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More Details On Revenue Side Of "Gang Of Six" Plan Emerge
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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This is a massive tax cut really. I mean the Bush tax cuts were a couple of points to the top bracket. And the corporate rate cut is enormous. Yes, i know the "corps don't pay taxes"...yes they pass them through. This would make the corps more competitive globally, increasing sales. But fewer taxes adds to the budget deficit. So, continue to monetize debt, destroy dollar, increase corporate sales. This is the gangs plan.
And we already know why these mega corps haven't left the US. Because the ROI for lobbying dollars (campaign contributions) is the highest in the world.
Wow! Looks like this is a big step towards a flat tax.
Instead of 10% on the first $8,500, etc., you'll start at the low end of your bracket,
say 14% on $34,500 up to 22% for $174,500. Currently,
$34,500 pays 13.77% and $174,500 pays 24.34%.
Has anyone heard mention of the plan to confiscate retirement funds (401ks) being slipped in? I'm thinking this would be great chance for them to do that. Thoughts?
I think they have to do it.
Agreed. I suspect another case of we-have-to-pass-it-know-what's-in-it. By the time most middle class sheep hear about it, it'll be a done deal. OTOH, yesterday, to women at work came to me talking about closing out 401ks and buying Au. I pointed out that if it ain't in their hand it ain't theirs. I then gave them the link to Apmex.
Bruce Krasting has posted a graph and discussion of just how much this deduction reduces revenues by. It was second only to LTC Gains.
I say the gang will seek to grandfather all existing with a window to convert and then only a Roth type plan going forward that somehow provides an incentive, like a $1 match for every $5 contributed -to be added only at retirement, probably no longer at age 59 1/2 and probably in combination with a similar match being discussed for privatized Social Security.
TCS,
Are you aware of any legislation on that? I've read that the GRA legislation is ready to go and is waiting to be implimented. I don't have time to find the info at the moment (this hamster has to get on the wheel while she's still got a wheel to get on) but I'm sure if you Bing '401k confiscation', you can find some info on it.
The mortgage deduction is a joke in a half anyways. How many clueless idiots told you that if you indebt yourself it's all OK because you get to DEDUCT your INTEREST! YAY!
I wanted to punch myself in the balls when I first actually looked at how much that actually shaved off my owed taxes. I went from like 16,542 owed to 16220 something. That was after deducting 7000 some odd dollars in mortgage interest.
Anyone who thinks a few hundred bucks in deductions is a reason to get chained to a house aught to be hit with golf clubs repeatedly.
Can't understand why you got junked (realtors?). You are absolutely fucking right, you can give your interest to the bank or give 1/3 (about) to Uncle Sam. From the demand side it pushes housing prices up. The tax free sale of up to 500k profit is another deduction that should be sunsetted to make housing a real market that competes with renting.
The Gang of Six
The Gang of 6 Raising the Retirement Age & Reducing Social Security Benefits http://goo.gl/Aix0y / http://goo.gl/m8QMq All for YOUR! Social Security Surplus Money!
Sen. Ben Nelson[D(ick)-Neb.]
Gang of 6 Member Nelson, Ben (D-NE) $14 Million Dollar Lobby Whore http://goo.gl/i29tJ And! who owns him http://goo.gl/DvBWP
Sen. Mary Landrieu[D(ick)-La.]
Gang of 6 Member Landrieu, Mary L (D-LA) $24 Million Dollar Lobby Whore http://goo.gl/dwFxO And! who owns her http://goo.gl/tM3bG
Sen. Ron Wyden[D(ick)-Ore.]
Gang of 6 Member Wyden, Ron (D-OR) $23 Million Dollar Lobby Whore http://goo.gl/GnQKf And! who owns him http://goo.gl/zNRvN
Independent Dick Sen. Joe Lieberman, from Connectidick
Gang of 6 Member Lieberman, Joe (I-Conn) $49 Million Dollar Lobby Whore http://goo.gl/C7tSk And! who owns him http://goo.gl/XospA
Sen. Olympia Snowe [R(eally big dick)-Me.]
Gang of 6 Member Snowe, Olympia J (R-ME) $10 Million Dollar Lobby Whore http://goo.gl/5ArgP And! who owns her http://goo.gl/zj2JJ
Sen. Susan Collins [R(eally big dick)-Me.]
Gang of 6 Member Collins, Susan, M (R-ME) $14 Million Dollar Lobby Whore http://goo.gl/X8I73 And! who owns her http://goo.gl/1dcLY
Know Your Lobby Whore(s)!
we need to stop trying to give Health Care to the Poor who can Not afford it and give the same Money in the form of Tax Breaks and Subsidies to Job Creators that would have been wasted on the Poor!
Give Job Creators Tax Cuts!
Give Job Creators Subsidies!
The Poor never had Health Care so they wont miss not having it now!
People Suck (especially the Poor) and Corporations Rule (Especially the kind with Huge Lobby's, T.V. Money and P.R. Money to come up with $logans like Help "Job Creators" with Corporate Welfare).
Note* All $logans are market tested and approved before being fielded! Thanks 5th Ave Advertising Agencies and "K" St. Lobbyists!
Ever thought of hanging out with Charlie Sheen. Give it a try.
Funny that the R's are Shvantz while the D's are Putz.
My mortgage interest deduction is my hedge against higher income. However, since my income is going down, it doesn't really matter.
On a $650,000 note in the higher tax brackets I believe it is around $10,000/year of new revenue for the government.
"Gang Bang Six"
lol
http://www.youtube.com/watch?v=PZtxBZ9D5sI
"I've seen attack ships on fire off the shoulder of Orion..."
yeah, its about that time
Goodbye Amerika, if this passes.
Edit: That's a decrease in income tax, a flat tax - what the fuck? How the fuck do you plug the hole even if you the tax the peasants at 66.6%, when the current tax revenue is ~$2T with corporate part excluded? L0l.
So now, are we proud we have "gangs" running our Country too? Who the hell came up with using this word as part of this process? The American people continue to be fleeced by the scums of earth. Any Republican who folds and votes for this crap, deserves to be sent home in the elections. Especially, Tea Party Republicans who ran on the ticket they were going to stop this crap. Let's see where their balls really are now.
"The Gang of Six" sounds like something from Communist China, but it's in DC . . .
Conditioning, my friend. This is how they've destroyed Tsarist Russia: Gangs, Troikas, Cheka. :)