outline. But were the Bush tax cuts to expire for everyone after 2012, and the AMT was left to run roughshod over the middle class, the Gang of Six's proposal would actually reduce revenue by $1.5 trillion, the group estimates.

Tax breaks:

 

[LiberalHere]

AND FOX NEWS LIKES IT!?[/quote]


I think it works and can get the US out of this current stall, but saying that Fox likes it,

 

[LiberalHere]

Seems reasonable to me. That is if they stick to everything they are saying.

Reasonable but not enough. It only cuts roughly 370 Billion a year over 10 years. The Deficit annually is 5 times that much right now. More needs to be done. Good First step though.

Unfortunately when it comes to cutting gov't, the first step is usually the last.

Why not cut half of our military funding, I bet that would save bundles!

 

[Defiant1]

This better die in the House.

 

[C_Clayton_Jones]

Senate Bipartisan Gang puts forth positive plan

It does look good – too good to be passed, unfortunately.

It raises taxes without raising taxes and provides cuts to entitlements without cutting entitlements.

And it will provide real deficit reduction.

It makes sense, hence it must fail. Such is Beltway Logic.

 

[Google]

I am furious that a Senator from my state, GA Saxby Chambliss, is apart of this gang of six. I will be donating to and volunteering for his primary opponent--which there will be for this--in 2014.

 

[Avatar4321]

Im more interested in this Balance budget amendment aspect to this deal.

 

[percysunshine]

Senate Bipartisan Gang ...

Bloods or Crips?

 

[kyzr]

Im more interested in this Balance budget amendment aspect to this deal.

Wrong deal, that was yesterday's "Cut, Cap, and Balance" vote that passed the House but has no chance of passing the Senate or by BO.

The "Gang of Six" plan cuts $3.7T over 10-years "in theory" and has all kinds of fancy footwork so no one gets blamed for cutting anything. This one, if anyone can actually write it, has a shot of becoming Law.

I liked Coburn's $9T plan, but will settle for $4T.

 

[hellofromwarsaw]

Before people became brainwashed tax cult brainwashed dittoheads, there used to be things called compromise, reason, and cooperation...Thanks Newt, Rush, and Murdoch. Hope you made enough money.

 

[percysunshine]

The Senate Dems are Crips and the Repubs are Bloods.

 

[Cuyo]

OMG, absolutely true story, so I read the comment section on this article, and some dunderhead has stated this:

I already pay 48.4% of my hard-earned income to the government.

33% income tax, 12.5% Social Security (Ponzi) tax, 2.9% Medicare tax

And, I live in Ohio. So, I pay Ohio 6.9% of my income.

That takes the total up to 55.3%. OVER HALF OF MY INCOME!

And, that's not even counting all the consumption taxes like Sales Tax and Gas Tax.

And, they want more from me?

An obvious lie, so I responded as such:

Ummm... No. Even if you did make enough to cross that threshold, the 33% would apply only to the amount over $174k. Half of the "12.5% Social Security (Ponzi) tax) would be in addition to your wages paid on your behalf by your employer, and the entire tax would only apply to your first $106k. Beyond that nothing is paid for Social Security by either you or your employer. No portion of the tier on which you'd pay 33% can be subject to SS tax as well; It's mathematically impossible. If you did make as much as you claim, your effective tax rate would probably be in the range of 29-30%.

It's possible that you have a financial planner that is robbing you blind and blaming the big bad gubmint as part of his ruse, but Occum's razor suggests that in all actuality, you made the whole thing up to try to sound profound.

Nice try.

I get a little bubble in the lower left of the comment box that says "Just a moment..." (In fact its still there in that browser window)... Not only did my comment never post, but it blocked my IP from the comments altogether! I had to log on to my neighbor's router just to reload it so the existing comments would display!

Damn... They really don't want anything that doesn't toe the line displayed! Talk about censorship!

 

[JimH52]

Senate Bipartisan Gang puts forth positive plan

It does look good – too good to be passed, unfortunately.

It raises taxes without raising taxes and provides cuts to entitlements without cutting entitlements.

And it will provide real deficit reduction.

It makes sense, hence it must fail. Such is Beltway Logic.

You are right. The luster is beginning to fade. Both the House and Senate are now seeing fault in it. It is not a plan that can be sold in less than two weeks. So, back to square one...

Congress curbs enthusiasm for 'Gang of Six' plan - CNN.com

So, let's see where we are. There are House Republicans who will not even think about revenue increases. Then there are Democrats who won't think about cutting entitlements. This is just the most insane thing that I have ever seen...

 

[whitehall]

The word "bipartisan" is always used by liberals to indicate republicans who cave in to democrat demands. The word doesn't apply to democrats any more than "family values" or "morality".

 

[Moving to USA]

Seems reasonable to me. That is if they stick to everything they are saying.

Reasonable but not enough. It only cuts roughly 370 Billion a year over 10 years. The Deficit annually is 5 times that much right now. More needs to be done. Good First step though.

Unfortunately when it comes to cutting gov't, the first step is usually the last.

Why not cut half of our military funding, I bet that would save bundles!

Why not cut social programs that only pay for the lazy to exist.
That would cut even more. and keep our military able to defend us.. perhaps from south America