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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.
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:
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.
Senate Bipartisan Gang puts forth positive plan
Im more interested in this Balance budget amendment aspect to this deal.
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?
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.
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.
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!