Republicans offer tax deal to break debt impasse; Democratic aides dismiss it

[alp227]

Source: Wash. Post

Congressional Republicans have offered to increase tax revenue by nearly $300 billion over the next decade through an overhaul of the tax code, a significant concession aimed at breaking a long-standing impasse in negotiations over the federal debt.

The offer envisions a tax code rewrite that would lower rates for everyone while raising overall tax collections by $250 billion, mainly by limiting the value of itemized deductions such as write-offs for home mortgage interest, state and local taxes and other expenses.

In addition, Republicans are offering to use a less generous measure of inflation to adjust formulas government-wide, a proposal that would push people more rapidly into higher tax brackets. That would generate an extra $40 billion over the next decade, according to several people with knowledge the discussions.

The offer, made during talks late Monday between members of a special debt-reduction supercommittee, marked the first time Republicans on the panel have endorsed higher tax revenue, a key demand of congressional Democrats.

Read more: http://www.washingtonpost.com/business/economy/republicans-offer-tax-deal-to-break-impasse-over-debt-democratic-aides-call-it-non-starter/2011/11/08/gIQAJ6Xa1M_story.html

[msongs]

1. eliminate breaks that benefit working people while the 1% gets even more. no thanks nt

[liberal N proud]

2. Wolf in sheeps clothing

[russspeakeasy]

7. This is a wolf in wolves clothing..

[No Elephants]

19. +1

[bowens43]

3. this is a concession? Bullshit.

this is another attack on the poor and middle class by the republican ruling elite.

You never have a guillotine when you need one.....

[freshwest]

12. +1

[abelenkpe]

4. We should write to the Washington post and point out that it is not a concession

when it lets the 1 percent off and further burdens working families. I mean really...

[sufrommich]

5. In other words, they're willing to raise taxes on the middle

class while protecting the rich.

[w4rma]

13. Yup. These should not be allowed to be characterized as concessions by Democrats. (nt)

[democrat_patriot]

6. The 'offer' also makes Bush tax cuts PERMANENT

Wouldn't that sort of take away a bargaining chip?

[SoapBox]

8. Another bad "joke" proposal by the Baggers and Haters...

laughable.

[Zen Democrat]

9. Middle class tax increases. How expected. I hope the whole shebang fails.

[elleng]

10. Fugetaboutit!

:thumbsdown:

[socialist_n_TN]

11. Yep. As others have noted their "pledge" to Grover

is obviously ONLY to not raise taxes on the wealthy. It's OK if they're raised on the working class.

[roseBudd]

14. We must demand they close the hedge fund loophole to prove they are not Wall St's whores

[zbdent]

15. to use the argument made by Repugniconvicts ...

"That won't eliminate the entire debt ..."

[IamK]

16. The over / under cave date for the democrats is

11/22...

[burrowowl]

17. Good for the Dems!

Repukes are EVIL!

[red dog 1]

18. K & R