Deficit Commission Slashes Taxes For Wealthy, Corporations, While Raising Retirement Age

[laughingliberal]

WASHINGTON — The president's deficit commission report, scheduled for a vote by the full panel on Friday, proposes to slash tax rates for corporations and for high earners.

The top tax rate is currently 35 percent and is scheduled to rise to 39.6 percent in 2011. The commission would cut that rate to between 23 and 28 percent, while shaving between seven and nine points off the corporate rate.

The commission does propose taxing capital gains and dividends as ordinary income, a move that would result in a higher liability for the wealthy. But those losses for top earners would be more than offset by their tax cuts.

The commission also addresses Social Security, though the program does not contribute to the deficit. The commissioners would raise the full retirement age to 69 gradually and the early retirement age to 64.

Social Security would be tilted toward a welfare program rather than a social insurance system if the commission's recommendation to provide poorer seniors with a "special minimum benefit" is enacted into the law.

http://www.huffingtonpost.com/2010/12/01/deficit-commission-tax-cuts-for-rich-higher-retirement-age-_n_790308.html

[FreakinDJ]

1. Cutting Taxes for Wealthy and Corps hasn't worked yet - why stop now

RATpubliCONs won't be happy until we are a colony of the Peoples Republic of China

[denverbill]

2. I just cannot believe the 'deficit commission' is suggesting tax cuts.

That should paint it for what it really is: a complete and utter fraud.

[somone]

3. Just another atrocity against working Americans

in the name of hope and change :sarcasm:

[inna]

9. open and undisguised class warfare.

they don't even bother to make any pretenses at this point. the proverbial scenery is coming down.

[gratuitous]

4. Okay, the top tax rate getting slashed like that I didn't see coming

But the raise in the retirement age? Called it. Cutting benefits? Called it. Commission ignoring its own rules and failing to meet its deadlines? Called it.

Now all that's left is the shouting, the caving, and the enactment.

[inna]

5. plutocrats out of control.

surreal. what will it take for the people to wake the f*ck up?? :nuke:

[xchrom]

6. Recommend

[charlie]

7. They also recommend switching to the more "accurate" chained CPI

So, when inflation forces you to drop hamburger and buy beans... YAY!... you've just automagically reset inflation down a notch.

[somone]

8. Next Headline: George W. Bush comments

"They forgot to add my privatization plan. Otherwise it's a pretty good report. I'd sign it!"

[charlie]

10. Ooh, an electrical surcharge from the Tennessee Valley Authority

Okay Freepers, you asked for it, you got it -- no more free rides. Welcome to your brave new world.

[tpsbmam]

11. If Obama goes along with this he'll most certainly and deservedly be a 1 termer

and the Dems really will be done for a long time. Don't know if it'll last a generation, but it'll last a frigging long time!

[madrchsod]

12. republican plan for the future brought to us by a democratic president but...

let`s see what he has to say about this or should i say who`s going under the bus.

[SammyWinstonJack]

13. Wait. What? Top tax rate of between 23/28%

:wtf: For Fucking Real?