The Republican position on taxes has never changed over the past few years. They will be against any tax increases. Even tax reform which would actually lower the Corporate tax rate in the U.S by 7%, but makes more revenue by eliminating loopholes wasn't good enough for the Republicans. It seems anything that would even raise revenue would be completely against there values. Cuts are the only thing they can agree with. Even though one of the reasons we are in this deficit is, because of the Bush Tax cuts. That the Republicans would never dream of eliminating tax cuts. Even though it was set to expire in 2010. Now we must wait till 2012 for to expire, but people are still a little skeptical on whether they will really expire. In 2012 we will see the Republicans howling that taxing billionaire's and millionaires will hurt the economy. Even though forgetting eliminating medicare will probably eliminate more jobs than taxing billionaires who can afford to pay a little more. But taxing millionaires wouldn't solve the deficit alone people must admit that.
Now I can somewhat understand the idea of not increasing taxes on anyone, because it is bad for the economy, but eliminating loopholes of major corporations while reducing the Corporate tax rate I thought that could be the big compromise on taxes, but no! Eliminating loopholes on major profitable companies is still a tax on the country! This super committee will have triggers if nothing get's done, which I hope will not only include Tax reform, but eliminating the Bush tax cuts for all (Although knowing American politics it will probably just be the rich tax cuts on the line)
"We do not inherit the earth from our ancestors, we borrow it from our children." A Liberal-supporting, environmentalist blog. We blog according to our opinions, not those of the party or government. Free speech must win and that's why we have this blog. The views of two Montrealers and a Libertarian.
Friday, August 05, 2011
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Good post.
ReplyDeleteOne interesting but seldom mentioned thing to keep a watch on is that in the latest, much panned debt deal, the dynamics have changed a bit.
It doesn't seem like much now, but could by the end of 2012. The budget projections that form the basis of the debt deal include the EXPIRATION of the Bush Tax cuts. So if the Republicans want to extend them, they will have to account for it somewhere else, i.e other revenue sources or even deeper cuts.
In other words, for the first time, the Bush tax cuts are represented as an expense that needs to be taken into account, which flies in the face of the much repeated Republican talking point that "taxes don't really count when you're talking about deficit reduction" (I know, eliminating revenue from a 3 part equation seems rather silly but they get away with it all the time).
If, and it is a big if, the Democrats wise up, they can hang them up on their semantics with a spelled out piece of legislation - the debt agreement.
Anonymous good analyse
ReplyDeleteThe Republicans should pay off the expense of the Bush tax cut, but they have played this game before when they took office in 2010 they said every thing that would increase the deficit should be payed for. They wanted to cut Obama-care which would save some 200 billion over 10 years, and said that Obamacare was more expensive, because it was a new entitlement that would increase the deficit ignoring the fact that the CBO said it was budget friendly.
The Republicans will play the card again in 2012 that if we eliminate the bush tax cuts revenue will go down. Which makes no sense, but they will play (the don't care what the experts say this is what we think). They will say it will eliminate jobs and lower revenue. Some of the far right Republicans will say cut taxes even more and revenue will go up! The scary thing is sometimes they actually make you believe that they actually believe the things they are saying.