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More Details On Revenue Side Of "Gang Of Six" Plan Emerge

Tyler Durden's picture




 

Bloomberg has just released some additinal details from the proposed plan based on a document it has received:

  • GANG OF SIX SETS TOP PERSONAL TAX RATE BETWEEN 23% AND 29%
  • PLAN LOWERS CORPORATE TAX RATE TO MAXIMUM OF 29% MINIMUM OF 20%
  • SENATORS' PLAN URGES 'REFORM' OF MORTGAGE, CHARITY TAX BREAKS

We will bring you more if we get the full document.

 

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Wed, 07/20/2011 - 11:51 | 1473977 economessed
economessed's picture

I thought mortgage payments were charitable after 2008?   <TBTF Snark>

Wed, 07/20/2011 - 11:53 | 1473991 wisefool
wisefool's picture

<snark>

Only if you use the home to house a stray, recused pet, That is currently being custodianed over by an employee of a non-profit animal shelter.

Wed, 07/20/2011 - 12:14 | 1474099 Herd Redirectio...
Herd Redirection Committee's picture

Take away the Mortgage Interest deduction?  I will believe it when I see it.  Too many people (in the Oligarchy, us peasants don't matter a jot) have bet it all on Interest staying deductible forever! 

Check out the latest from the Capital Research Institute "Selling Gold You Don't Have":

http://www.capitalresearchinstitute.org

"It Seemed Like A Good Idea At The Time"

"It would be  wise to understand the repercussions of this debt not being paid back.  Those most affected will obviously be those who lent the most money to Greece, Italy, Spain, etc.  It turns out that the governments of Europe have been lending each other the money (that’s right, lending money they don’t have, to their also-broke neighbors, it would land a normal person in jail)!  And not only that, financial institutions across Europe have loaded up on the stuff (government debt).

So that means stay away from government debt and don’t touch bank stocks until after the dust has settled.  Last but not least, currency exchange rates will be affected.  So if you have large savings denominated in either US dollars or Euros it would be wise to reconsider that position.   It is tough to predict how exchange rates will change, because both the Euro and the US dollar will both be greatly devalued 2-3 years from now, but the timing, order and magnitude of the moves that will get them there are not knowable at this point in time.

Anecdotally, the CRI was started at the start of 2011.  At that time the price of gold was $1364/ounce, and today, even after a sharp decline in the last 24 hours, gold is at $1591.  Thats a 16% increase!  Or a 16% devaluation in the value/purchasing power of the US dollar,  if you look at it that way (as we at the CRI do)."

Wed, 07/20/2011 - 12:27 | 1474151 Raymond Reason
Raymond Reason's picture

Wonder how the carry trade will affect other currencies when the Euro and Dollar tank. 

Wed, 07/20/2011 - 11:55 | 1474000 Archimedes
Archimedes's picture

Ha! It's funny cause it's true!

Wed, 07/20/2011 - 12:48 | 1474247 TruthInSunshine
TruthInSunshine's picture

Hey, Obama told Congress to "fix" the debt and deficit woes.

It should have been done by now.

Is it that difficult (to fix an unfixable problem)?

Obama/Jim Grant 2012

/sarc

Wed, 07/20/2011 - 12:07 | 1474057 slaughterer
slaughterer's picture

The only question that matters: what does Moody's et. al. think of this plan?

Wed, 07/20/2011 - 12:17 | 1474108 wang
wang's picture

they'll think whatever they are directed to think of it e.g. AAA∞

Wed, 07/20/2011 - 12:21 | 1474116 Bob
Bob's picture

Surely they find the Greecian austerity element of "selling unused federal property" confidence-inspiring:

http://www.zerohedge.com/article/presenting-complete-generic-fluff-gang-...

Look at all those damn national forests going unused!  Hell, even Lady Liberty just stands there like a statue--private enterprise, otoh, will make that bitch dance!

And, looking ahead, need I say just how much more thirst quenching private water will be?  Portions may be a lot smaller, but I'm sure the competitive increase in quality will more than compensate. 

Private hedonics promise a brave new world!

Wed, 07/20/2011 - 12:43 | 1474154 hedgeless_horseman
hedgeless_horseman's picture

And, looking ahead, need I say just how much more thirst quenching private water will be? Portions may be a lot smaller, but I'm sure the competitive increase in quality will more than compensate.

Don't believe the privatization of ALL our water is coming?  Don't be so...naive.  If the oil industry can be 100% privatized, then so can water.

Thank God I have well water.  Drill one while (if) you still can, and make sure you get a Simple Pump as a back-up.

Wed, 07/20/2011 - 12:47 | 1474243 Bob
Bob's picture

Sad but true. 

Wed, 07/20/2011 - 12:49 | 1474252 LFMayor
LFMayor's picture

++ excellent advice.  Lack of water will move you faster and easier than overt force.  Because you "wanted" to move and such.

Sand point a.k.a drive point wells with a pitcher style pump might be a solution for many... available off the shelves at local Menards here in flyover country.

Wed, 07/20/2011 - 12:58 | 1474276 Bob
Bob's picture

One great advantage of living in Great Lakes territory: A lot of fresh water. 

I wonder how many "investment syndicates" are lined up to bid on those?

I can hear Michigan's Gov Snyder pitching it already, like Mr. Drisedale (Jed Clampit's banker) on acid.  Michigan is to fresh water what the Middle East is to oil. 

Wed, 07/20/2011 - 13:17 | 1474298 hedgeless_horseman
hedgeless_horseman's picture

One great advantage of living in Great Lakes territory: A lot of fresh water.

http://berkeleywaterfilter.com/

http://www.katadyn.com/usen/katadyn-products/products/katadynshopconnect/katadyn-water-filters/

Remember that hauling water really sucks.  It is VERY heavy.

Daily indoor per capita water use is 69.3 gallons...

 

...more than 575 pounds.

...............................................................

Isn't Milwaukee, "in Great Lakes territory?"

Facing Budget Gaps, Cities Sell Parking, Airports, Zoo

 

Cities and states across the nation are selling and leasing everything from airports to zoos—a fire sale that could help plug budget holes now but worsen their financial woes over the long run.

 

California is looking to shed state office buildings. Milwaukee has proposed selling its water supply; in Chicago and New Haven, Conn., it's parking meters. In Louisiana and Georgia, airports are up for grabs.

 

"Privatization"—selling government-owned property to private corporations and other entities—has been popular for years in Europe, Canada and Australia, where government once owned big chunks of the economy.

 

In many cases, the private takeover of government-controlled industry or services can result in more efficient and profitable operations. On a toll road, for example, a private operator may have more money to pump into repairs and would bear the brunt of losses if drivers used the road less.

 

http://online.wsj.com/article/SB10001424052748703960004575427150960867176.html

 

Wed, 07/20/2011 - 13:36 | 1474381 Bob
Bob's picture

Why is it that my darkest fantasies can never keep up with "free enterprise?"

Wed, 07/20/2011 - 15:23 | 1474776 SteveNYC
SteveNYC's picture

Don't forget the flouride filter, a worthwhile investment for your family.

Wed, 07/20/2011 - 13:56 | 1474445 kote
kote's picture

Hey Tyler... you posted the entire thing yesterday.  The tax numbers are in that original document.

http://www.zerohedge.com/article/presenting-complete-generic-fluff-gang-six-plan-reduce-our-nations-deficit

Wed, 07/20/2011 - 15:24 | 1474782 RockyRacoon
RockyRacoon's picture

Not enough hits on that article apparently.  Pull out the juicy parts and post them again.   That'll fix it!

Wed, 07/20/2011 - 11:52 | 1473982 I am Jobe
I am Jobe's picture

Once again, lets all hold hands and sing kumbaya and bend over. F this shit. hang Congress

Wed, 07/20/2011 - 11:53 | 1473985 Greenhead
Greenhead's picture

They aren't lowering rates to get less revenues.

Wed, 07/20/2011 - 12:22 | 1474131 nedwardkelly
nedwardkelly's picture

At this point, I'll take it.

We're screwed regardless. So long as they talk about 'reducing the deficit' instead of eliminating it, we're just going further down the hole.

Seeing as we're pretty f'ed, the least they can do for me is reduce my tax rate in the mean time.

Wed, 07/20/2011 - 12:34 | 1474184 Greenhead
Greenhead's picture

With this plan they might reduce your rate but you will pay more in tax.  Count on it.

Wed, 07/20/2011 - 13:04 | 1474299 SheepDog-One
SheepDog-One's picture

Our problems are fixed by a tax code tweak? This is all just retarded.

Wed, 07/20/2011 - 15:28 | 1474797 RockyRacoon
RockyRacoon's picture

If you can't reduce the debt by going on a spending diet, you have to starve the beast to get the same outcome.   It works until it doesn't.   The Keynesians would have us keep on spending until the "recovery" is complete, regardless of the debt accrued.   Not so much on the conservative/libertarian side.   I am sympathetic to both sides so that just proves that neither approach will work.

Wed, 07/20/2011 - 11:52 | 1473986 XenoFrog
XenoFrog's picture

Maybe they'll get rid of the mortgage interest deduction on 1st homes too and really fuck the suckers who are still paying their mortgages.

Wed, 07/20/2011 - 12:04 | 1474044 DonnieD
DonnieD's picture

The first time homeowner (young and probably unable to afford) that bought a home a year or 2 ago with that "tax credit" from the government and has since lost many multiples of that in equity is now going to get the double whammy of their interest deduction taken away. They must want to kill someone right about now.

The majority of these homes will be back in foreclosure very shortly. The government should be proud of themselves for financially raping these people.

Wed, 07/20/2011 - 12:05 | 1474048 whatsinaname
whatsinaname's picture

Of course they should.

Wed, 07/20/2011 - 12:12 | 1474087 InconvenientCou...
InconvenientCounterParty's picture

no shit.

That would be a huge tax increase on the GOP base? I'm going to have to call booshit on that one. They couldn't be that craven could they?

Just skip to the ending --zero taxes for all.

Wed, 07/20/2011 - 12:34 | 1474183 wisefool
wisefool's picture

Bingo. Implement sales taxes so that when our chinese overlords start buying american physical assets, (with thier FRNs) the government can re-coup its investment. 

Wed, 07/20/2011 - 13:43 | 1474404 Chicken_Little
Chicken_Little's picture

Xeno if they do that, I'll  default and lawyer-up and probably end up with a free townhouse.

Wed, 07/20/2011 - 11:53 | 1473989 oogs66
oogs66's picture

is it ironic that they named themselves after a communist group?

Wed, 07/20/2011 - 12:03 | 1474040 Cognitive Dissonance
Cognitive Dissonance's picture

My thoughts exactly. Always a trip inside the mind to examine what they call themselves.

The word "gang" is very telling because it implies all kinds of shit and none of it good.

Wed, 07/20/2011 - 12:08 | 1474061 Almost Solvent
Almost Solvent's picture

Unless it's Our Gang

Wed, 07/20/2011 - 12:21 | 1474125 Cognitive Dissonance
Cognitive Dissonance's picture

You mean Our Crooks.

OK folks. Which one is Timmy and Bernanke and.....????

<too easy>

Wed, 07/20/2011 - 12:28 | 1474156 1100-TACTICAL-12
1100-TACTICAL-12's picture

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died

Everybody talking to their pockets
Everybody wants a box of chocolates
And a long stem rose
Everybody knows

Wed, 07/20/2011 - 12:29 | 1474161 Atomizer
Wed, 07/20/2011 - 12:39 | 1474209 Seasmoke
Seasmoke's picture

well i see pelosi, summers, obama, bernanke , hillary and geithner are having a grand time

Wed, 07/20/2011 - 12:53 | 1474262 Cognitive Dissonance
Cognitive Dissonance's picture

You missed the dog. Common oversight.

No one suspects the one that shits on the floor and licks his.......

Wed, 07/20/2011 - 15:30 | 1474804 RockyRacoon
RockyRacoon's picture

I was secretly in love with Darla.

Wed, 07/20/2011 - 16:15 | 1474995 Cognitive Dissonance
Cognitive Dissonance's picture

It always comes down to the Mary Ann or Ginger decision.

Wed, 07/20/2011 - 12:56 | 1474273 Rodent Freikorps
Rodent Freikorps's picture

Whatever happened to Bo the dog?

Wed, 07/20/2011 - 15:05 | 1474674 LMAO
LMAO's picture

Nah, the only easy one was Obama. I suspect that the one, front and centre with the black eye is Blankfein. The others, I'm not sure.

 

LMAO

Wed, 07/20/2011 - 15:13 | 1474707 LMAO
LMAO's picture

.

Wed, 07/20/2011 - 12:04 | 1474042 jeff montanye
jeff montanye's picture

and not for the first time.  i think they like the frisson of the forbidden.  kind of like their sex lives.  well, and there's the bribery.

Wed, 07/20/2011 - 12:04 | 1474043 Pure Evil
Pure Evil's picture

That was the Gang of Four that tried to take over The Peoples Republic of China after Mao died, which included Mao's wife.

http://en.wikipedia.org/wiki/Gang_of_Four

Wed, 07/20/2011 - 12:07 | 1474060 magpie
magpie's picture

Cold War convergence theory 101, anyone ?

Wed, 07/20/2011 - 12:22 | 1474128 spanish inquisition
spanish inquisition's picture

It's 6 now because of inflation

Wed, 07/20/2011 - 12:23 | 1474134 nedwardkelly
nedwardkelly's picture

lol

Wed, 07/20/2011 - 11:53 | 1473990 dropdeadfed
dropdeadfed's picture

First 2 bulletpoints, are those increases or decreases?

Wed, 07/20/2011 - 12:06 | 1474052 jeff montanye
jeff montanye's picture

believe they would be decreases.  now both top rates are 35%.

Wed, 07/20/2011 - 12:30 | 1474166 gmrpeabody
gmrpeabody's picture

It's not the top rates that matter, but the loopholes which allow them to avoid them. Loopholes that allow many top earners to avoid even the minimum rates. The only suckers that pay at the maximum rates are us, my friend.

 

Wed, 07/20/2011 - 13:28 | 1474354 mayhem_korner
mayhem_korner's picture

It's not the tax rate, it's what's taxable that counts.

Wed, 07/20/2011 - 12:24 | 1474140 nedwardkelly
nedwardkelly's picture

Not enough information to answer that question, but I guess that's the point.

Increase/decrease for who...? The hedge fund man paying CGT on his earnings? Or the salary slave paying 35% on it all?

I did see somewhere they want to can the AMT though... This all sounds wonderful, less tax for me. None of these suckers are going to 'fix' it, we're going to be further into debt regardless, so I'll back anyone that wants to steal less out of my pocket.

Wed, 07/20/2011 - 15:34 | 1474812 RockyRacoon
RockyRacoon's picture

Me... my... I...

Isn't that the problem?

We have a first person personal pronoun problem, that's all.

Wed, 07/20/2011 - 11:53 | 1473992 Robslob
Robslob's picture

Then the suckers quit paying too....winning!

Wed, 07/20/2011 - 11:54 | 1473995 Azannoth
Azannoth's picture

They need to watch out not to make it too logical and sensible, the more sensible a plan is the less of a chance it'll get implemented(voted on)

Wed, 07/20/2011 - 11:55 | 1474002 treemagnet
treemagnet's picture

Well as long as the top rate doesn't go up and nobody is expected to actually pay.....cause that would be just silly.  By all means lets pull those freebies from the struggling middle class cause until they rely on the govt for food they're just doing too well I guess.

Wed, 07/20/2011 - 11:56 | 1474008 ThirdCoastSurfer
ThirdCoastSurfer's picture

I think the big shocker here will be the elimination of the "steps".

Currently,  you pay 10% of the first $8,500 and then 15% to $34,500, ect. but I sense this is going to change and now those in the top bracket, for example,  will start at a base of 23% and top out at 29%! 

Wed, 07/20/2011 - 12:17 | 1474111 MachoMan
MachoMan's picture

I'm talking out my ass here, but I do not believe that will pass constitutional muster...  I believe the system is tiered because individuals may not be taxed differently on the same income...  obviously tax rates can change for certain types of income...  but I believe the tiers are in place for all... 

This looks to be a straight reduction to the top tax brackets...  which is fucking hilarious (in a really sick sort of way...  albeit wishing "stronger chains" to quote another poster on our fellow citizens).  I suspect that the middle brackets will increase...  if not now, then in the near future...

Wed, 07/20/2011 - 12:24 | 1474139 carbonmutant
carbonmutant's picture

"constitutional muster"...?

Since when has this administration done anything that passes "constitutional muster"?

Wed, 07/20/2011 - 12:31 | 1474169 gmrpeabody
gmrpeabody's picture

+100

Wed, 07/20/2011 - 13:31 | 1474364 theman
theman's picture

+1000 (atty)

Wed, 07/20/2011 - 13:34 | 1474376 Z Beeblebrox
Z Beeblebrox's picture

Since when do income taxes themselves pass "constitutional muster"? The so-called 16th Amendment was never ratified. No matter, they've got the guns, and you're going to pay.

Wed, 07/20/2011 - 13:05 | 1474301 ThirdCoastSurfer
ThirdCoastSurfer's picture

Speculation is great, it looks that way to me too and as I wonder why this is, my first thought is that, and forgive my way of explaining this, 80% of our economy is consumption, this level must not only maintain, but it must expand. Who consumes? A big reason people attempt to succeed is to satisfy  their desire to consume. A car is not enough, it must be something everyone else will envy and something you will do almost anything to possess. Not everyone is built this way. Everyone wants a Nickleback lifestyle "hilltop house driving 15 cars", but are soon exhausted or revolted by the chase and stop at a Bachelor's not a PHD, at being a mid-level drug dealer not a kingpin.

Giving those with the greatest desire the most ammunition is the best way to win a war, be it economic or territorial. It's not personal, it's business. It's not exlcusionary, it's incentive. 

Wed, 07/20/2011 - 14:15 | 1474515 victor82
victor82's picture

"Constitution? I don't have no Constitution! We don't need no steenkin' Constitution!"

Wed, 07/20/2011 - 11:57 | 1474012 firstdivision
firstdivision's picture

Sooo we will solve the debt problem by raising the limit and lowering revenues....sure, sure.  Speaking of which, how much in taxes did Apple pay last year? 

Wed, 07/20/2011 - 13:29 | 1474358 viahj
viahj's picture

and that $2.8b came from the overpricing of their iCrap they sell to iSheeple

Wed, 07/20/2011 - 11:57 | 1474014 Cassandra Syndrome
Cassandra Syndrome's picture

  • Non-Federal citizens to sacrifice first born to Moloch
  • Non-Federal citizens to sell 1 kidney and 2 pints of blood for POMO operations
  • Income Tax 100% on Income over $10,000
  • All Classical Liberal books to be burnt with owners
  • Farmers and Manufacturers are now property of Ingsoc
  • Debt is Wealth, Ignorance is Strength
  • etc.

Wed, 07/20/2011 - 11:57 | 1474015 CrashisOptimistic
CrashisOptimistic's picture

Only FY2012 spending cuts matter.  Everything else is just PR.

That includes spending "cuts" past FY2012.

Only the FY2012 numbers matter.

Wed, 07/20/2011 - 12:02 | 1474017 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

SENATORS' PLAN URGES 'REFORM' OF MORTGAGE, CHARITY TAX BREAKS

It appears that Bruce nailed it.

A Trillion of Revune is on the Plate:

http://www.zerohedge.com/article/trillion-revenue-plate

Wed, 07/20/2011 - 12:11 | 1474084 Almost Solvent
Almost Solvent's picture

Paging the the Banking & Charity lobbies, we need you to flood DC with more $$$$$ 

Wed, 07/20/2011 - 11:58 | 1474019 SuperRay
SuperRay's picture

Obama can't get enough of sodomizing his supporters.  Or of being sodomized by the banksters.  but he sure has a nice smile   ;  )

Wed, 07/20/2011 - 12:40 | 1474215 Clueless Economist
Clueless Economist's picture

I'm not one of his supporters, but he has Sodom and Gomorrah'd me

TERRY INGRID HILLSON

Wed, 07/20/2011 - 11:59 | 1474021 SuperRay
SuperRay's picture

BAC about to roll over - taking a huge short position right here...

Wed, 07/20/2011 - 11:59 | 1474022 Bob
Bob's picture

I don't expect to see any reform of tax rates for capital gains--Mr. Market has replaced the "real" economy. 

Must.keep.Him.happy!

Wed, 07/20/2011 - 13:31 | 1474366 MachoMan
MachoMan's picture

It would significantly gut a huge number of investments...  but, at the same time, I'm not sure how we can more morally attempt to bridge the wealth gap...

Wed, 07/20/2011 - 13:46 | 1474409 Bob
Bob's picture

Seems to me we either get real together or crash together.  Everybody seems to be imagining that they have the winning angle, whether stocks or gold, but don't seem to recognize the extremity of the "externalities" they'll be subjected to in an eventual armageddon scenario. 

I think we should start providing incentives for "real" economic activity.  Hell, maybe we should even figure out a way to give domestic activities a fighting chance against foreign producers. 

I don't see how objecting to that idea can be defended as more than a "eat shit and die" program for the common man. 

Wed, 07/20/2011 - 12:00 | 1474029 MFL8240
MFL8240's picture

This plan is another American joke.  Housing in the toilet, no motivation to buy and these jackoffs considering getting rid of mortgae deduction.  Folks, this is a tax and spend plan and nothing more.

Wed, 07/20/2011 - 12:26 | 1474142 InconvenientCou...
InconvenientCounterParty's picture

"Folks, this is a tax and spend plan and nothing more."

this phrase, "tax and spend" is designed to obfuscate. WTF else are you supposed to do with taxes, or debt for that matter? Even the sequence is inverted. Faux News talking heads should get beat with a fish every time they say it.

The mortgage interest deduction is perfectly safe. It is bought, paid for and serviced during each election cycle by the TBTF banksters. States might have a go at it but not the fed gov.

 

 

Wed, 07/20/2011 - 13:45 | 1474412 Z Beeblebrox
Z Beeblebrox's picture

If the government actually needed revenue to spend money, we wouldn't be in this situation to begin with. Taxing and spending are the two tools of the central planners. They are not coupled.

Wed, 07/20/2011 - 12:00 | 1474030 cosmictrainwreck
cosmictrainwreck's picture

any correlation to the NYSE finally turning, just about now, or coincidence? I thought that bitch was going to the freakin' moon. NYSE & banks shot out of a cannon, but not Dow or Russell.... wtf?

Wed, 07/20/2011 - 12:03 | 1474041 JSD
JSD's picture

Banks gapped up this am...been strong since open.

Wed, 07/20/2011 - 15:40 | 1474854 RockyRacoon
RockyRacoon's picture

I junked you because I simply don't care.  So, there.

Wed, 07/20/2011 - 12:00 | 1474032 MFL8240
MFL8240's picture

This plan is another American joke.  Housing in the toilet, no motivation to buy and these jackoffs considering getting rid of mortgae deduction.  Folks, this is a tax and spend plan and nothing more.

Wed, 07/20/2011 - 12:02 | 1474037 SoCalBusted
SoCalBusted's picture

More reasons not to own a home...  We already have issues with pricing, now we have uncertainty in total cost of ownership.

 

 

Wed, 07/20/2011 - 12:32 | 1474174 1100-TACTICAL-12
1100-TACTICAL-12's picture

As long as property tax is leveled , no one will ever own shit...

Wed, 07/20/2011 - 12:11 | 1474038 TomGa
TomGa's picture

 

An asinine plan that uses chained-CPI to magically "find" $500 billion in savings, then punts the rest of the called for cuts to "bipartisan" committees to agree upon over the next six months. This is just more of the same Beltway politics which makes lots of noise and garners headlines but doesn't solve any problems. It's this kind of crap which got this country in its current predicament.

 

Wed, 07/20/2011 - 12:04 | 1474045 Yardfarmer
Yardfarmer's picture

more parlor games in the palace. the US is in de facto default. the debt can never be paid. dick durbin and his "gang of shits" are corporate and financial shills providing soap opera for the groundlings. disgusting.

Wed, 07/20/2011 - 12:04 | 1474046 all_in_now
all_in_now's picture

If they lower corporate tax rate that means GE will be paying negative 12% rate as, opposed to negative 2%, or positive 8% (-2 -[-10])=8?. My head is spinning with this math thingy......

Wed, 07/20/2011 - 12:08 | 1474065 LawsofPhysics
LawsofPhysics's picture

Corporations don't really pay tax anyway, especially the CEOs.  Only the employees pay taxes.  Besides, making the tax code simple with no loop holes would put far too many financial fucknuts out of a job and we all know that these people are "above" picking fruit and farming, although God knows we could use the laborers in my neck of the woods.

Wed, 07/20/2011 - 12:04 | 1474047 LawsofPhysics
LawsofPhysics's picture

Go ahead, end tax deductions associated with mortgages in the upcoming $100+ oil landscape and see how many people keep paying their mortgage.  Word on the street is everyone is looking forward to spending all their income on all things physical.  The tighter the state squeezes the middle class, the more people stop participating.  Bring it, happy days will soon be here again.

Wed, 07/20/2011 - 12:26 | 1474147 scatterbrains
scatterbrains's picture

mopeds and army surplus tents bitches

Wed, 07/20/2011 - 12:51 | 1474245 hedgeless_horseman
hedgeless_horseman's picture

Horses, yurts, and both sexes of dogs*

 

*security, sustinance, clothing, transportation

Wed, 07/20/2011 - 12:06 | 1474051 gwar5
gwar5's picture

Obama likes gangs.

Wed, 07/20/2011 - 12:30 | 1474167 InconvenientCou...
InconvenientCounterParty's picture

I give up. Is that Beavis or Butthead that deserves attribution for that little gem.

Wed, 07/20/2011 - 12:06 | 1474054 Everybodys All ...
Everybodys All American's picture

No small wonder Obama ran out like it was Christmas morning.

Wed, 07/20/2011 - 12:11 | 1474055 Re-Discovery
Re-Discovery's picture

Spending cuts raised?

Revenue Raised?

This shit is DOA.  The only thing that will be raised is the debt ceiling. 

 

 

Wed, 07/20/2011 - 12:43 | 1474229 Astute Investor
Astute Investor's picture

+$14.518 T

TPTB still clinging to the strategy of "growing" out of our debt problem.

Wed, 07/20/2011 - 12:07 | 1474058 treemagnet
treemagnet's picture

Bet they shithammer charitable deducts to drive the last holdouts to full and complete need and compliance with all things federal.

Wed, 07/20/2011 - 12:07 | 1474059 pleseus
pleseus's picture

Short Home Builders and Goodwill.

Wed, 07/20/2011 - 12:08 | 1474062 Woodyg
Woodyg's picture

We already know that ANY tax break that is ended will be one the middle class uses - they'll BS us and say Lower the top rate BUT get rid of the breaks - but of course the breaks for the predators will be extended. Damn the USA hung these people from the nearest lightposts after WW2 - who's going to fill that position this time as the USA has taken the place of Italy.

Wed, 07/20/2011 - 12:11 | 1474081 LawsofPhysics
LawsofPhysics's picture

Spot on.  In fact the tax structure needs to return to the post WWII structure and fast.

Wed, 07/20/2011 - 12:11 | 1474075 wang
wang's picture

the MSM has totally and completely buried the vote in the House from last night that saw a sizeable majority vote (234-190 e.g. bigger margin than obamacare) for the Cut Cap and Balance act that O said he would veto.

the media that has reported it quaintly refers to this as symbolic

http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=20110719...

 

(END) Dow Jones Newswires
07-19-112038ET
Wed, 07/20/2011 - 12:15 | 1474096 Almost Solvent
Almost Solvent's picture

Some of those votes were allowed to enable Ds from vulnerable districts to say that they voted with the Tea Party in the next elections.

 

Wed, 07/20/2011 - 12:18 | 1474113 wang
wang's picture

that is certainly how the MSM has spun it

Wed, 07/20/2011 - 12:28 | 1474155 nedwardkelly
nedwardkelly's picture

Right, you can pretty much completely ignore how people vote on something that isn't expected to go anywhere. They vote however they think will enable them to best talk themselves up, knowing full well the vote is meaningless.

Wed, 07/20/2011 - 12:10 | 1474076 whaletail
whaletail's picture

I don't like these peas.

Wed, 07/20/2011 - 12:35 | 1474192 Seasmoke
Seasmoke's picture

try them as soup.....really not bad

Wed, 07/20/2011 - 12:10 | 1474080 Version 7
Version 7's picture

It's well and good that the people around here are being really represented by their government.

Wed, 07/20/2011 - 12:12 | 1474088 pleseus
pleseus's picture

Nothing but middle class tax increases.

Wed, 07/20/2011 - 12:13 | 1474093 Re-Discovery
Re-Discovery's picture

Elimination of Mortgage Interest deduction is a non-starter.

Wed, 07/20/2011 - 12:13 | 1474095 wang
wang's picture

Tyler says

We will bring you more if we get the full document.

 

(the full document will be available only if it is voted into law at which time those who signed it will also have an opportunity to read its contents)

Wed, 07/20/2011 - 12:16 | 1474106 Version 7
Version 7's picture

+1

Wed, 07/20/2011 - 14:54 | 1474597 hedgeless_horseman
hedgeless_horseman's picture

“But we have to pass the bill so that you can find out what is in it, away from the fog of controversy.”  

 

                 -Nancy Pelosi
                  In reference to the Healthcare Reform Act

 

...........................................................................

 

The president's old campaign Web site still has this commitment there for all to see:

 

"As president, Obama will not sign any nonemergency bill without giving the American public an opportunity to review and comment on the White House Web site for five days."

 

But then there is Congress and the Stimulus Bill. How fast could you get through it?  According to the nonpartisan Sunlight Foundation, lawmakers had just 13 hours to read 1,100 pages of material that would cost the American taxpayer $787 billion.

  

That's less than a minute and a half per page, with no time for bathroom breaks. No wonder so many of our lawmakers didn't seem to notice that last-minute exemption clearing the way for bailed-out companies like AIG to pay out big bonuses.

  

The bank bailout got all of 29 hours, the rescue of Fannie and Freddie was only available for 19 hours. This is how bills could literally become, to borrow a phrase, too big to fail -- and too fast to stop.

                                  

http://articles.cnn.com/2009-03-23/politics/campbell.brown.transparency_1_stimulus-bill-fannie-and-freddie-sunlight-foundation?_s=PM:POLITICS

Wed, 07/20/2011 - 12:17 | 1474112 monopoly
monopoly's picture

lol +1 wang.

Wed, 07/20/2011 - 12:14 | 1474100 JLee2027
JLee2027's picture

Chance of passage ? Zero.

Wed, 07/20/2011 - 12:15 | 1474102 dogismyth
dogismyth's picture

more like the "gang(rape) of six".

Both dems and repubs are wringing their hands in anticipation of (finally) putting the fix in on entitlements.  Bush wanted the social security trust fund privatized so that the funds could be invested into the market.  That would have been perfect mechanism for another transfer of mega-wealth to the upper echelons  considering the 2008 crash.  Just tells you how well in advance these guys know what is coming or what their planbook says is coming.

Of course all public trust funds have been and will be "confiscated" for national security interests.  I think all current Congressional members that are alive should be held accountable for treason, along with all living presidents.  Someone tell me they didn't know what they were doing.

Wed, 07/20/2011 - 14:02 | 1474466 Mariposa de Oro
Mariposa de Oro's picture

You said it, dogismyth!  To believe that our 'reps' didn't know exactly what they were doing, one would have to believe that the most stupid and incompetent people regularly rise to the highest levels of government and finance, while the best and brightest reside in section 8 housing and trailer parks, collecting welfare checks.

It seems that we have a system where the most corrupt and competent rise to the highest levels of government and finance, while the best and brightest are living in Obamavilles or getting the hell out of Obamaland, if they have the means.

 

Wed, 07/20/2011 - 14:15 | 1474516 baserunr
baserunr's picture

Well, to be fair, I'm not entirely sure the current President knows what he's doing.....

Wed, 07/20/2011 - 12:17 | 1474107 monopoly
monopoly's picture

Well, this plan will get U6 at 20%, depress home prices even more and move GDP into 0 category. I do agree we need to stop this insanity.

But I disagree on owning 1 home. We all need a cave. And while home ownership may prove harder moving forward if you own just one piece of real estate for you, your significant other and a child or two, for long term and you are not absurdly under water, then a home makes sense.

Wed, 07/20/2011 - 15:47 | 1474886 RockyRacoon
RockyRacoon's picture

I say we urge it along.   The faster the crash the sooner we can get to doing things another way.   The only survivors will be the elites/bankers and they can start all over again.   Perhaps the U. S. could learn to make actual stuff again -- like we used to.

On the cave, that's no solution since the mineral rights will never be yours.

Wed, 07/20/2011 - 12:17 | 1474110 Calculated_Risk
Calculated_Risk's picture

Nothing is so well calculated to produce a death-like torpor in the country as an extended system of taxation and a great national debt.

WILLIAM COBBETT, letter, Feb. 10, 1804

Wed, 07/20/2011 - 12:27 | 1474123 ebworthen
ebworthen's picture

"Dear U.S. Middle Class,

Please bend over, it appears we missed something in your 2008 colonoscopy.

Sincerely,

Congress"

Wed, 07/20/2011 - 12:35 | 1474190 pods
pods's picture

Let's play a little game called just the tip.

pods

Wed, 07/20/2011 - 12:21 | 1474126 youngman
youngman's picture

What this shows is that they have nothing...no hard rules...no hard changes..just ideas...an outline..where have we seen that before...Dood-Fuck...and the Healthcare reform.....they will make it up as they go....but first they need to buy some cigars..cuban of course...and more mirrors....what a joke

Wed, 07/20/2011 - 12:24 | 1474138 JW n FL
JW n FL's picture

1.    [PDF]

U.S. Military Forces and Police Assistance in Stability Operations ...

www.strategicstudiesinstitute.army.mil/pdffiles/PUB1013.pdf

You +1'd this publicly. Undo

File Format: PDF/Adobe Acrobat - Quick View
by DE Keller - 2010 - Related articles
the Army and Navy Attaché with the U.S. Embassy in La Paz, Bolivia. There he ...

 

1.   U.S. Army Civil Affairs and Psychological Operations Command ...

www.usar.army.mil/arweb/organization/.../USARC/OPS/.../History - CachedSimilar

You +1'd this publicly. Undo

Civil Affairs and Psychological Operations have been a part of U.S. military ...

 

http://en.wikipedia.org/wiki/Operation_Northwoods

 

I Googled and Googled! Who has the Constitutional amendment that allows the United States Military to Operate Freely on America Soil?

 

As well the information on the Battalion that is already training here in the United States! For Operations in the United States!

 

Thanks in Advance for the HELP!

Wed, 07/20/2011 - 12:31 | 1474170 I am Jobe
I am Jobe's picture

Police State USA. They will shoot the citizens.

Wed, 07/20/2011 - 13:30 | 1474360 mayhem_korner
mayhem_korner's picture

Not if the citizens are armed and shoot first.

Wed, 07/20/2011 - 14:10 | 1474495 American Sucker
American Sucker's picture

You think your peashooter is going to work on a tank?  lolololololol

Wed, 07/20/2011 - 15:05 | 1474672 mayhem_korner
mayhem_korner's picture

Some of us live in places where tanks just can't go.

Wed, 07/20/2011 - 13:49 | 1474424 JohnG
JohnG's picture

Just perusing the wiki on posse comitatus, and under "exclusions and limitations," it would seem that they (the gov't goons) have several ways to get around this.

Scary stuff that.

Wed, 07/20/2011 - 12:26 | 1474141 chet
chet's picture

So the revenue "compromise" is to lower tax rates?

Wed, 07/20/2011 - 12:33 | 1474180 wang
wang's picture

there's two parts to the gangster plan

increase the debt ceiling

study and explore ways to increase revenue and reduce spending with the help of K street

Wed, 07/20/2011 - 12:31 | 1474171 baby_BLYTHE
baby_BLYTHE's picture

When a default in Greece was imminent. Thousands took to the streets.

Where are the people marching on the mall in Washington?

Wed, 07/20/2011 - 12:34 | 1474187 wang
wang's picture

even if they were there you would never know about it

Wed, 07/20/2011 - 12:51 | 1474256 alien-IQ
alien-IQ's picture

Americans are either too uninformed about the subject to understand the importance of it or too fearful of the ramifications of protesting.

The majority of this country seems to be cowering in a corner asking the government "please just leave me alone and I promise I won't complain". You can grope me at the airport, randomly check my blood on the roadways, take away all my rights...I don't care...just please, don't take away my cable TV.

It's a sad sad sad state of affairs really.

Wed, 07/20/2011 - 12:51 | 1474257 SheepDog-One
SheepDog-One's picture

Blythe to answer that just look at Googles Top Ten Searches for today! Probably 100 people here on ZH have any bit of open eyes to what the hell is really going on at all. 'Americans' BAH piss on em they deserve ALL thats about to befall them, and 100X over!!

Wed, 07/20/2011 - 13:33 | 1474375 baby_BLYTHE
baby_BLYTHE's picture

yeah, it is pretty sad.

Which just means it will be a much ruder awakening once the SHTF

Wed, 07/20/2011 - 12:31 | 1474172 YesWeKahn
YesWeKahn's picture

How about tax on dividends?

Wed, 07/20/2011 - 12:40 | 1474216 Seasmoke
Seasmoke's picture

they better grandfather those mortgage deductions , unless they want no one to pay their mortgages

Wed, 07/20/2011 - 12:43 | 1474226 alien-IQ
alien-IQ's picture

Here's some news for the "Shit hitting the Fan" file:

US drone shot down over Iran nuke site
Lawmaker claims unmanned spy plane was gathering information about the plant

A U.S. drone was shot down while flying over a nuclear facility in Iran, according to reports in the Iranian media.

FULL STORY HERE:
http://www.msnbc.msn.com/id/43819984/ns/world_news-mideast_n_africa/

Wed, 07/20/2011 - 12:43 | 1474230 slaughterer
slaughterer's picture

I think I see a special 35% tax on physical gold and physical silver possession in there. /sarc

Wed, 07/20/2011 - 12:46 | 1474232 Re-Discovery
Re-Discovery's picture

Likelihood of a US rating downgrade just spiked on the 'details' of this plan (based on 0% chance of passage.)

Wed, 07/20/2011 - 12:48 | 1474248 vegas
vegas's picture

The real question is when will the productive class in Amerika go John Galt and tell the elite political class to go to hell?

Wed, 07/20/2011 - 14:36 | 1474576 i-dog
i-dog's picture

Going Galt is telling them to go to hell. It's just that they can't hear (or see) us.

Wed, 07/20/2011 - 12:49 | 1474250 SheepDog-One
SheepDog-One's picture

You know it really pisses me off how ALL this crap is always dealt with by some 'gang' of 4 or 6, total bullshit worse than communism! Why dont we just cut thru ALL the crap and just say Obama is the dictator and just do whatever he says! 99% there anyway!

Wed, 07/20/2011 - 16:06 | 1474959 RockyRacoon
RockyRacoon's picture

You have legislative overload.   Take a little nap, have a nice sandwich and a glass of milk.

You'll feel much better.

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